How Safe Are Online Banking Apps
Gone are the days of standing in line at the bank, just to withdraw some money or even make a simple bank transfer. With the leaps and bounds that technology has gone through, we now have the luxury of doing all our banking via the internet, be it through the bank’s web portal or even their mobile apps. The use of banking mobile apps has become the default method of banking nowadays, due to its convenience and that it allows you to access your bank account at any time and from just about anywhere.
However, the question of security when it comes to online banking is still in debate. We may have heard of people losing a great chunk of cash due to their online banking accounts or mobile banking apps being compromised. However, in light of such cases, banks have taken lots of steps to prevent such cases from recurring and go to great lengths to ensure that their apps are “hack-proof”. With these in mind, let’s have a look at how safe these mobile banking apps actually are.
How to Verify Online Banking Apps Are Trustful
#1 Two-Step Verification
Most banking apps now have a two-step verification for every login attempted on their mobile apps. This security measure usually involves you having to confirm a certain detail that only you would know. The most common ones would be an answer to a security question that you had set-up when creating your online banking account. In some others, they may ask for your identification number or even your mobile phone number that has been registered with them. This two-step method has been fairly successful in preventing unwanted logins by scammers and hackers. Most login hacks that have been reported on mobile banking apps were actually caused by negligence on the user side where they had disclosed their security questions or even their banking app password to a third-party.
#2 Malicious App Versions
These apps are a mirror of the original banking app that is available on your mobile app store. But, there is a slight twist to this. These mirror apps actually have a few data-stealing features built into it. Once you download it, it registers your phone number, sending it over to the scammer, without you noticing. Upon installation into your mobile phone, you will see that everything seems exactly as it would be on the original bank app. The moment you enter your credentials and your two-step verification details, the information is swiftly sent over to the hacker’s computer by the data-stealing scripts. This problem, again, is the result of users not being careful enough to spot the differences. Always make sure that your banking app is downloaded and updated by the licensed and registered app account on your mobile app store.
#3 Shared Internet
Shared internet connections can be the gateway to hackers taking over your phone and controlling it as if it were their own. How this works is that shared internet usually comes with a key that is assigned to each device. Hackers can break into the internet security protocols and identify which key belongs to which device. Once they have that detail, they would be able to use the key and gain control of your particular internet connection. Anything that you do on the internet, browsing, searching or even entering sensitive details, like your password and banking credentials would be sent straight over to the hacker or scammer lying in wait. Using a private mobile internet connection helps to eradicate this possibility when banking via mobile banking apps.
The truth is that, anything that requires the use of computerization or the Internet, most likely has loopholes that can be leveraged by unethical scammers and hackers. However, if we remain on our toes and are extremely particular about how we use our mobile apps for banking., chances are that the built-in security measures are good enough to keep us from being victims of banking hacks and scams. If you suspect that a text or email that you have received, claiming to be sent by your bank via mobile app, may be from a scammer, our phone lookup and email search would be able to help you identify if it really is from your bank or from someone else, all thanks to public records.
Disclaimer:
The above is intended for informational purposes only and does not constitute a legal advice or specific recommendations in any way.
