With more than half of us choosing to do our banking online, and 90% of us preferring mobile banking apps to physical banks, the way we bank and manage our money is drastically changing.
Mobile banking is easy, at any point in the day we can check our balance or outgoings without heading to a physical bank, which is usually closed during lunchtime. Consequently, we are more aware of our money than ever and we aren’t the only ones benefiting.
Mobile banking provides companies with more leverage “to focus on new markets, […] overcome infrastructure limitations and improve efficiency”. After all, we don’t have to wait until the weekend to talk to a representative. Instead, we can have our issues addressed immediately through a 24/7-hour chatbot or via phone. Increasing customer engagement, app downloads and website traffic, Overall a win-win situation.
It's not us, it's them
But it’s not all fun and games, with our banking now integrated into our digital footprint and more of our sensitive data being recorded. Mobile banking has become a gold mine for hackers and an increase in mobile malware instances emphasises this. Already copycat banking apps have been produced to lure unsuspecting customers into freely giving away sensitive information. Even online reviews can be manipulated, making fake apps appear more trustworthy and legitimate. How do you prevent this?
As a mobile app user you can:
- Set up alerts when money comes out of your bank
- Apply password or fingerprint identification
- Only use trustworthy Wi-Fi sources
- Install antivirus protection for your phone
But don’t worry you’re not alone, mobile banking apps themselves are continuously trying to combat and eradicate any hackers from their system by regulating and updating their security software. However, with more technological advances on the way, these businesses can’t slack. After all, as we learn, the hackers learn too.
What's the solution?
Often the past can come back to haunt us and this is true for mobile apps too. Having a deep 'clean' or more specifically a deep analysis of your app will clear out all the bugs and issues that you weren't aware of and perhaps thought were deleted after an update. Building on broken foundations won't secure the security of your platform. Instead, requesting the help of an external testing company to examine your security, usability and device coverage from a customer's point of view means issues can be identified, without putting your user's security at risk.
If you want to delve further then simulation hacking is also an option. This is where professional hackers or testers mimic the tricks and tools used by rogue hackers to infiltrate a website. What makes this method of security testing so paramount, is it uses real approaches and practices, not simulated ones.