The financial sector has always been a prime target for cybercriminals due to the sensitive nature of financial data. Therefore, security has become a crucial aspect of the banking industry, and the emergence of the Internet of Things (IoT) has brought a new approach to addressing security challenges. IoT refers to the connection of various devices, sensors, and systems, allowing them to communicate with each other and collect data. This technology has found its way into the financial industry, providing innovative solutions to various security challenges. This article presents an overview of IoT-based security in the banking sector. It discusses the importance of security in the financial industry, the basics of IoT, and the applications of IoT in banking security. It also explores the various IoT-based security solutions available to banks and the advantages they offer. Moreover, this article highlights the challenges that banks face in implementing IoT-based security systems and the future trends in this field. The article concludes that IoT-based security solutions can enhance the security of banks and the financial sector as a whole. The advantages of IoT-based security solutions include increased efficiency, real-time monitoring, and automation of security processes. However, the implementation of these solutions requires careful planning, as banks face various challenges such as security breaches, lack of standardization, and the high cost of implementation. Therefore, it is recommended that banks carefully assess their security needs and take a holistic approach to implementing IoT-based security solutions