bankingciooutlook

Three Ways How Hackers Hack Mobile Banking

By: Banking CIO Outlook | Monday, January 11, 2021

Malicious software or malware will record anything you enter, like passwords, numbers, and account names. This software then sends the data to the hacker, disclosing all the accounts and passwords to someone with malicious motives.

Fremont, CA: With banks gradually adopting features such as check deposits through smartphones and people being more comfortable with banking on their phones, mobile banking users continue to increase.

Typically, there are three primary ways that criminals attempt to access mobile banking. Here are three ways criminals try to access data on your mobile phone:

Phishing: This scam has always been around, but hackers still use it because it works. In order to receive bank details, hackers will contact you via e-mail, telephone, or text. They will also send sites that look like a banking site or inquire about account details.

Spying on your keystrokes: Malicious software or malware will record anything you enter, like passwords, numbers, and account names. This software then sends the data to the hacker, disclosing all the accounts and passwords to someone with malicious motives.

Man in the Middle Attack: The application interacts with the bank or the credit union by using mobile banking applications to search for the identity of the institution with which it communicates. Hackers often "pretend" as a bank and try to give a fake bank server certificate to the apps you use, providing them access to accounts.

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