Data breaches, money loss, fraudulent transactions, and much more—these are situations that threaten banking cybersecurity and put the integrity of financial institutions at risk. A banking cyberattack can be prevented with a functional and up-to-date system capable of facing even the most ingenious hacker.
IBM reports that the average global cost of a data breach exceeded $4.88 million in 2024, a figure that should raise alarms in any financial institution and create urgency to have an updated and scalable cybersecurity system.
Current State of the Banking Market and Its Security
Over the past 20 years, technology has taken over the banking industry, completely changing how customers make transfers and carry out processes. Today, many of these processes even involve artificial intelligence.
Companies face the same enemy: banking hackers. New variants of malware such as Coyote exploit accessibility tools in Windows to steal banking credentials, targeting users of major Brazilian banks and cryptocurrency platforms.
This must be prevented with scalable technological solutions and a team of certified engineers. Let’s look at essential practices you need to implement right away.
How Banking Hackers Attack
Banking hackers are no longer limited to traditional techniques such as phishing. Today, they use far more sophisticated tools, combining social engineering, artificial intelligence, and advanced malware. Some of the most common threats include:
- Specialized financial malware: variants like the “Coyote” banking trojan, recently detected in Brazil, exploit operating system access to steal credentials and redirect transactions.
- Attacks on mobile applications: as the most widely used channel by customers, banking apps have become prime targets for fraud, such as duplicate deposits, identity theft, and session hijacking.
- Fintech third-party cyber incidents: according to a SecurityScorecard analysis, more than 41% of security breaches in fintech come from external providers lacking robust controls.
- Deepfakes and AI-powered fraud: with generative AI, attackers can clone executives’ voices or forge digital documents, successfully executing fraudulent transfers with high realism.
Each of these attack vectors demonstrates that the enemy is no longer a lone hacker in a basement but organized networks operating with surgical precision.
Essential Practices to Strengthen Your Banking Platform
Advanced Authentication (MFA and Biometrics)
MFA is no longer optional—it is essential. Its combination with biometrics and passwordless methods strengthens the customer experience without compromising security.
User Education as an Additional Barrier
Training users to identify phishing emails, deepfakes, or banking fraud attempts offers an effective line of defense. Active education complements technology, improving collective resilience.
Intelligent Fraud Detection in Real-Time
Integrating AI systems for continuous monitoring, advanced encryption, automated alerts, and user behavior analysis allows institutions to anticipate fraud and emerging fintech cyber incidents.
Operational Resilience and Effective Response
Adopting regulations such as DORA (Digital Operational Resilience Act) promotes a culture of early detection, tested operational plans, immutable backups, and third-party control—all essential elements against disruptive threats.
Proactivity Against Emerging Threats (AI, Advanced Malware)
Banks must prepare for tools like Coyote, combat AI-driven intrusions, and build predictive capabilities to anticipate sophisticated automated attacks.
Strengthening the Third-Party Ecosystem
A SecurityScorecard analysis reveals that 41.8% of fintech breaches come from third parties, and another 11.9% from fourth-level exposures. This highlights the need for constant audits, security clauses in contracts, and continuous monitoring across the entire chain.
What Defines Your Ideal Technology Partner?
A key partner should provide:
- A mobile app with multi-factor authentication, biometric data, robust encryption, artificial intelligence for fraud detection, and reliable backups.
- The ability to react quickly, conduct practical simulations, and provide ongoing cybersecurity training for your staff and customers.
- Continuous threat monitoring and regular reviews of linked fintech providers and vendors.
- Flexibility to evolve against new threats such as AI, complex malware, and future innovations like post-quantum cryptography.
Mobile banking security is no longer an add-on; it is the heart of digital trust. To face banking cyberattacks, fintech cyber incidents, and new threats such as deepfakes or advanced malware, it is imperative to adopt a proactive, multifaceted, and resilient strategy.
At Rootstack, with more than 15 years of experience working with banking companies in Latin America and the United States, we have the knowledge and certifications to offer the best service your company deserves. Contact one of our advisors.
