Mobile Banking Apps Are Safe And Secure, Tips To Keep Your Phone Just As Safe

If you just take a moment to look around a crowded place…a restaurant, concert venue, line at the post office…you will likely see people looking at their mobile phones. They’re a major part of our society these days, for better or for worse depending on how you feel. However, that means that organizations that want your business also need to have some type of mobile presence; particularly, financial institutions. We want easy access to our money and most of these organizations do have a mobile app. However, it’s important to note that although generally secure, using a mobile app still carries risks.

According to a recent report from the Mobile Ecosystem Forum (MEF), 78% of the people surveyed made a purchase using a mobile device within the six months prior to the survey. Fortunately, mobile apps can be very secure. That’s because they use more secure coding techniques to limit what a cybercriminal can do. So if that’s your favorite way of banking, go ahead. Jump in. The water’s fine. Just be sure you can swim first.

Education and Awareness Training

The best defense against any of cyber threats is education. There are ways to avoid getting hooked by phishing or to download malware. There are also ways that fake apps can be identified, but keeping aware of the ongoing and evolving threats is the best way.

Identifying Phishing

Phishing is a threat not only when performing mobile transactions, but all the time these days. Most often, these attacks are done with email, but there are many that are risks to mobile also. They can arrive via email that is retrieved on a mobile device, but also by smishing (SMS phishing) or vishing (phishing via voice). They also may pop up in ads. Always be aware of the websites and apps in which you’re putting in sensitive information.

The report found that 48% of people who answered said they use a mobile app to do banking transactions over text messaging or by avoiding mobile banking at all. At a minimum, 44% of them used a mobile app to check a balance. And that means that mobile apps are a target for hackers and scammers.

Beware Mobile Malware

Malware-laden banking apps are out there in abundance and are used to steal login credentials and if a user isn’t paying attention, they could easily get scammed. But the great news is that you can spot them! If the web page or mobile icon looks even the smallest amount different from the last time you saw it, pause and confirm it’s the right place before entering in any information.

Mobile malware has a specific purpose. Usually it’s to steal login credentials or take over online banking transactions via man-in-the-middle attacks. Malware lands on mobile devices often when the user is connected to a public WiFi spot. Man-in-the-middle attacks often are carried out when a user falls for phishing, but originate often in public places. To avoid this, avoid using public WiFi to perform financial transactions. If you just cannot wait until you’re back home or in the office, use a VPN or your mobile device’s data connection rather than use a public WiFi spot.

It’s not long before mobile banking out-paces branch banking. This report found it’s gaining ground rather quickly. When asked how the respondents preferred to bank, branch banking still won, but at 28% to 26% mobile. It’s great to do your banking via mobile. Just keep on top of the risks.

Stickley on Security
Published August 13, 2018