Technology

Published on September 11th, 2013 | by Idania.Silvia

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What Are The Risks Of Mobile Banking?

As technology becomes ever more mobile and the number of smartphone and tablet users increases, so too does the demand for mobile banking services that give you access to your finances whenever you want and wherever you are.

Though a large number of UK adults use their phones or mobile devices to access banking services, according to this Guardian article, many are not aware of the possible risks of doing so.

This places users in a difficult and dangerous position, while also putting the financial institutions that have released mobile apps under increasing pressure.

Here we take a look at exactly what risks mobile users face when banking online.

Virus and Malware

One of the main concerns with mobile banking is the possibility of virus and malware attacks on users’ devices. Due to the mass appeal of quick and easy online banking, and the financial gain to be had from gaining access to such sensitive data, more and more malicious software is being developed in order to take advantage of users who bank on the go.

Consequently, mobile users should always ensure that their devices are properly protected through the use of anti-virus software.

Data Protection

Another concern raised by industry experts is the possibility of the theft or loss of a device. In such cases, it would be easy for important and incredibly sensitive data to fall into the wrong hands.

This may not just result in an immediate loss of funds, but could mean the slow and unnoticed infiltration of your account over a longer period of time. With this in mind, users are reminded to keep all sensitive information separate from their device and not to write down or keep a record of PIN numbers, passwords and other data.

Similarly, birthdays, common number combinations and names should not be used as passwords or PINs.

Functionality

There are a wide range of other concerns related to mobile banking, including entering incorrect details on small and fiddly keypads, using banking services while tired or not fully focused and the effect IT system failures could have on mobile banking users.

These problems are particularly acute for those dealing with large or numerous payments, such as those employing payroll software. Though mobile banking may make it easier to manage finances in the short term, it’s important that all those using it are aware of the dangers.

With mobile banking on the rise and a greater number of users making the most of more and more of banking apps, there appears to be a great deal of concern surrounding security issues and mobile devices.

While security experts will always strive to provide technical solutions, it’s important that users are aware of the risks so that they can adjust their user habits to take the necessary precautions to protect themselves and their data.

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About the Author

About the Author: Idania Silvia a freelance writer for many communities.



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