For some time, we have not had to frequently visit the bank, let alone use an ATM. Everything is online, everything is accessible and that is due to the rapidly evolving FinTech industry.
The streamlining of the banking industry is a double edged sword. We are grateful for the speed and ease we are able to access, withdraw, and transfer funds. However, with the unprecedented amount of online activity, banks and their card holders are growingly susceptible to cyber attacks.
Modern banks must step up their cyber security efforts to include a form of encryption if they wish to remain competitive and safe in todays industry.