How Safe Is Mobile Banking: Threats and Solutions?

Mobile app development has changed a lot of industries, including banking. These days, people use their phones for payments, transactions, and a lot of other things. But as the technology adaptation is increasing, so as security issues. So, security is one of the primary issues which needs to be addressed.

Many companies are aware of it and also invest in security solutions to offer the highest privacy to their customers. But in today’s information-driven world, other things have to be taken care of too. For instance, you need to analyze threats that linger around on the banking and other financial sectors.

Let’s get into details.

What Threatens Banking Security: Top Three Security Gaps That Must Be Addressed

These days mobile devices are top-rated. And, equally, it’s used for handling many essential things such as personal information, sensitive information like passwords, physical address or even banking related information, which is lucrative for hackers if it gets in their hands.

So, whether to trust these apps or not is one of the questions many might be having. No doubt, many security threats keep on happening daily that can prove dangerous. In this article, we’ll cover such top three threats that every banking sector can face.

Unencrypted Data
Malware
Spoofing

1. Unencrypted Data

It’s one of the issues that must be considered carefully, as data encryption is a severe topic. All the information stored within your financial institution or online has to be encrypted. In this case, if hackers steal the users’ personal information, they can’t use it at once.

If you leave the data unencrypted, hackers can use the data without delays and create severe problems for your banking institution.

2. Malware

Another serious threat is malware. Usually, computers and smartphones are targets of such threats, which leads to unprotected data and security attacks. Additionally, android users who use mobile banking are vulnerable to malware attacks, which can also make a negative impact on the bank’s reputation.

3. Spoofing

Spoofing is relatively new for the banking sectors. It stands for the situation where hackers find ways to impersonate the banking website’s URL with a platform that works the same. But, when a user fills in login and password, the service steals their information. As a result, hackers get access to the user’s data and can even steal money from the bank accounts.

Additionally, modern spoofing techniques don’t use a different URL. They can steal data from the users that have entered the correct URL.

Of course, the modern IT market is full of other threats. To give you a hint, we’ve listed them below:

Unsecure third-party services
Credential stuffing
Phishing attacks

So, the question arises, how to protect yourself from such attacks. Well, to stop using altogether is the safest option, but that’s not any sensible solution. However, security measures can be taken to prevent such incidents.

Here’s How Banking Sector Can Protect Themselves

For questions like how banks should protect their tech solutions from frauds, we’ve listed three ways that you can use it:

Keep Your Software Updated. Updates allow preventing from many security threats. It would be best if you kept your tech solution (mobile app or website) updated. Additionally, you also need to consider updates which are provided for OS, antivirus software, web-browsers, and firewalls. Ignoring these updates, you leave the cracks on your cyber-attack protection.
Complicated Passwords. It would be best if you asked your users to create complicated passwords. They should consist of figures as well as the upper lower-case alphabets and special characters.
Backups. To avoid losses, you need to do backups regularly. It allows protecting your relevant and confident data.

Technology moves forward, and it’ll keep on moving. However, technology has given us an equal opportunity for implementing security solutions that help us keeping our security harder to infiltrate.

Additionally, some other ways that you can trust banking apps/software is using Artificial intelligence as it can prove helpful in solving a lot of problems connected to financial fraud.

To give you a hint, we’ve singled out several cases.

The AI-based system tends to memorize a bunch of possible fraud cases and identify hidden ways of fraud.
The system functions 24/7, so you can get instant results without any delays.
AI-based software learns from users and their behavior. As a result, it’s possible to predict frauds when the actions contradict standard behavioral models.

AI technology should be used in banking sectors as it assists in increasing the security issues for clients. AI in the banking sector is predominantly useful in the fraud detection area. It helps people feel safe, which helps in increasing user trust and confidence.

To sum up, security is crucial for the banking sector. Banking institutions collect and store a lot of users’ data. Of course, in the case of any threats, users won’t use your software. Additionally, you can lose your reputation and customers’ trust if timely action is not taken.

Considering the financial industry, you need to integrate the latest technologies to achieve the highest security level to detect any fraud and prevent any attack or malfunctions properly.

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About the Author :

About Vitaly Kuprenko

vitaly-kuprenko Vitaly Kuprenko is a writer at Cleveroad, a web and mobile app development company headquartered in Ukraine. He enjoys writing about technology and digital marketing.
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How Safe Is Mobile Banking: Threats and Solutions?

What Threatens Banking Security: Top Three Security Gaps That Must Be Addressed

1. Unencrypted Data

2. Malware

3. Spoofing

Here’s How Banking Sector Can Protect Themselves

Comodo Positive SSL

RapidSSL Certificate

Comodo PositiveSSL Multi-Domain

About the Author :

About Vitaly Kuprenko

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