Mobile Banking Security: Banks Apps Are the Most Vulnerable to Hacking

Banking apps provide you with a wealth of convenient features. You can check your balance whenever you want to avoid those pesky overdraft fees; you can deposit checks and some apps even allow you to send money to friends on the go.

The problem is there are vulnerabilities in mobile banking security.

The security firm Positive Technologies tests web apps for security vulnerabilities and in the case of banking apps, they tried out 33 websites using its proprietary application inspection. Its conclusion: every banking app and website it tested has a high-severity vulnerability, according to ZDNet.

Photo by: Searcy Denney

Mobile Banking Security Vulnerabilities

The researchers revealed they found arbitrary file reading and modification flaws in half the apps and websites they visited. They also discovered XML external entity flaws.

Essentially, what this means is hackers can take advantage of these weaknesses in multiple ways. ZDNet reports they can run code remotely to compromise a vulnerable server, resulting in a treasure trove of financial information hackers can use to open accounts, steal identities, and more.

In addition, the study found 80% of mobile and banking websites are susceptible to cross-site scripting. These weaknesses open a gateway whereby hackers can infect these apps and websites with malicious code, which places your information at risk.

Hackers can also use this information to replicate bank websites or apps. After visiting the site and entering your credentials, the hackers harvest your information and can sell it.

Photo by: Science Soft

Mobile Banking Security Basics: How Do I Protect My Information?

These revelations do seem scary on the surface, but there are many things you can do to protect your data. Malwarebytes recommends doing the following security tips:

   Keeping software on all devices updated as this prevents hackers from using vulnerabilities to gain your information.

Refraining from using public WiFi and when you use WiFi at home you should use an encrypted password.

   Downloading updated anti-malware and antivirus software to protect your device(s).

   Creating difficult passwords and changing them regularly. To make password management simple use a manager such as LastPass.

Along with these tips, the experts at SalvageData can help you. If you experience data loss due to malware, we can regain your files from all types of hard drive brands, servers, and electronic storage devices.

Our team is the first in the industry to earn SOC Type 3 security standards; we’ve earned an A+ with the Better Business Bureau. When you need your data recovered fast, we are the place to go. Contact us today to learn how we can help you.