Thieves’ New Target: Mobile Banking

Mobile banking is growing in popularity, and thieves are taking full advantage of it.  Now is the time to consider the trends and how you can protect yourself from fraudsters who are trying to access your financial information through your apps.

How does it work?

You click on an ad or a link from an unknown source, and unbeknownst to you, the malware enters your phone.  The malware infiltrates your mobile banking app(s) and gathers information whenever you use the app(s).

Thieves use the malware to collect anything from bank balances to actual credentials, which can then be used to access your account(s).  The information is then sold to other thieves for continued use and profit.

How can you protect yourself?

First, don’t click links from unknown sources, especially in emails or text messages, because they may be scams from fraudsters.

If you see an ad that interests you, investigate the offer in a different way.  For example, let’s say ABC is the name of your bank.  One day, you’re scrolling through a shopping website, and you see an ad for a new rewards card through ABC Bank.  Perfect!  You’ve wanted a credit card with rewards, so you click on the ad.  What you don’t know is that the ad isn’t actually from your bank; it’s a fraudster posing as your bank and waiting for you to input your personal account information.

Instead of clicking on the ad, type in the web address you know belongs to your financial institution and search their website for the deal you saw.  (Don’t know the website by heart?  Look at a recent bill or bank statement for contact information.)  It may take an extra step or two, but that’s better and safer than clicking on a random ad and becoming a victim.

Second, keep your phone and apps up to date.  Taking the time to download a new version of your mobile banking app can seem like a hassle you’d rather skip, but the update could include repairs that improve the integrity of the app and its security.

Third, consider adding extra security like additional PINs or passwords and installing anti-virus software.  People often have anti-malware and anti-virus software for their desktop computers, but they don’t think about doing the same for their phones.

Talk to your Money Coach about getting access to identity theft protection services that include features like credit monitoring, high-risk transaction monitoring, alerts for suspicious activity, and more.  Call 888-724-2326 today to schedule a session and feel more secure.

My Secure Advantage® does not monitor every transaction at every business. No service can stop all identity theft events. This content is for informational purposes only and does not guarantee eligibility for the program or its services. My Secure Advantage, Inc. or any of its representatives do not endorse any of the websites or company names listed here. The information presented is not to be a substitute for seeking advice specific to your situation from a legal or financial professional. If legal or financial advice is required, contact an attorney or financial advisor.