Mobile Banking Applications: Safe or Not?

24 August 2015

Paris: Today banking has been very easy with lots of mobile banking apps available out there. Though these apps simplify the banking process, we can’t say that they are 100% safe. We are seeing every year millions of being stolen from the customer’s bank accounts through these banking apps. But how are the hackers getting access to your banking details? How can you secure your bank accounts from hackers?

Here are a few ways through which the hackers are getting access to your accounts:

Illegitimate software: Sometimes you might download a song, movie or any software from an unauthorized website. In such cases, hackers take the chance of inflicting some malicious content into the file downloaded from unauthorized sites. Once the hackers get into your mobile, they can access your banking details as well.

Solution: All the account related information like debit card number and passwords will be sent to the bank in the encrypted manner. The bank also uses an app to clear the sensitive banking data on your mobile application. So, even if the hackers get into the mobile, they will not be able to access your banking details.

Mobile operating system: This is the most common way through which majority of hackers are getting access into your apps. Running an out dated operating system on your mobile opens a huge gate for hackers to get in. The newer versions of operating systems may come with a patch for vulnerabilities.

Solution: The banks monitor your mobile apps using several tools and applications. They make use of the tools like EnsureIT and Dexguard to encrypt the files so that it will be difficult for the hackers to decode.

SMS vulnerability: These days we get lots of spam messages; like “click here to win exciting prizes”, clicking on which you will end up downloading a malware that would give hackers an easy access to your banking information.

Solution: Banks are taking necessary actions to monitor such spam mails and messages. They have brought in the tools like Google administrator and Lifehacker to detect spam messages.

The banking app itself: An out-dated mobile banking app is another way to invite malware that provides hackers an easy access to your banking information.

Solution: Banks make use of filters to check if you are using blacklisted application versions. So if your app version is blacklisted, you will receive an error message asking you to update the app.

Weak passwords: If you are using the same password for all the apps on your device, the hackers can easily obtain your password from other apps with the help of a malware.

Solution: Mobile banking requires complex six digit passwords which is considered to be safe when compared to a normal four digit password. It’s very difficult to hack a six digit password. Also, the account gets locked after five wrong attempts. 

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