Ensuring Mobile Banking Application Security in High-Risk Device
It is obvious that pandemic has changed the way customer interact with banks. Previously, they more likely to visit the nearest branch office, now customers have shifted to use digital application if they need banking services. It is mentioned in some surveys, one of them is from Aite Group that found the amount of customers that use digital application is on the rise. 84% of millennials, 72% of Gen Xers, 38% of baby boomers now gain access to their banking accounts using their mobile phone at least once a week.
However, it is not only banks and its customers that keep up the trends, but fraudsters as well. Fraudsters find new opportunity in mobile. Industry experts report a 37% increase in mobile phishing attacks globally in Q1 2020 compared to the previous quarter and a 173% increase in mobile banking Trojans for the same period.
Why are mobile banking users vulnerable to cyber-attacks?
In the past few years, there are an evolution in the mobile banking because it offers more services, including higher-risk transactions such as financial transaction. Even today mobile devices are no longer used only to check the bank account balance or transfer small amount of money. Mobile banking is becoming customer’s digital identities, used as multi-factor authentication tokens across multiple banking channels. They offer convenience and opportunity for anytime, anywhere interaction with bank accounts and FIs.
Because of this convenience, many customers are interested in using mobile banking application, and it has been mentioned earlier that it comes from the survey results which show an increase in customer interest to enjoy various digital banking services through mobile banking application including financial services.
Unfortunately, customers’ mobile devices are vulnerable to cyber attacks because it is used by the customer serves other purposes, including entertainment, social media, SMS text messages, household management, and shopping. The mobile banking app is often installed on a customer’s device with tens of other apps. So that their devices can potentially be jailbroken orrooted, it can contain malicious apps or can be shared between more users. Customers could mistakenly install a fake banking app from the app stores, too. In other words, the actual security status of each customer’s mobile device will be different, it fluctuates and can change at any time.
What is the best way for banks to ensure mobile banking application security in high-risk device?
In regard to the security of the mobile banking application in high-risk devices, banking and other financial institution can implement Mobile Application Shielding as a security solution for mobile banking application that empowers it to operate safely without interrupting the user experience. It strengthens the application and allows it to run securely even on rooted or jailbroken devices.
All customers need digital banking services, especially in today’s situation. Therefore, they need to take a closer look on their service quality for customer experience. Implementing Mobile App Shielding can help banking to avoid cyber attacks while improving customer satisfaction and trust. Those technologies will identify the risks on every mobile banking transaction, also ensuring the function of mobile banking quickly and securely in high-risk devices.