Mobile Banking Fraud is one of the most common issues in the world and hacking has become a devastating phenomenon. Ever since mobile banking has gained popularity, cases of fraud and hacking have surged at an alarming speed. The latest research by the United States Banking Fraud Agency has pointed out the risks of hacking issues. You can also see statistics from BroadbandSearch to reinforce the scale of this cybersecurity issue. The threat of fraud has put a lot of people off embracing modern banking avenues which has led to many preferring the simplified and traditional service offered by credit unions. If you are yet to make up your mind on the credit union banks debate then you would be wise to research this much further before deciding.
Cyber Security Specialists say that mobile banking fraud is easy as credentials can be stolen in minutes. There are specially designed software programs named as Acecard and GM Bot that can be very dangerous for mobile users. Cyber thieves inject malware into a mobile phone and then use this to steal information. The credentials can then be used for banking fraud. It is understood that mobile banking has just enhanced fraud cases because it has become much easier for hackers to get access to sensitive data. The use of mobile banking in the last 2-3 years has increased by double fold, you can learn more about this at newsgram.com. It is expected that mobile banking in India will further grow as a result of the booming sales of smartphones. Ultimately, the use of smartphones has phenomenally increased in the United States with the number of mobile banking users also soaring. Unfortunately, this means that the number of mobile banking fraud cases has also risen.
How Mobile Banking Malware Works?
Mobile Banking Fraud is basically dependent on malware that can come through text message links or website ads. Once you click on the link or the ad, it gets installed and remains dormant on your OS. But as soon as you open a Mobile Banking App, it creates an overlay and sends the information back to the origin. The experts have estimated that Mobile Banking Fraud is now one of the biggest types of fraud that is going on in the world.
How to be protected
Banks and Financial institutions are already taking out fraud prevention measures. For example, double authentication is a measure that is quite helpful. Sometimes, messages that come from your bank can also be hacked with the same malware. However, banks are taking all precautions for effective mobile banking and double authentication to overlook this problem. Moreover, using anti-malware and anti-virus can be good options to save your device.
All that being said, Mobile Banking Fraud is one of the biggest crimes going on in the world right now and therefore any cases of this crime must be handled immediately.