5 Tips on how Banks Can Increase Mobile Banking Security

Mobile banking, in recent times, has emerged as an easy and convenient strategy for banks to streamline their banking process and add more value to their customers, earning their business and making more money.

Compared to in-branch banking, the demand for mobile banking apps surges every day, and banks without them are left to suffer greatly. Although solely designed for the younger generation, 91% of Gen X and 79% of baby boomers still find mobile banking helpful.

Nevertheless, the increasing demand for these mobile banking apps has also posed great threats against mobile banking security as more and more cybercriminals are upping their game in mobile banking fraud.

This is why Capitol One’s data reported that 47% of respondents who participated in the Mobile Banking Competitive Edge study ranked the ability to temporarily turn off payment cards as extremely valuable for securing customer’s banking information.

Thus, it’s evident that cybercriminals are increasingly turning their attention towards smartphones, and both banks and users need to stay on guard, protecting their devices and money.

Luckily, Hanna Schnaider shares some actionable insights on mobile banking security here including the risks, the major early signs to help you know when your device is affected by malware, and how to protect yourself from these hackers.

Common Malware And Their Potential Risks

While there are numerous ways for data to get compromised, the following methods are common ways which the fraudsters leverage to cause irreversible damages to people from all walks of life:

Phishing Scams

This is a popular and agelong method that scammers use to carry out their intentions. They do this by contacting you via SMS, MMS, social media, phone, or emails and impersonating as a trusted organization offering some helps, then asking for your private banking information

The scammer may either ask directly for your personal information to them or trick you into clicking a link or possibly downloading a file which then spreads malicious software such as spyware or viruses onto your device.

Fake Bank Apps

These are apps that indirectly impersonate authorized banking apps, tricking customers to download them to get their login information or credit card details to carry out their fraudulent activities.

Although it’s rare to find these apps get past the Apple or Google play authentication process, there are instances where this happens. Thus, check the mobile banking apps before downloading them and make sure it’s the same as what every other users are using for mobile banking security purposes.

Network Breaches

Using public Wi-Fi networks while mobile banking isn’t only unsecured, it can make your device more vulnerable to attacks shortly. Data over public Wi-Fi is often unencrypted and cybercriminals can exploit security flaws in this type of open connection to intercept information that passes from users to websites including banking details or card pins.

Svpeng

Ever wanted to know about the deadliest mobile banking malware alive, you’ve got it here. Svpeng is a well-known mobile banking trojan and the only malware that managed to infect over 318,000 Android devices within a month (November 2016) using Google Ads has its leverage.

The malware itself is considered the most dangerous and powerful by top malware analysts for several reasons. For instance, Svpeng can extend itself over other apps, grants permissions to send and receive messages, initiate a call as well as grant administrator’s right and block any attempt to cancel.

Thus, you know what you are up against.

Advisably, you want to secure your database and protect your mobile banking apps by putting a trusted and skilled mobile banking development team in place to win the fight over this malware.

5 Ways To Reinforce Your Mobile Banking Security

1. Add a multi-factor authentication feature

Instead of setting up a single password system that can easily be broken into by skilled cybercriminals, why not opt for a multi-factor authentication feature to further protect the bank details, account information, or card digits of your customers.

With a multi-factor authentication system including the use of fingerprints or a one-time password, you can strengthen and protect your client’s devices even more.

2. Initiate device fingerprinting

By solely introducing fingerprinting devices, you can add another set of security to your mobile banking apps.

This helps to confirm user identity using the signals that have been obtained from users’ devices including IP address, screen size, browser, location, device type, and so on.

If you don’t know how to go about this with your in-house software team, it’s best to hire custom software development firms like Fortyseven to build for you.

3. Offer email alerts and real-time text

With security alerts, you can provide an effective and safer mobile banking system. Security email alerts and real-time text can quickly get your customers conscious about any unusual activity through their mobile device or possibly online so they are aware of the cybercrime and stay on guard. Such alerts should notify the customers during some major and strange events:

  • When there is a sudden change in password or multiple attempts to change passwords.
  • When there is a purchase via their debit cards.
  • When account balance becomes unusually low.
  • When large purchases occur.

Adding this functionality will not only help protect the customer’s account from fraud, but it also adds credibility and enhances greater customer experience.

4. Carrying out proper research on apps before downloading them

If you are ever going to ever download another mobile apps, you must conduct proper research on them before you do:
Go on Google and look up reviews
Search YouTube for reviews about the apps
Check if it similar to what every other person banking with your bank is using.
Go on Google Play Store or Apple and read reviews

Doing this will give you a proper understanding of the app and will ultimately allow you to know if it’s legitimate or not.

5. Educate your customers

It helps to stay on top of the game by first knowing the protection against cybercrime isn’t just about you alone, it’s about your customers alone.

By consistently educating your customers about the internet security tricks that cybercriminals are using and how to ensure they are safe, you can easily help increase your mobile banking security.

Conclusion

Staying ahead of the hackers can feel as though you are doing the wrong thing, but following the guidelines of this post and consistently obeying them can increase mobile banking security in no little way.

Do you need top-notch mobile banking apps for your business?

Kindly contact us here at FortySeven Software Professionals.

 

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