Keylogging Attacks: A Risk that Mobile Banking App Users Should be Aware of

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Physical interaction restriction during the COVID-19 period has had a wide impact on various sectors. All of our activities are done virtually, including for doing financial transactions. We can say that most of bank customers have already started to adapt to the new situation, and find that it is easier to do everything online because all bank transactions are conducted over the internet through each customer’s smartphone.

To keep up to date with trends and current situation, banks continue to develop their banking digital services in order to give convenience to their customers. However, as the services provider, banks need to stay vigilant. Why? It is because cyber threats may continue to pose serious financial risk for customers and for banks itself, such as keylogging attacks.

Have You Heard about Keylogging Attacks?

Keylogging is a type of cyberattacks that creates records of everything you type on a computer, laptop, or mobile keyboard. These are used to quietly monitor users’ activity while they use their devices as normal.  It is done by attackers by developing a software or application named keylogger.

If a keylogger software has been activated successfully on a user’s device, an attacker will have an access to all user activities. The purpose of keylogger application usage is not always for something negative, sometimes it is used by companies to supervise their employees’ productivity.

However, the case of keylogging attacks are increasing, especially on a banking application. If a device has been infected, then it will expose usernames, passwords, and other sensitive information to the attackers. This may results in financial risks as nowadays most of users have at least one banking application on their smartphone. Therefore, all banks should be more aware of the dangers of keylogging attacks.

How to Stop Malicious Keylogging Attacks in a Banking Application

In the midst of a pandemic, banking sectors are accelerating their digital banking services to facilitate their customers’ transactions. Along with their digital banking services acceleration program, they also want their customers to get used to online banking transactions. Then, banks also need to guarantee the security for their customers, so that customers can do their transactions with fast, secure, and convenient experiences.

As we have mentioned earlier, one of malicious threats in a banking application is keylogging attacks. From customers’ side, there are many strategies to stop malicious keylogging attacks – such as using password manager, avoid to download unofficial application, always using the most updated version of banking applications or trusted antivirus on their device. However, these methods may be burdensome for some customers and are not 100% safe, because banks cannot supervise all customer activities simultaneously.

To stop malicious keylogging attacks in a mobile banking application, banks can implement Mobile App Shielding solutions.

The most common techniques used by cyber criminals to attack banking application – such as keylogging, screen reading, code injection, and other techniques – can be prevented by using only one security solution named Mobile Mobile App Shielding.

To get further information about Mobile App Shielding, you can read on this article: “Overcoming Digital Banking Security Challenges”.

Digital banking services acceleration needs to be implemented to maintain the quality of customer services and adapt to customers’ trends during and post COVID-19 period.

To support a safe, fast, and convenient digital banking services, implementing Mobile App Shielding is the right solution for banks that currently accelerate their digital banking services.

References:

https://www.onespan.com/products/application-shielding

https://secure.onespan.com/mobile-app-shielding.html

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