Internet Banking Faces Increased Risks Due to Mobile Banking Apps

The growth in smartphone adoption has led to many financial institutions launching their mobile apps for customers who want the convenience of 24-hour, anytime/anywhere banking. As per RBI records, of the 589 million bank account holders, over 22 million customers use mobile banking apps. You, too, probably no longer visit a bank, but instead rely on the convenience of using your mobile device for banking transactions. However, do you ever wonder if a trusted app could steal your financial and personal information? Sadly, the answer is yes.

As per the Quick Heal Quarterly Threat Report for Q1 2015, the last few months have seen an exponential growth in the incidents of malware attacks on Android mobile banking apps. The Android.Wroba.A malware, known as a banking Trojan, looks like a trustworthy app but is created specifically to steal financial and personal information such as credit card details, online banking login credentials, personal information and more.

Consider this, in the past quarter, (JAN – FEB – MAR 2015) Quick Heal labs found over 19000 Smart phones being targeted by the malware. There are plenty of smart phones which may do not have any security app installed. The malware, by now, would have all the access to the user’s financial and personal data. Most of us are unaware of these types of threats, and even when we are aware, we don’t take actions to protect our security and privacy until it is too late.

One way to avoid unsafe banking apps is to download apps only from genuine markets like Google Play. Also, an added layer of protection like Quick Heal Total Security for Android with advanced features such as virus protection, device scanning, web security, anti-theft measures, mobile tracker, etc. will help keep you secure.

Dhanya Joy