The Threats Associated With Mobile Banking

Mobile banking applicationIt was not so long ago that the only way you could do all of your banking, was to physically go out to your local branch and deal with them face to face. Then some banks started to change the way they do business and some launched telephone banking, although this was never that popular. Then the Internet can along and totally transformed the way we do banking, and now more people than ever before are looking to bank online, with a fair percentage of people stating that they hardly ever need to visit their branch in person at all. Now with the advent of Internet enabled smartphones, people can bank on the move from almost anywhere, so long as there is either an Internet connection or a decent mobile phone signal.

Online Fraud Dangers

However, with most new ways of doing things, there is always going to be a risk or two, and recent surveys have shown that since online banking has been introduced, there has been a significant increase in the amount of fraud committed on people’s accounts.

Unscrupulous people with advanced knowledge of apps and smartphone software are able to download stealth programs onto people’s smartphones that enable them to spy on them. The info that these criminals can get hold of includes such things as the websites you visit and even your passwords, especially if the apps you are using, store your password for easy access on future visits.

Online Banking Applications

As more and more of the major banks launch their own banking apps, so more and more people are using their phones to access their bank accounts, and as these apps become better, so they allow them to carry out more and more transactions with just a couple of clicks of a button.Online banking

With smartphone technology increasing year on year it will come as no surprise that the average smartphone is actually more like a handheld computer, and in fact this can be the weak point for the phone. Unlike modern day computers, smartphones do not have the same level of protection and it has only been recently that companies who produce anti-virus programs for computers have suddenly turned their attention to the smart phone.

Mobile Banking Apps Security

Smartphones are probably more vulnerable to attack from viruses than the average home computer, as they do not have the capability to warn you when the phone has been compromised by the downloading of a program that contains a virus or malware. This could leave your phone, and more importantly, your personal information at risk to criminals.

If your phone is lost or stolen and someone is able to access your banking information, then the damage they could do, doesn’t bear thinking about, plus you will have to convince the bank that it was not you that performed a specific action on the phone. This is why you need to make sure that you install phone tracking software that can help you to trace your phone via the GPS system, as well as lock the phone remotely and even wipe the information from it, check Viber tracker to prevent it falling into the wrong hands.