October 18, 2019 by freemexy
Is Mobile Banking Safe?
So, how safe is mobile banking? It all depends on how cautious and well-informed you are.
Hackers exploit weak passwords and vulnerabilities of public Wi-Fi to infect devices with malware. However, most mobile banking attacks happen through social engineering - when users are manipulated to give up their usernames and passwords to hackers, scammers and other cybercriminals.
1. Don't lose your phone
The biggest security threat of your mobile phone is also its greatest asset - its size. Phones are small, handy, beautiful, and easy to lose.
Losing a phone is as heartbreaking as losing a part of yourself, but it gets even worse. If someone who found or stole your phone uses it to access your bank account, you could lose much more.
A strong password (made of a random string of lowercase and uppercase letters, numbers, and symbols, at least six characters long) is the most secure way to lock your phone.
If you are afraid to forget the password, use a PIN key (something more difficult and unique than 1111) or a pattern lock with biometric identification, which can be:
Facial recognition - convenient but not secure, since it can sometimes be bypassed with a photograph.
Never leave your phone unattended. Install an anti-theft and recovery app that can locate your phone, lock it remotely, or even wipe your data if it gets stolen.
As a final layer of security, always log out from your banking app after you finish your operations.
2. Use the official banking app, not the browser
Make sure your bank created or approves of the app you are downloading. Get it from their website. Moreover, do not use mobile browsers to log in to your bank account - they are less secure than bank-sanctioned apps.
Finaly, before downloading any app to your phone, you should research the developer, read the reviews, check the app rating on Google Play or App Store. Poorly designed or malicious third-party apps could use your username and password to access your bank account and empty or monitor it.
3. Don't just follow any link you see
You just gave your username and password to a scammer.
The email you got was not from your bank, but from scammers pretending to be your bank. You would have noticed it had you checked the sender details more carefully. The landing page was actually a clone made to look like your bank's website. When you entered your password, you handed your data straight to cybercriminals.
Always check the URL and domain of any link you are about to click on, especially if it claims to be from your bank. If it looks suspicious - avoid it. The same applies to SMS messages or messages and links on social media.
Never send your username or password via email, social media or text message. If you did - change the password immediately.
4. Don't use mobile banking on public Wi-Fi
If a hacker is monitoring the public Wi-Fi or hotspot you are using, they could intercept the data being transferred to and from your phone and use it to access your banking account.
If you are scrolling in a library or a coffee shop and you need to access your bank account, use your cellular network instead. It's not perfect, but it's better than public Wi-Fi. Better yet, turn on a VPN and use public Wi-Fi without the risk of compromising your personal data. A VPN encrypts your web traffic, making it extraordinarily difficult to intercept and decipher.
Is mobile banking safe on Android and iOs?
Is Mobile Banking Safe on Android?
Go to your Android settings and make sure that you have turned on Google Play Protect, which scans your apps for suspicious behavior. You can also use the Find My Device setting, which lets you find, ring, lock, or even wipe your device from afar.
Go through the apps you've downloaded and installed on your phone and delete the ones you do not need or use - each represents an unnecessary potential vulnerability. Old apps may also be poorly supported or have security holes or malware. A clean and tidy Android system is likely to be a secure one.
Is Mobile Banking Safe on iPhone?
Jailbreaking means cracking the standard settings of an iOS system so that you can modify your phone in ways that Apple does not allow. With a jailbroken phone, you can install apps not authorized by Apple, and you can also remove the security protocols that Apple has built into the device. Jailbreaking also voids the warranty, so you won't get support from Apple when you might need it most.
If you are just a regular iOS user, you should never jailbreak your iPhone. Only use apps from the App Store, which are usually safe. Malware may bypass Apple's defenses once in a while so you should always be careful, but they certainly catch many potential threats.
However, that doesn't make you completely safe from scams, malware attacks, and hacking. Your common sense is the last line of defense. A victim of mobile banking breaches will usually be someone who does not take their security seriously.