Mobile devices have made life much more convenient. They allow you to quickly pull your phone out and find out anything you might want to know ranging from the weather outside to checking some of your most personal information.
One of these “personal” areas that stands out – both individually and corporately – is banking. When planning business budgets, it’s easy to jump onto the bank’s app and look at the money available, what has been spent, what is coming in, and any other information on the account.
However, this convenience isn’t without its faults. In fact, mobile banking still has a distinct adversary when it comes to cybercrime. According to InfoSecurity, the instances of mobile banking malware rose 58% in the first quarter of 2019 alone. This begs the question, what is allowing this dark industry to thrive lately?
In a perfect world, the latest security features hitting the market would be just that: secure. Unfortunately, the progress of information isn’t a one-sided road. If there are engineers on the side of good that can figure out this technology then there are criminals who can do the same.
In addition, when something is invented for the first time it’s the hardest part. Once something is already created, deconstructing it to understand its weaknesses isn’t as challenging by comparison. This gives potential hackers a leg up.
Back in the Wild West, bank robberies meant stepping into a bank directly and making demands. On the other hand, in today’s digital world, mobile banking malware is installed onto a mobile device much more discreetly. This is usually done through sketchy, infected websites or through phishing emails.
A phishing scam involves a malevolent party crafting a message that seems to be from a source you can trust. They then use this blind trust to gain sensitive information such as your mobile banking credentials.
If this cold phishing technique doesn’t work, criminals can now take measures including something called injected code. This works to fill banking portal fields and attempts to access mobile phone numbers. As soon as they have this information, they craft a message to send to that phone number with a rouse, usually claiming that the user needs to download a security app or file. This program reads any SMS messages on the phone including information such as bank authorization codes.
In a convenient design, most malware packages delete themselves after they’ve done what they need to do. This makes it fairly easy for a skilled hacker to cover their tracks after committing a crime.
The big concept to remember here is security. You’re going to want any mobile devices that you use either personally or for business protected the same way you’d protect a computer. This means keeping systems up-to-date and password-protection, as a start.
It’s also important to think critically. Only accept and download files from trusted parties and definitely accept any files you get from strangers right away. Simply stay cautious and you should be fine.
It’s also worth noting that users shouldn’t “jailbreak” their phones. This practice allows you to access the operating systems fully but it also removes some of the security measures pre-set into your device.
Mobile banking malware is one of the biggest downfalls of digital banking. However, that doesn’t mean that individuals and businesses should forfeit this convenience as a whole. Rather, this just means that it’s important for everyone to know what to watch out for when they’re online and that they have reliable and up-to-date cybersecurity measures.
Author Bio: He works for a Conference organization. His task is to find the correct representatives and specialists for the conferences and different business occasions. These gatherings are profoundly sought after are a decent method to produce business leads. In the event that your organization additionally needs to arrange a business gathering or a b2b summit for your customers, it would be ideal if you be in contact with him.