Mobile Banking Fraud is the most common issue in the world and hacking has become the most common phenomena in the world. Ever since the mobile banking has gained popularity, the fraud and hacking have surged at an alarming speed. The latest research by the United States Banking Fraud Agency has pointed out the risks and hacking issues. 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 the mobile banking fraud is easy as the credentials can be stolen. There are specially designed software programmes named as Acecard and GM Bot that can be very dangerous for mobile users. Cyber thieves inject the malware into the mobile and steal the information. The credentials can be used for banking fraud. It is understood that the mobile banking has just enhanced the fraud because it has become easy for the hackers to get access. The use of mobile banking in last 2-3 years has increased by the double fold, you can learn more about this at newsgram.com. It is expected that the mobile banking in India will further grow with the booming sale of smartphones.
The users have phenomenally increased for the United States in terms of mobile banking users and so has the cyber crimes and mobile baking fraud.
How Mobile Banking Malware Works?
The Mobile Banking Fraud is basically dependent on the malware that can come through the text message links or website ads. Once you click on the link or the ad, it gets installed and remains dormant at your OS. But as soon as you open Mobile Banking App, it creates an overlay and sends the information back to the origin. The experts have mentioned that the Mobile Banking Fraud is now one of the biggest frauds that going on in the world.
How to be protected
Banks and Financial institutions are already taking measures of the situations. The double authentication is a measure that is quite helpful but not always effective. Sometimes, the message that comes from the 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. Using Anti-Malware and anti-virus can be good options to save your device.
Mobile Banking Fraud is one of the worst rackets going on in the world and it must be handled immediately.