Mobile banking is the product of the technology advancement we have. It offers all the special advantages including real-time customer assistance, user-friendly interfaces, and immediate transactions. In a fast-paced world today, people worship mobile banking as their companion to business transaction. According to the numbers provided by DataProt.net, the total value of payments made using mobile devices will have reached $503 billion in 2020.
However, the popularity this technology makes it even more vulnerable day by day. The ever-evolving cyber crime threatens m-banking security and financial loss may happen anytime. For example, mobile fraud losses totalled more than $40 million across 14,392 breaches in 2019. We’ve summed up 8 facts about m-banking security to keep you informed.
1. M-Banking Security in Android is More Vulnerable
Bank usually advise its client to install antivirus software on their smartphones. Android users need to follow that suggestion because Android-based devices are much more susceptible to attacks of various viruses and malware. Therefore, it means when it’s about security, m-banking in Android is more vulnerable compared to iOS.
2. Fast Evolvement of New Malware Targets M-Banking
Researchers keep finding the new malware that can attack m-banking applications. For example, FakeBank, the spyware that copies the contents of verification code via SMS and sends it to fraudsters. Another malware, discovered by ESET security systems, spreads as an imitation of the Flash Player video app either installed from an infected website or via a predatory SMS containing a malicious download link. Not to mention the new modification of the well-known mobile banking trojan Svpeng.
3. Face-Scanning isn’t Enough
Fingerprint scanning is good to protect your m-banking. However, some gadget manufacturers went even further to provide the technology of scanning owner’s face to gain access to the phone. It seems effective, but actually you can trick it by showing selfie images from the screen of another gadget. Your m-banking security can be at risk once someone successfully unlock your phone.
4. The Risk of Social Engineering Fraud
Social engineering fraud is a method that consisted of hackers acting like bank employee. The purpose of this kind of fraud is to find the way to get sensitive information, including login or permanent and one-time password. It can be done usually by phone call or instant messages. The method can be prevented only by our awareness. However, it’s harder when they use particular scheme such as using popular platforms and appearing as buyers to steal personal data from sellers.
5. Public Wi-Fi is Dangerous For M-Banking
You better not using public Wi-Fi networks in accessing m-banking because its type of open connection is often unencrypted and unsecure. Hackers may exploit m-banking security flaws in the public Wi-Fi networks to steal data between you and the website you visit, including m-banking logins and account details. They can also install malware on your device through it.
6. Fake Banking Apps Exist Too
Hackers have thousands of ways to get access to your m-banking, including creating fake banking apps. They usually impersonate official mobile banking apps to trick customers into downloading them. Once you get into the app and put your credit card details or banking logins, you’ll lose everything. The fake banking apps are rarely to get past the Google or Apple store authentication, but some precautions will be better.
7. Your Password is A Game-Changer
This may not be new fact, but it is highly underrated and often dismissed as important. Don’t just type any kind of password on your login information neither something you already use in other app. M-banking app usually requires strong password construction to be made. Some of those apps have secondary authentication before granting access. It can be a code generator, either as a separate device or built into the app. Nevertheless, your password is that one key you should be buried in a space of mind where you’re the only know it.
8. Exercises SIEM to monitor the M-banking Traffic
Security Information and Event Management (SIEM) means software products and services combine security information management (SIM) and security event management (SEM). It can identify a large number of risks, anomalies and malicious behavior, such as jailbroken or rooted device, insecure Wi-Fi network, device is running an emulator, escalation in bad login attempts, and other unusual circumstances.
9. Implementing Dynamic Cyber Security might be the Best Bet
M-banking security must be protected at all costs. You can fight the development of cyber crime towards m-banking, such as a new malware and protected the entire M-Banking Application with closed-loop checking that provided by the dynamic security technology. Everspin offers the solution with module generator that constantly creates dynamic security modules with the latest security level. The countless modules will be effectively useful to strengthen your m-banking security.