Mobile banking has become the norm because of the convenience that comes with it. This article explores in depth to share not only the mobile banking threats but also the mobile banking security tips that you need to integrate into your mobile banking strategy.
According to a recent report, 63% of smartphone users have at least one financial application installed on their phone. This proves that we are moving more and more from physical banking to online banking and more specifically to mobile services.
Mobile banking has completely revolutionized banking transactions and the way we manage our bank accounts. You can say that Internet banking has brought convenience by allowing us to do banking from the comfort of our desktops, laptops and phones. However, each technology has its challenges. And indeed, mobile banking has its share of challenges, which could ruin your experience of mobile banking.
This article shares with you seven valuable mobile banking security tips to secure and protect your mobile banking activities. However, before giving you advice, it's just as important to have a brief discussion on some of the common types of mobile banking threats.
The most common types of mobile banking threats
1. fake mobile banking apps
There is a resurgence of fake mobile apps aimed at stealing your banking information. Indeed, towards the end of 2017, Google removed up to 36 fake Android security apps from its Google Play Store. Fake mobile apps can easily deceive you because they look real and authentic. However, when you access it, they can steal all of your bank information and expose you to mobile bank robbery.
2. Unsecured wireless networks
Unprotected Wi-Fi puts you at risk of data interception and network intrusion. Since these networks are not encrypted, they offer hackers an ideal opportunity to steal your banking information. Whenever you access a website, it is a good idea to check and make sure it is encrypted. The basic way is to make sure that the website URL starts with HTTPS (HyperText Transfer Protocol Secure). Additionally, to avoid hacking attacks, the session must be encrypted throughout.
3. Phishing attacks
Phishing is a scenario where scammers are trying to get your sensitive information by sending you bogus emails, fake Whatsapp messages and other types of messaging with links to shopping or banking sites. cans. In fact, they could try to emulate a well-known banking institution or a shopping website like Amazon.
Research on phishing campaigns indicates that mobile users are three times more vulnerable to phishing attacks. SMS Phishing, commonly known as Smishing, is on the increase. In smishing attacks, you receive a message on your mobile phone containing a hyperlink claiming to come from a known and legitimate website. The minute you click the hyperlink, it downloads a Trojan horse, virus, or malware to your phone. In addition, phishing campaigns can inject malicious malware that bombards your phone with unwanted ads.
4. Malicious malware designed to target mobile banking
Malware specifically designed to target mobile banking is increasing day by day. The malware comes mainly in the form of third-party applications. Sometimes they can be hidden in malicious spam. Mobile banking malware is on the rise due to the rise of mobile banking.
A good example is the Ransomware banking malware that is wreaking havoc on both individuals and organizations. According to a recently released Trend Micro report, more than 30,000 malicious apps were released to Google Play in 2017. Therefore, the malware vulnerability should also be taken seriously.
5. Lower security
Even legitimate banking applications do not have the level of protection they should have. According to a report published in 2017 by NowSecure, a mobile application security company, 35% of all communications sent by mobile devices were not encrypted. Most banking applications do not have multiple layers of security, which makes users vulnerable to hackers.
As noted above, mobile malware is on the rise. And will become widespread over the next few years. Unencrypted banking applications allow attackers to intercept your traffic and inject java scripts to display false login prompts or launch social engineering attacks with devastating consequences for mobile banking users.
The 7 best mobile banking tips to follow
1. Always install banking apps from official stores such as Google Play / App Store. It is advisable to visit your banks' official website and follow their instructions to download their respective applications.
2. Avoid using unsecured public Wi-Fi networks that you find in cafes, airports, etc. You can also encrypt all your data using the best virtual private network (VPN). But, you need to make sure that the VPN you are using is competent and uses military grade encryption such as AES-256 bit encryption which is impossible to decrypt.
Here are the best VPN services for mobile banking
3. Avoid clicking on links or downloading attachments from unexpected emails or text messages. Or even WhatsApp messages. Never click on a link claiming to be from your bank's website. You had better access to your bank directly from your mobile browser. Also, never share any information about your bank details by email, SMS or phone call.
4. Remember to log out immediately after completing your banking activities. You should also avoid clicking on options such as “Remember me” or “Keep me connected”. Although most banking applications will usually log you out after a short period of time, it is a good security practice to be extremely careful and log out.
5. Never store your banking information such as login ID / password, credit / debit card number and any other sensitive bank ID on your mobile phone.
6. Another important security measure is to always secure your phone with a password or PIN. If your phone is lost, the person who gets it can use your shopping apps. In addition, your phone should always be in automatic lock mode.
7. Finally, but just as important, you should only use reliable mobile security apps. These apps ensure that you don't land on a fake or malicious website designed to steal your banking information. The application will also automatically block the installation of fraudulent and malicious applications on your devices.
In summary, it is essential to emphasize that there is no single approach to being safe online and more when you adopt mobile banking. A holistic approach is what is needed. Therefore, the seven mobile banking security tips in this article and others that we may not have mentioned will work to secure your mobile banking.