VoIP Offers Cost Savings But Also Presents Security Risks

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Banks are attracted to Voice over Internet protocol (VoIP) as an alternative to traditional telephone networks because of the potential cost savings, including elimination of long distance charges and the need for only one network to manage both voice and data. However, VoIP entails increased data security risks, which must be addressed before implementing a solution.

According to the FDIC, VoIP is susceptible to the same risks as data networks that use the Internet, such as exposure to viruses, worms, Trojans and man-in-the-middle attacks. Configuration weaknesses in VoIP devices and underlying operating systems can enable denial of service attacks, eavesdropping, voice alteration (hijacking) and toll fraud (theft of service), all of which can result in the loss of privacy and integrity.

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