2019 marked a major milestone for the mobile money industry: the global number of registered mobile money accounts surpassed one billion. Mobile money provides a path to financial inclusion, and with 290 live services in 95 countries, it has entered the mainstream.

It’s become standard for major financial and banking institutions to issue mobile banking applications that allow users to check account balances, pay bills, and transfer money. Financial institutions and e-commerce websites and applications have also been using alternative payment options, such as Square’s cash app and PayPal’s Venmo. Mobile money is gaining popularity because it makes transactions quick and informal.

That said, with any digital technology that involves financial transactions, cybercriminals are never too far behind. Attackers and hackers use a variety of methods to compromise the integrity of mobile banking, including snooping, deploying fake applications, malicious network attacks, and abusing stolen account credentials.

Here’s how users can remain secure on mobile banking applications.

Mobile Banking Application Security

·         Always ensure you download applications from trusted and legitimate sources to eliminate the risk of fake and harmful applications.

·         Keep your banking app updated; the latest versions tend to contain fixes for the latest vulnerabilities.

·         Enable the banking app’s built-in security features, such as idle time-outs.

·         Never open attachments from unknown senders.

·         Reduce the chances of clicking on a malicious link be regularly deleting your junk mail.

Establishing Safe Network Connections

·         Never use your banking app when connected to unsecured Wi-Fi networks in public places.

·         When using a mobile browser to access banking or other financial websites, make sure the URL is an https address with a padlock icon, indicating encrypted communications.

·         If you have to use a banking app in a public place, use it over 3G, 4G, or LTE. Turn off Bluetooth and Wi-Fi to prevent attackers from snooping.

Protecting Online Financial Accounts

·         Enable all financial applications’ two-factor authentication feature. Install trusted and legitimate authenticator apps too, if available. Typically, the codes required to log in, are sent via email or SMS.

·         Disable the autocomplete feature in your banking/financial apps or when logging in through a browser.

·         Never store your financial account passwords in your browser.

·         Never respond to emails or text messages requesting your account number, PIN, or debit or credit card number.

·         Make sure to use a strong and unique password for each banking/financial application you use. Use a different password for each. Log out after you’re done with your transactions.

·         Always monitor your account activity for anything unusual or suspicious.

We are a premium cybersecurity services provider based in Gordon NSW, Australia. We provide application protection for financial services, such as helping you avoid malicious code insertion, application modification, and prevent unauthorised access. Our penetration testing services include mobile application penetration testing, advanced web security testing, web application scanning, and more.

Get in touch with us for more information on our services.