Do you know the risks of mobile banking?

Over the last few decades, the use of mobile phones has considerably risen. Today, mobile digital media has now outpaced desktop usage. If you walk into any office, restaurant or even public transport, you will see mobile phones in the hands of business people, students, children, parents and even retirees.

While plenty of individuals may have a mobile phone, the usage may differ. While the main purpose is for communication, other facilities such as browsing, downloading, media related activities and even mobile banking, are also used. However, although there may be several benefits, there are also plenty of risks. As a mobile phone user, it is crucial that you are aware of these risks to that you can be well prepared against them. Some of the risks involved in this form of banking include the following:

Mobile malware: Ever since mobile phones have been introduced to the public, they have involved to a form of the telephone to pocket size computers. Similarly, these mobile phones also face the same risk as any computer. In this way, as a mobile phone user, you must be aware and recognise the risks that can affect your phone as much as your computer. Mobile malware in particular target mobile devices through the form of viruses, Trojans, spyware and even rootkits. By setting up an anti-virus system or restricting downloads from untrusted sources, you can protect yourself from any mobile financial malware.

Flawed mobile applications: Mobile apps may be safer than using your mobile browser. However, the security of the mobile app depends on its platform design. Certain mobile platforms designs are open-coded, thus allowing developers to place their codes, which comprise on the security of the app. This, in turn, will increase the vulnerabilities of the app, thus allowing fraudsters to exploit it. As a banking app, your financial data or account can get comprised. To avoid this situation, you must download your apps from trusted sources. Additionally, check to see if your apps possess the right certification. Avoid downloading apps from third party sources, as they leverage credentials from other applications to gain access to your financial information.

Avoid Unsecured WI-Fi Networks: For many mobile users, a free Wi – Fi is a coveted luxury. Plenty of establishments such as restaurants, cafés, airports and other public places may offer free Wi – Fi connections. However, the security measures on these networks may not be up to mark. At times, hotspots can be spoofed by fraudsters, by using similar wifi network names as the establishment network. Even irrelevant data such as your name and identity can compromise your financial details and account as fraudsters can seek this information to access your account in the first place. To avoid this situation, you must avoid using any free network. If you must use this network, you must ensure that you don’t access any mobile banking accounts that can be indirectly comprised.


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