Every day, more and more of our lives are being lived online all over the world. Many of our online activities are also carried out on mobile devices. Naturally, the banking industry is catching up with this new trend as well.
More than half of all online traffic now originates from mobile devices, and financial institutions aren’t far behind in terms of traffic.
Is Mobile Banking Same?
The truth is, popular things aren’t always safe. It’s convenience that’s driving people to switch to online and mobile banking. Plenty of individuals just accept the shift without weighing the benefits and drawbacks of the change.
Customer security is often taken for granted by many. Throughout this post, we’ll look at the possible dangers of a mobile banking account, as well as what you can do to keep your mobile banking experience safe.
Mobile Banking Security Risks
In-person banking is clearly the most secure alternative. You shouldn’t give up on convenience because you’re afraid of being hacked, however. The first step in safeguarding yourself is to be aware of the hazards associated with online and mobile banking.
Hackers use a variety of techniques to get access to your financial data. You might be tricked into installing malware on your phone or computer as a result of their deception. They may send you bogus emails asking for your login information. Another option is for them to break into your device and start utilizing the accounts.
Use a web browser on your PC or a banking app on your phone, and the dangers remain the same. The problem is that each gadget has its own set of flaws. Potential hackers will also need to have various skill sets depending on the program they’re trying to get into.
Mobile Banking and Online Banking Security
Answering this question succinctly is yes. The full response is more difficult to understand. Even today, the majority of malware is designed to infect conventional PCs. It’s true that mobile malware exists, but it’s rare, and it takes hackers to focus on more specific targets than simply a web browser to be successful.
Good news, indeed. A study of mobile banking applications conducted by security specialists revealed that virtually all of them had at least one vulnerability. It is unusual, however, for iPhone apps to have high-level vulnerabilities. However, by being cautious, you can prevent issues.
Keeping your gadget safe is a big part of being cautious. As opposed to a laptop or desktop computer, your phone tends to go with you. A lot more likely to end up in the wrong hands. In the smartphone age, this is a brand new issue. In the end though, there isn’t a cause to give up on mobile banking’s ease.
Mashreq bank is the first digital bank in UAE to provide full banking solutions with mobile banking. You can visit Mashreq bank’s web page for further assistance.