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Submitted By: Janice T. Jasinski on Sep 8, 2023 2:00:00 PM
Mobile banking has been gaining in popularity, and the pandemic only intensified the interest. Many people are increasingly willing to use mobile banking apps to cash checks, transfer funds and perform various other tasks instead of visiting physical branches of their financial institutions.
However, multinational cybersecurity firm Kaspersky notes that cybercriminals are targeting mobile banking users by actively investing in the creation of new malware, which can unleash a variety of dangerous viruses on a device. The FBI has warned that malware associated with mobile banking apps can lead to major financial losses for victims. Here's how to reduce your risks when mobile banking.
The Risks
The FBI has highlighted two risks in particular:
In 2022, Kaspersky uncovered almost 200,000 new mobile banking Trojans, marking a twofold increase from the prior year's figures. These Trojans often disguise themselves as other apps you might download, such as games or tools.
When a victim launches a banking app, the Trojan hunts for data related to online banking and e-payment systems. For example, a Trojan might create a false version of your bank's login page and overlay it on top of the legitimate app. After you enter your login credentials in the fake page, the Trojan directs you to a real banking app login page, and you're none the wiser. Meanwhile, your credentials have been compromised.
Fake banking apps also have become more common. Cybercriminals create fake apps to impersonate the legitimate apps of major financial institutions to trick users into providing their login credentials. The fake app then displays an error message and uses your phone's permission requests to obtain and bypass the security codes texted to users.
5 Tips for Safer Mobile Banking
If you use mobile banking apps, you should take several steps to help protect your financial data and, ultimately, your finances. Here are five highly effective anti-fraud measures to consider:
You also could receive alerts summarizing daily transactions and flagging failed login attempts and password updates. These types of notifications can help you identify trouble early on.
Suspect Something, Say Something
Finally, it's always advisable to trust your instincts when using mobile banking apps. If something seems off to you, contact your financial institution before proceeding. The potential costs are too great to ignore red flags.
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