How hackers target mobile banking apps

As a matter of fact, we are falling deeper in love with our mobile phones and, we also choose these devices to use for more and more sensitive interactions. 

As technology continues to progress for people around the globe, we will, unfortunately, see more inexpert people fall victim to a hack. These days, we can manage all of our finances from our mobile devices, by an official app from which we can easily log in and check our account. 

These apps have made our lives easier than ever to stay on top of our finances. But at the same time, these apps require us to put our private information, including our bank account numbers, which could become vulnerable if our phones are hacked. 

Although most of the banking apps are protected by software that verifies our identity when we log in, not all apps take basic security precautions. So, it should be noted that mobile accessibility provides convenience, however, it opens consumers up to fraud.

There are numerous ways our devices and mobile apps can make us vulnerable:

  • Man-in-the-middle attacks: this kind of attack requires 3 players. First is the victim, second is the entity with which the victim is trying to connect, and the third is the “man in the middle”. Sometimes, a criminal will target the communications between the victim and his/her bank’s website to get his/her details. For example, somebody receives an email that appeared to be from his/her bank, asking him/her to log in to his/her bank account to confirm the contact information. If the clink is going to be clicked, he/she will definitely end up giving his/her login details to criminals.
  • Keyloggers: these are a severe threat to consumers and the consumers’ data, as they track the keystrokes to intercept passwords and other private information. The potential risk from keyloggers is immense, that if criminals get access to the consumer’s sensitive data, they can take advantage of this information to perform an online money transaction. The typical way of entry for a keylogger is as part of a Trojan, which is basically a component of software that pretends to be a useful utility.

At the end of the day, the reality is that we are living in a progressively connected world. As long as we have bank accounts, there will probably criminals who try to hack it. 

If we take the necessary steps to protect our mobile devices from intruders, we must feel confident that we have done everything possible to shield our critical information.

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