Is your banking app secure?

The Mobile banking security is important both for clients and the Banks themselves. How to get Protected from hackers’ attacks and how do Banks protect their customers’ data in different parts of the world? Luckily it keeps getting easier, as Banks are implementing more and more advanced solutions. You too can improve the security of Mobile banking by following several simple rules when using banking apps.

Attacks in the era of Mobile banking

You can improve Mobile banking security by getting Protected from hackers’ attacks. It is not only the Banks’ responsibility but also yours. Even the most secure banking app won’t successfully protect your money if you carelessly hand over your sensitive account data to hackers.

That’s why you should learn your enemy and see the most common hackers’ attacks that banking app clients are at the highest risk of:

  • Text messages with fake links – it’s a very popular method of data theft among hackers that is also called phishing. They send messages to their “victims” that, for example, request to install a mobile app update together with a link to do that. The link obviously contains a virus that may install software on your smartphone to spy on you and effectively obtain different kinds of data on you.
  • Fake QR codes – scanning codes also may contain harmful links that cause the banking app to be at risk.
  • Exploiting software vulnerabilities – you have no impact on the software used by your bank, but you can improve its security by updating the apps you use for Mobile banking.
  • Data theft mails – hackers pretending to be Banks often send mails with request to provide additional data that is supposedly required to use the app. Of course that is a scam attempt, as no bank ever requests to send sensitive data over text message or e-mail. Another form of scam is fake overdue bills that require mobile payment. That is an easy way for your banking app to get attacked.

Mobile banking security in global Banks

Banks implement different methods meant to improve security of Mobile banking. The first is two-step authentication, which means having to verify the account first upon logging in and then when confirming a transaction. Banks also implement safety images, which means displaying a specific image when using the website. It is meant to protect customers from phony websites and make the banking app more secure. On top of ensuring software security, an increasing number of Banks around the world is also employing threat specialists, the so-called threat hunters. They can, as numerous research shows, track down up to 90 percent of causes of attacks and quickly solve problems, but above all they can prevent them. In order to improve Mobile banking security, Banks also share their experience with organizations that deal with cybersecurity.

Banking app – notifying the clients

Part of the Bankssecurity politics is also to notify the clients on potential threats that may await them online and when using the banking app. In most cases, Banks notify their clients to:

  • Only download the banking app from trusted sources, such as App Store or Google Play for example. We should make sure, however, that the software owner is our bank. We shouldn’t use Google to search for the app, as it may redirect to virus-infested links.
  • Change the password regularly, as well as update the software on the phone.
  • Not open suspicious e-mails, especially the attachments in them.
  • The banking app should not be open when using open wifi or on a device you don’t know.
  • Do not store any data on the phone related to using the app.
  • Set daily and monthly transaction limits.
  • Disable the option to automatically install updates from unknown sources on your phone.