bankingciooutlook

Tips on How Banks can Avoid Mobile Banking Security Risk

By: Banking CIO Outlook | Tuesday, November 10, 2020

Brand awareness and designs allow users to distinguish the bank’s identity from scammers that create similar apps to trick customers into downloading it.

FREMONT, CA: Mobile banking has gained popularity because of its convenient services, such as promptly getting information about transactions, consulting, and making payments. As the use of banking services increases among customers, banks can now reach many customers through mobile devices, expand intergenerational users, enhance customer experience and satisfaction. The platform has also given customers the possibility of managing their money on the move.

However, this has also increased the possibility of risks and security threats such as malware risks, app vulnerabilities, ID vulnerabilities, and remote deposit fraud, among others.

Security issues are one of the common factors affecting a consumer’s decision to download a mobile banking app. Here are four ways how banks can prevent security risks:

Clear FAQ on Security Concerns

Every secure banking software needs to provide end-users with clear risk prevention recommendations in the event of card losses, thefts, cyberattacks, or others. Because users need to be aware of the measures to take in such cases, banks need to create a step-by-step guide for quick assistance.

Strong Brand Identity

A high-valued brand can help enhance mobile banking security. Brand awareness and designs allow users to distinguish the bank’s identity from scammers that create similar apps to trick customers into downloading it.

Multi-Factor Authentication

Multi-factor authentication factors are used by mobile app developers to guarantee a high-security level for the app. This kind of authorization allows users to use biometrics, card, and password.

Regular Application Updates

Mobile banking apps offer users a number of features and functions without physically going to a financial institution. Therefore, applications need to be regularly updated, which helps in bug fixes and security enhancements.

Check out: Top Financial Security Solution Companies

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