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    Mobile Banking Security and Why It

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    AjayPanicker
    Mobile banking is not safe for several reasons: 1) App stores do not thoroughly review apps for security flaws, allowing malicious developers to steal user data. 2) Most users do not install security software on their devices, leaving them vulnerable to attacks. 3) Malware for Android has increased over 400% in the past year. 4) Apps can access data from other apps on a device without restrictions. 5) Many users do not use basic security measures like passcodes, allowing unauthorized access.

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    Mobile Banking Security and Why It

    Uploaded by

    AjayPanicker
    77 views2 pages
    Mobile banking is not safe for several reasons: 1) App stores do not thoroughly review apps for security flaws, allowing malicious developers to steal user data. 2) Most users do not install security software on their devices, leaving them vulnerable to attacks. 3) Malware for Android has increased over 400% in the past year. 4) Apps can access data from other apps on a device without restrictions. 5) Many users do not use basic security measures like passcodes, allowing unauthorized access.

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    Mobile banking security and why it

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    Mobile banking is not safe for several reasons: 1) App stores do not thoroughly review apps for security flaws, allowing malicious developers to steal user data. 2) Most users do not install security software on their devices, leaving them vulnerable to attacks. 3) Malware for Android has increased over 400% in the past year. 4) Apps can access data from other apps on a device without restrictions. 5) Many users do not use basic security measures like passcodes, allowing unauthorized access.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    77 views2 pages

    Mobile Banking Security and Why It

    Uploaded by

    AjayPanicker
    Mobile banking is not safe for several reasons: 1) App stores do not thoroughly review apps for security flaws, allowing malicious developers to steal user data. 2) Most users do not install security software on their devices, leaving them vulnerable to attacks. 3) Malware for Android has increased over 400% in the past year. 4) Apps can access data from other apps on a device without restrictions. 5) Many users do not use basic security measures like passcodes, allowing unauthorized access.

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    Mobile banking security and why it’s not safe…

    Reason 1: Unmonitored security flaws


    The majority of the app stores such as Google Appstore and Android Marketplace do
    not review mobile apps on the basis of security features. This makes it quite easy for
    notorious developers to design and launch mobile apps that have a capacity to steal
    confidential data from user’s device.
    Reason 2: Unsecured mobile devices
    It is a rare phenomenon that consumers have installed a mobile antivirus on their
    phones while speculating a possible hack attack. An average smartphone or tablet user
    does not install any security software on their device which means that the security
    available is only a fraction of what is there on a laptop or a desktop. This factor makes
    smartphones vulnerable to security attacks.
    Reason 3: Rising malware for Android
    There has been a rise in detected malware for Android platforms by more than 400%
    over the past 12 months. This is alarming and further raises security concerns for
    android app users.
    Reason 4: Inter-app Accessibility
    The technology which is in place to keep apps separate on a smartphone or tablet does
    not separate them into private sandboxes. This implies that one app can easily read
    confidential details stored in the other apps on the same device. Who knows, your
    gaming app may be reading your banking app data all the time!
    Reason 5: User negligence
    The majority of the smartphone and tablet users do not even have the basic passcode
    activated on their devices. This security flaw can potentially give anyone a direct
    access to consumer bank account through the mobile banking app.
    Reason 6: Free Wi-Fi trap
    Have you ever paid attention to what lies behind a free hotspot or Wi-Fi network at an
    airport or café? You will be amazed to know that such free networks may be baits by
    potential hackers to intrude into your mobile’s network. The temptation of users to use
    these free networks exposes them to possible hacks.
    Reason 7: Improper legal framework
    There is no clear legislation so far that identifies various rights of users in case of a
    banking fraud through a mobile app. In case a fraud happens, users may have to go
    through a long legal battle with their bank’s mobile banking security before they get
    appropriate refunds.
    The worst part in many cases of fraud or cyber attacks is that neither the banks nor the
    consumers are aware of exploitation until it’s too late. We’ve even seen over a billion
    dollars strategically stolen from 100 banks over the span of two years. So how has
    mobile banking security evolved over the years to deal with these attacks? 
    Companies like Appknox have special expertise in mobile application security using
    an automated plus human approach to help businesses, especially in the Fintech
    space to ensure total mobile banking security. It is always a good idea to keep testing
    your app periodically to ensure that there are no unplugged loopholes which hackers
    could exploit, to literally tear down your business and all its customers. 

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