Everyone should know that with any type of investment comes some degree of risk.

The world of alternative lending has taken off in the past decade, but some potential investors remain leery of unregulated online platforms because they prefer the safety and security of a lower-yield CD or other investment from an FDIC-backed traditional bank.

However, in recent years banks have proven to not be as impenetrable as we have thought them to be. In the modern world, the height of a building and the thickness of a vault has very little to do with bank security, and evidence shows that customers of many banks may be more vulnerable to cyberattacks than they realize.

Security Isn’t What It Used To Be

Ever since the days of Jesse James, banks have been concerned with security. However, the digitization of the financial world means that bank robbing has shifted from munition, safe combinations and a getaway car to phishing, keylogging and firewalls.

Unfortunately, modern cybercriminals are after a lot more than money as well. Personal financial information and customer data fetch high prices on the “Dark Web,” the Internet’s black market. According to a report by Dell SecureWorks, the Dark Web price tag for bank account information starts at around $1,000 per customer and escalates quickly depending on the individual involved.

In other words, if the security of a bank gets compromised, stolen money may be the least of customers’ problems when identity theft is possibly involved.

Are Banks Secure?

Banks understand…

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