As the world increasingly becomes more mobile and automated, opportunities abound for security threats to exist.
Mobile banking and payment solutions are fraught with innovation and threats to security.
Technology has enabled businesses to offer the mobile solutions that make their customers’ lives easier. Among those technological conveniences are mobile banking and mobile payment options. As is the case with much technology, the more it advances to benefit people, the more people can use it or technology like it against users – to steal their information and more. Here are some of the top risks associated with mobile banking and mobile payments, as well as some mobile banking security solutions.
Mobile Banking Security Risks
Mobile wallets such as the payment options offered by Samsung Pay, Apple Pay, and Google Pay, are mobile payment options that can help consumers have faster, more efficient transactions and help them avoid shuffling through their wallets, signing receipts, and entering PIN numbers into a terminal. It’s essentially a way for individuals to send money online instantly – or at least transfer it to a vendor, the same way swiping a credit card does.
Mandeep Khere notes that, “the more retailers, financial services companies, government agencies and others interact with customers through mobile apps, the bigger a target these apps have become for fraudsters who can resell the information on the dark web or use them to illegally buy goods.” Some way that criminals commit fraud and theft is through a practice called “skimming” – a way to intercept the exchange of data, like personal information, over mobile networks.
Mobile Banking Security Solutions
Some of these mobile payment options include built-in security features for safe online banking and better mobile banking security. The website MobilePaymentsToday.com notes that “the card information is not stored on your phone or given to the merchant. Instead, it creates a ‘token’ – replacing your card details – which is given to the merchant, making the transaction itself very secure. Apple Pay takes security a step further, requiring all transactions to be verified by fingerprint ID or passcode, whereas with Android Pay you just need to make sure the phone is unlocked and hold it to the contactless terminal.”
One of the best ways that individuals can keep this information safe is to make sure their physical device is locked with a passcode or fingerprint identification. That can help reduce information theft should someone be able to get their hands on a physical device. Users should also be extra careful with their devices, basically treating them like a small personal computer or an extension of their computer. If your computer is or can be infected with a virus or malware, your phone can be infected by an email, website, or even by plugging into an infected PC.
Also, most experts would recommend making sure you’ve downloaded and are running the latest software on your mobile device. Some operating systems have more enhanced security features and additional protection programs that monitor your apps, including mobile banking and mobile payment applications.
Even though the technology changes, when thinking about mobile banking security solutions, some of the most important things you can remember for safe mobile money transfers are the same cyber security tips we already know and use: use strong passwords, only work with trusted vendors, and don’t download anything suspicious or suspect.
