For hackers, banking applications provide a whole new spectrum for frauds, malware, and access to unauthorized data. Cybersecurity has become increasingly important to tackle the threats posed to Mobile Banking.
Following are the main types of cyber attacks against Mobile banking:
Virus and malware:Trojans, viruses, and rootkits are increasingly attacking the mobile banking space.
Hackers might access the account by entering a combination of password and prevent access to the rightful owner.
STEPS TO PROTECT AGAINST CYBERATTACKS:
Strong and Unique passwords: Users should use strong passwords with a combination of uppercase, lowercase, and unique characters. The bank should also advise users to change passwords at regular intervals.
Using strong anti-virus protects users from viruses, malware, and attacks from hackers.
On your mobile phone, set up a passcode to access the handset menu.
To keep a track of the banking transactions that you do, register or update your mobile number and e-mail ID for the alerts.
Regularly make sure to delete all junk message and chain messages.
If you're not sure of any of the URLs in emails or messages, don't follow or click on them.
Before sharing your mobile with someone or sending it for repair/maintenance make sure to clear the browsing history, cache, and the temporary files that are stored in the phone's memory.
Avoid saving confidential information about your debit/credit card numbers, CVV numbers, or PIN on your mobile phone.
Install an effective mobile anti-malware/anti-virus software.
Keep your mobile’s operating system and applications, updated with the latest security patches and upgrades.
Avoid leaving the mobile phone unattended and using unsecured Wi-Fi, public or shared networks.
If the mobile gets misplaced, call the bank's Customer Care to disable the iMobile application.