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The Risks Associated Mobile Banking Apps and How to Manage Them

Melissa Gaffney | March 15, 2023

Melissa Gaffney

March 15, 2023

The world has gone digital, and with it, more people are turning to mobile banking apps to manage their finances. While these apps are convenient and easy to use, they also have a hidden risk: security vulnerabilities. According to the 2021 State of Mobile Finance App Security report from Intertrust, 77% of mobile banking apps have at least one security vulnerability that could lead to your personal data being leaked or stolen.

Mobile banking apps are useful tools for managing our finances on-the-go. However, there are risks associated with using them due to potential security vulnerabilities and malicious actors trying to gain access to our data and funds through phishing campaigns and malicious software such as keyloggers and overlays. In this blog post, we will discuss the various risks associated with mobile banking apps and how you can keep yourself safe while using them.

How Scammers Can Access Your Mobile Banking App

The most common way scammers try to access your mobile banking app is through phishing emails or texts that look like they’re from your bank or a financial institution. These emails contain links that take you to a fake website where you’re asked to enter your login credentials and other personal information. If scammers can’t access your mobile banking app directly, they may try to trick you into using a fraudulent app. Fraudulent apps usually look identical to legitimate ones but are designed to steal your money when you make financial transactions through them.

Additionally, scammers can access your account if you lose or give away information such as usernames, passwords, PIN numbers and other security codes. It’s important to keep security software up-to-date on all devices used for online banking in order to help detect malicious activity early. Finally, never store confidential data such as usernames and passwords inside the same device that is used for online banking activities – always use secure storage solutions instead.

Keylogging Malware in Other Apps

Another concern that cybersecurity experts have discovered are that malicious actors have created “keylogging”, which is malware that is hidden in other seemingly harmless apps. This malware can capture keystrokes while the user is entering their login credentials into their mobile banking app and then send this information back to the hacker who created it. This type of malware can also be used for “overlaying” attacks where it displays additional fields on top of the legitimate login page for the user’s username, password, or other sensitive information. If users enter their credentials into these fake fields, their data can be easily stolen by the attacker without them knowing it.

Tips on Mitigating Your Risk

For the consumer, protect yourself while using mobile banking services, make sure you only use official bank-approved versions of the app and never click on suspicious links in emails or texts that appear to be from your bank or any other financial institution. Download and use our Q-Scout solution, where we will tell you the privacy and security risks on your device and how to remediate them.

For DevOps teams and banking institutions, use cutting edge application security testing like Q-MAST, where it shows you the inner workings of an app like never before and has the capability to gain an unmatched level of insight into mobile app behavior. Whether it is for development or IT purposes, this deep understanding provides organizations with unparalleled assurance and visibility into their security posture by leveraging automated scans that can be continuously integrated throughout software pipelines.

By following these tips, you can ensure that you can keep using mobile banking services without putting your hard-earned money at risk!

View our Guide: Mobile Application Security Best Practices for Fintech Apps to learn more.

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