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Some Risks of Mobile Banking

Mobile malware: Ever since mobile phones have been introduced to the public, they have involved to a form of the telephone to pocket size computers. Similarly, these phones also face the same risk as any computer. In this way, as a phone user, you must be aware and recognise the risks that can affect your phone as much as your computer. Mobile malware in particular target phone devices through the form of viruses, Trojans, spyware and even rootkits. By setting up an anti-virus system or restricting downloads from untrusted sources, you can protect yourself from any mobile financial malware.

Flawed mobile applications: Mobile apps may be safer than using your phone browser. However, the security of the phone app depends on its platform design. Certain mobile platforms designs are open-coded, thus allowing developers to place their codes, which comprise on the security of the app. This, in turn, will increase the vulnerabilities of the app, thus allowing fraudsters to exploit it. As a banking app, your financial data or account can get comprised. To avoid this situation, you must download your apps from trusted sources. Additionally, check to see if your apps possess the right certification. Avoid downloading apps from third party sources, as they leverage credentials from other applications to gain access to your financial information.

Avoid Unsecured WI-Fi Networks: For many phone users, a free Wi – Fi is a coveted luxury. Plenty of establishments such as restaurants, cafes, airports and other public places may offer free Wi – Fi connections. However, the security measures on these networks may not be up to mark. At times, hotspots can be spoofed by fraudsters, by using similar wifi network names as the establishment network. Even irrelevant data such as your name and identity can compromise your financial details and account as fraudsters can seek this information to access your account in the first place. To avoid this situation, you must avoid using any free network. If you must use this network, you must ensure that you don’t access any mobile banking accounts that can be indirectly comprised.