bankingciooutlook

Major Security Risks of Mobile Banking

James Robertson, Banking CIO Outlook | Monday, February 22, 2021

Some scammers have created fake mobile banking apps to get users to enter your password and other private details. Once they've got that information, they can turn around and use it to access users’ real bank account and take out your money.

FREMONT, CA: There is no denying that online and mobile banking has made your money much easier to manage than it used to be. You do not need to hop on the phone or run down to your local bank to deposit or transfer funds. All you need to do is sign in to your account and click a few buttons, and your money goes where you want it to go automatically.

Unfortunately, this easy access has also made things much more convenient for potential bank robbers. It doesn't take weeks to plan a coordinated heist. All you need is a bit of hacking skill and an unsuspecting victim who is not careful enough with their passwords.

Use a Fake Mobile BankingApp

Some scammers have created fake mobile banking apps to get users to enter your password and other private details. Once they've got that information, they can turn around and use it to access users’ real bank account and take out your money.Always read reviews and make sure you're dealing with your bank's real app before you download one or try to log in. You can also try going to the website of your bank and clicking on the download page for your mobile app to make sure you use the right one.

Use Mobile Banking App on Public Wi-Fi

Public Wi-Fi may allow you to save your monthly cell phone data, but it also makes it much easier for hackers to access your phone and see what you're doing. It's possible for them to hack into your phone when you use cellular data, too, but that's a lot harder to do.Always stick to your cellular data if you need to access your financial accounts in public, or better yet, wait for your private Wi-Fi network to log in to your bank account.

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