Mobile technology has completely changed the way people manage their money. Most banks now offer some form of mobile banking experience. This adds a new level of convenience for customers. Mobile banking allows customers to conduct various financial transactions through the use of a mobile device. In modern society, this is also how many people choose to primarily communicate with their bank. Advantages of mobile banking for users include 24/7 availability, an extra layer of protection through SMS verification, and a faster overall transaction process.
Mobile Banking Threats
While mobile banking is extremely convenient, it also poses some cybersecurity risks that users must be aware of. There are multiple avenues in which cybercriminals can target mobile bank-ing apps and steal valuable data.
Man-in-the-Mobile (MitMo Attacks) - This is an attack in which cybercriminals use malware that is placed on mobile devices to bypass password verification systems. This allows criminals to manipulate mobile functionality which can lead to gaining access to the bank account associated with the mobile device.
Clickjacking - This attack involves attackers hijacking the UI component on a website. Cybercriminals utilize an invisible iframe to misguide the planned actions of victims. Clickjacking is used to gain direct access to mobile banking information; however it can also be used to download malicious apps without the victim's knowledge.
Phishing - As one of the most common cyberattacks, phishing is still an effective method for hackers. Though banks often have security filters in place to guard against social engineering attacks, cybercriminals are crafty enough to scheme around these security measures.
Methods of Improving Mobile Banking Security
Download the bank’s official mobile app - many users rely on browsers to conduct their mobile banking. However, it is actually a safer practice to download the bank’s verified mobile app. This eliminates the security threats associated with internet browsers and allows the user to solely focus on their banking needs.
Avoid mobile banking on public networks - While free Wi-Fi is always enticing, it creates a tremendous threat to important bank account information. Open Wi-Fi networks that lack proper security allows criminals to position themselves closer to banking data with hardly any additional effort. Users that must operate on public networks should always utilize a VPN.
Activate fraud alerts - Many banks offer users the opportunity to be notified when potentially fraudulent activity is occurring on their account. If there isn’t an option to activate fraud alerts on the mobile app, users should contact their bank to ask about how they can be notified of any suspicious activity that might appear on their account.
Summary:
Mobile banking allows customers to conduct various financial transactions through the use of a mobile device. In modern society, this is also how many people choose to primarily communi-cate with their bank. While mobile banking is extremely convenient, it also poses some cyberse-curity risks that users must be aware of. There are multiple avenues in which cybercriminals can target mobile banking apps and steal valuable data. To improve mobile banking security, users should download their bank’s official app, avoid banking on public networks, and activate fraud alerts.
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