Do Not Fall Prey to Threats in Online Banking: Here Is All You Need to Know

Nov 20, 2017

Online Banking

Don’t you hate going to the bank and spending most hours of the day there standing in long queues? Who doesn’t! The banking sector players have realized this, and most of the banking companies have introduced their own mobile banking apps, facilitating on-the-go banking. But online banking may not be as merry as it seems, there are a large number of criminal eyes in the cyberspace that you need to beware of. Your banking and personal information is at stake here since your details could be exposed to various hackers and other online criminals that are slyly waiting to loot you. Does this mean you should refrain from online banking? Definitely not! Going by the age old saying “Prevention is better than cure,” let us take you through a few things you need to be careful of while using mobile banking:

Online Banking

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Evaluate Your Mobile Device Trust-worthiness

Mobile apps are built in such a way that they support a wide range of devices and operating systems. Therefore, the app could be exposed to potential vulnerabilities across different platforms. Though most of the modern smart devices ensure that regular updates for device security are provided to their users, customers often jailbreak their devices in order to access various functions that have been locked down by the provider, making the device vulnerable to external threats. Therefore, it is always better to ensure that you adhere to the security measures suggested by your OS and not undertake any transactions that are flagged as risky in your device, especially if you are using the same device for online banking.

Establishing User Identification

Cyber criminals undertake various steps to perform fraudulent transactions, exhibiting as many characteristics of normal customer generated transactions as possible in order to avoid the security radar. E.g., Cyber criminals entice customers into downloading various links/SMS forwards that will later be used to authenticate fraudulent transactions.  This will easily give them the access to the online banking credentials of the customer that has been saved on the phone. Many banking companies are formulating new methods to eradicate these types of crimes by methods such as OTP, which send a verification code to the registered customer mobile to undertake mobile banking transactions.

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Cross-Channel Infections

Cross channel infections refer to the corruption of a device caused by malware on the user’s PC. We often tend to connect our mobile devices to our laptops; cyber criminals observe these user behaviors and prompt the user to undertake certain actions while disguising themselves as a bank or a social media platform. The unsuspecting users often tend to follow the instructions or give out personal details, giving cyber criminals more scope to implant a malware attack on the user device. Cross channels infections can be avoided by the device’s geolocation, which alerts the users in case the account is being accessed from two distinct locations or other anomalies that may occur during online banking sessions.

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