Introduction
Mobile phones are a quintessential part of our lives, they keep us connected with friends and family and make our lives more convenient every day. As the global Covid-19 pandemic encouraged people to remain safely indoors, there was a large increase in the number of Mobile Banking users. From depositing checks remotely to having 24*7 access to your bank account, the convenience and the utility of Mobile Banking are the reasons behind this popularity. And yet many people still wonder if Mobile Banking is Safe. If you are someone who is undecided about adopting Mobile Banking because of concerns about the security of Mobile Banking then here is the answer to your question ‘Are Mobile Banking Apps really safe?’ covered in this article. The best way to do this is to look at the risks involved with Mobile Banking and what organizations and customers can do about it.
Risks of Mobile Banking
1. Mobile Malware
In this report by McAfee, the antivirus software company, it was observed that mobile malware grows in its scope and complexity with each passing year. Malware specifically targeting mobile devices is a prominent threat to Mobile Banking as a whole. Mobile malware can consist of viruses, Trojans, spyware, malvertising, and rootkits, making it difficult to pinpoint the actual cause and come up with a defense, therefore, making it easy to hack a person’s phone.
2. Poor App Design, Configuration, or Corrupt Apps
Mobile Banking apps that have been developed by reputed banks with the help of top-notch Cyber Security experts can be safer than logging in through your browser. Similarly, unofficial apps or third-party apps expose users to a multitude of risks. These apps could leverage credentials from other applications without the same amount of Cyber Security infrastructure and exploit your private data. For example, a shopping app could access and use your banking login information to facilitate a transaction.
3. Unsecure Wi-Fi Networks
As the world becomes ever more digital, public places are beginning to provide free Wi-Fi as a service. While this might seem useful, it is important to understand that when you connect to an unknown Wi-Fi network, someone else on the network can have access to your activity. Hotspots can easily be spoofed by fraudsters, by setting up fake hotspots in your local coffee shop or public place. Using free public hotspots opens users up to packet sniffers who are phishing for your banking details and personal information, such as your name, address, or phone number. This is why it is important to validate the security of your Wi-Fi network before connecting.
4. Mobile Device ID Vulnerabilities
Fingerprint scanning was believed to be one of the most secure forms of authentication. However, scammers have now innovated new and innovative systems to collect information on the same.
5. Remote Deposit Capture Fraud
Remote deposit capture is a new technology that gives users the ability to snap a picture on their mobile device to deposit a check. The ability to deposit funds remotely through Mobile Banking is a convenient and valuable feature for most users. Financial institutions implemented rigid customer agreements and monitoring of this technology in place, and yet scammers have already discovered flaws in the system.
How to improve the security of Mobile Banking Apps
Mobile app development and security processes are a complex multi-layered task. While it might be impossible to get rid of all threats, it is easy to minimize them by adopting best practices that may help improve the security of Mobile Banking Apps.
Some of these ways are listed below:
- Multi-Factor Authentication
Submission of a single password before granting access to a customer’s bank account is a defense system that can be beaten easily. By adding a Multi-Factor Authentication feature – such as generated one-time passwords or fingerprints – you add an additional layer of defense that cannot easily be deceived. Multi-factor Authentication requires the user to provide two or more verification factors to gain access to a resource such as an application or online account.
Professional Cyber Security firms will always promote the use of Multi-Factor Authentication.
- End-to-end encryption
Sensitive data worth billions of dollars are shared over the internet regularly. This makes it a prime target for hackers. End-to-End encryption is the safe and secure solution to this massive threat which ensures that sensitive data remains safe and sound. End-to-end encryption is the act of applying encryption to messages on one device such that only the receiving device can decrypt it. The message travels all the way from the sender to the recipient in encrypted form. This ensures that confidential data remains confidential.
4. Fingerprinting devices
Fingerprinting devices add an extra layer of security to Mobile Banking apps. These devices obtain various sets of signals such as IP address, location, time of the day, device type, location, screen size, browser, etc. Coupled with the physical fingerprint input in your mobile phone, your device can estimate whether you are accessing the device yourself or whether it is being accessed by a hacker.
5. Real-time text and email alerts
If the customer uses Mobile Banking apps then it is safe to assume that their smartphone also has access to email and text messaging services which they regularly use. In case of a suspected breach, an organization can send a real-time email or a text alert to the user to notify them of activity on their account. This type of notification makes it easy for users to keep track of their own money usage and also be immediately notified if the account is being used by an unknown entity. This feature allows you to immediately alert your bank if there is any suspicious activity and stop such an attempt in its tracks.
Bottom Line
According to Cyber Security experts, Mobile Banking can be both safe and convenient as long as customers take all the necessary precautions. As the article elaborates, there are many advantages to Mobile Banking, such as ease of use, convenience, 24*7 access, and others. Yet, there can also be certain risks inherent to the process. Any technological advance can be seen as a double-edged sword. We have discussed the risks and the measures that can be taken to solve the above. It is up to the organizations and the customers to follow these practices. Following good Cyber Security practices as per established frameworks is the best way to make sure that your mobile banking apps are as safe as possible.
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We are living more and more of our lives online every day.
Banking is certainly following this trend.
In the US, more than 70 percent of people do at least some of their banking online.
More than half of all web traffic now comes from mobile devices, and traffic to financial institutions isn’t far behind.The general consensus is that while the risk is low when it comes to banking, security does depend to some extent on consumers—many of whom don’t do what they should be doing to keep their phones safe from attack.
As a result, experts say, banks could do a better job educating consumers about cybersecurity issues.
The Wall Street Journal invited three experts to discuss these issues: Joseph Carrigan, a senior security engineer at Johns Hopkins University; Emmett Higdon, director of digital banking at Javelin Strategy & Research, a subsidiary of Greenwich Associates; and Peter Wannemacher, a digital banking analyst at consulting firm Forrester Research.Is Mobile Banking Safe?
The point here is to have a better understanding of evolution and the more recent revolution — how financial institutions handle the huge amount of paperwork and other things that flow throughout their organizations.“Enterprise content management in financial institutions began to take shape in the 1980s, and the boom of check-writing led to large electronic image archival systems that could process and retrieve check images and statements,” said Coomes, a content management expert.
“As imaging has enhanced a routine, banks have moved to smaller, internal management archives where they can store cold reports and other documents related to core account processing, such as teller receipts, deposit slips, and non-check images such as signature cards.”Document management technology continues to mature, adding the ability to manage different document types, allocate retention periods, and secure documents.
Other technologies will soon be added to enhance functionality such as capture and optical character recognition, business process management, and digital distribution.
With this maturity, document management shifted into enterprise content management — and it soon expanded between companies, from businesses such as loans and insurance to internal operations such as compliance and human resources.The definition of Enterprise Content Management has been evolving in recent times as financial institutions have to deal with ever-increasing amounts of information, more compliance orders, and more demands on their organization’s IT departments to handle these requirements.“Financial institutions see enterprise content management as a document management archive that essentially serves the core account processing platform,” is changing, as more and more financial institutions are approaching ECM as an integrated platform that sits within the organization and serves.
It describes three trends affecting the future of ECM:“Workflow automation, data filtering, and dashboard reporting tools are built into more robust ECM products that allow you to create layered applications on an already installed base ECM infrastructure,” he says.It points out that many financial institutions begin by changing a paper-intensive business process, such as processing, pay-as-you-go accounts, or commercial customer on-boarding, and then move on to other areas quickly realizing the potential value and addressing other business processes.1.
It includes PDFs, Microsoft Office files, audio, XML, video, HTML, annotations, checklists, workflow logs, physical record locators, and content history.2.
This is the most delightful time that brings lots of joy and wonderful moments.
After many unexpected events in the current year, many retailers are finding solutions to generate good profits.
It is not surprising to say that U.S holiday sales reached approximately 135 billion dollars in 2019.
To bring preferable results during the holiday season, brands should try to improve their relationship with consumers.
Also, the number of Millennial shoppers is only going to rise.The eCommerce industrial domain has experienced almost five years of digital experience in two months because of the pandemics.
What technological integration can help a business to ensure the best outcomes in this holiday season?Lots of technologies are there to enhance the performance of an eCommerce business.
Evolution is the essence of life.
In the always expanding market of E-commerce, it is crucial to adapt to evolving technology else the business will fall behind and eventually go out of business.
In the present scenario, more than half of all internet traffic is coming from mobile apps, and with the highly competitive nature of the e-commerce market, there is no denying the impact of mobile apps.
Shopping trends are moving from website to app as customers are using mobile apps to shop/buy products more than shopping through a site.
Push Notifications have a considerable role to maintain the brand consistency and to escalate the sales.
Loading time of pages of the mobile app is less as compared to the website, and mobile app consumes lesser internet data.
Hiring a brilliant mobile app developer is the first step toward success and you’ll need to be careful throughout the process.
Here's a step by step guide that might help!Read full article here: How to Hire Best Mobile App Development Company
