Is Mobile Banking Safe or Not?

Posted on 30th April 2021

At present more and more people like the convenience of mobile banking, and according to recent surveys, they are going to use this option frequently in the future. But is mobile banking safe? What about numerous techniques that hackers use to get access to your personal information? Keep reading and find out the answers to these questions, as well as the ways to ensure your privacy while performing financial operations.

The cybersecurity experts ensure that mobile banking is not only convenient but safe as well. Still, some consumers have so many doubts about this issue and need precautions. The experts say that downloading a banking application from a reliable store is as safe as visiting a financial establishment. They also recommend downloading the app right from the official website of the bank to avoid unwanted consequences. Exactly there, you can find the correct and safe link to the organization’s application. The highest level of protection is guaranteed by using high-end encryption technologies. The experts like to compare having a mobile app to a bank branch in the person’s pocket, meaning its convenience and safety.

Common Cyberattack Types

There are numerous ways that hackers use to access client’s personal data. The FBI’s public service has presented two common forms of cyberattacks:

1. App-based banking Trojans. They are hidden in unrelated applications like tools or games that the consumers download. Such “sideload” apps are stored on unofficial sources and wait until the users launch them. Onсe you do it, the program is activated. The Trojan starts to penetrate into your system, creating a bank’s login page. Then the users are expected to enter the password and the username, giving the Trojan full freedom. Moreover, people even do not understand that they have been scammed. The experts say that users may download the malware in numerous ways: SMS, external link, etc.
2. Fake banking applications. They resemble the real application of the banks and are created to trick people into writing the login information. The experts mention that it is one of the fast-growing types of fraud these days and ask the users to download the apps only from the official website of the banking establishment. Otherwise, they may have big problems.

Is a Mobile Banking App a Good Idea?

If you are worried about the safety of using a mobile banking application, then mind that security threats are everywhere, even in the bank lobby. There are risks that the employee may steal your information, or hackers will attack the app. It is hard to give you 100% guarantees. The good news is that financial establishments do their best to monitor the activities of the staff and constantly boost the quality of provided banking applications. Also, there are some options that you can practice to reduce risks that often come with using mobile banking.

Tips on Making Mobile Banking More Secure

Advanced protection is what everybody will only benefit from. Here are a few great tips for you to consider and practice.

Download the app via a bank’s site

Your banking establishment must provide you with detailed information on the app, including its type, features, and minimal requirements. Most banks share a direct link to the file. Still, you should check everything twice. Make sure there isn’t another app with the same name. In case of any questions, it is recommended to get in touch with a bank. Avoid downloading the application from open forums.

Make sure that a two or multi-factor authentication is used

If you use the app with two-factor authentication, you will need to mention PIN or password and extra information to confirm the identity. Usually, the bank sends a duplicating code that you should type as well. Two-factor authentication provides better security. Still, it is not 100% safe.  Another person may get access to your phone and check the code. Hence multi-factor authentication is better.

Use a strong password

Creating and using a strong password is one of the best ways to protect your personal information. Such a password contains numbers, lower and upper case letters, and symbols. Avoid allowing the browser to remember your password as it is not safe. Instead, you may benefit from reliable password managers. They are coded in such a way that potential attackers have low chances to get your data. Using password manager software is the top recommendation of most cybersecurity experts.

Limit using public Wi-Fi

Perhaps you have noticed that a warning notice appears on your screen while logging onto a public Wi-Fi hotspot. It tells you, you are not on a secure network and that any person can easily access your information. Hence, it is better to use home Wi-Fi to conduct any finance-related issues. If you have to use public Wi-Fi due to some reason, consider installing a reliable VPN server, like VeePN. It keeps you safe with 256-bit encryption of the maximum level and automatic protection while using public Wi-Fi and Kill Switch. With a good VPN server, user’s data passes through an encrypted tunnel with a high degree of protection against spyware and hackers.

Practice phishing awareness

Scammers use phishing emails to penetrate into the person’s system and steal important information. It is recommended to study the application and the style of messages and pop-ups that it usually sends. It will help detect abnormal questions and avoid dealing with scammers.

Adjust alerts via text, email, or bank’s app

A fast notification assists the users to identify whether a certain activity is not safe by getting in touch with the bank at once. In simpler words, you will be notified whenever some finance-related operations are about to occur. It will be very beneficial both for new and existing bank clients.

Bottom Line

Is mobile banking safe? Yes, banks invest a lot in preventing cyber criminals from getting access to the clients’ information. Still, you should also take responsibility for your actions. Consider practicing mentioned above tips, and pay special attention to choosing a reliable VPN server. This way, you will be sure that your data is protected well and no third party will steal it.  In case of any questions, it is better to contact the support system and clarify the definite issue at once, without risking your own safety.