The first current online account was opened 25 years ago in the United States. Since then, online banking and digital commerce services began to develop rapidly. In particular, a few years later there appears the now familiar service of self-transfer of funds. At the same time, cyberthreats targeting users’ financial data began to emerge and improve.
Today, attack techniques continue to evolve, and banking data remains one of the most attractive targets for cybercriminals. Therefore, the main challenge for financial institutions is to protect access to, transfer and storage of user data when conducting online banking transactions.
In particular, banks pay considerable attention to the security of access to the Internet banking account. When logging into the application, the user must enter a name and password and select one of the multifactor authentication methods. A combination of a password and an additional authentication factor using physical tokens or other devices, sending an SMS message, or a notification to the application is popular.
Threats to online banking
Online banking money theft usually starts with a phishing message that forces you to click on a malicious link or a seemingly safe attachment. In fact, such attachments are often loaded with banking Trojans that attempt to gain access to the victim’s financial accounts.
Increasingly, attackers are not only trying to steal data, but also to study user behavior, financial habits, transaction charts, and balances and debts. In particular, such data allows attackers to target users with large amounts of money while remaining undetected. Anyone can be a victim, but businessmen and entrepreneurs are more likely to be targeted by such attacks on corporate emails.
Protecting online banking on Android devices
Today most banks offer mobile applications for online banking, available on Apple and Android devices. Third-party developers have taken advantage of the popularity of such programs by creating their own financial apps. And millions of people, seeking the convenience of managing funds, downloaded such programs.
In the past, cybercriminals managed to spread malware even in official stores, such as Google Play, to steal users’ banking and personal data. Today, however, malware disguised as apps with horoscope or flashlight functionality has almost disappeared. This is due to the creation of the Google App Defense Alliance in 2019 to better protect the Google Play store.
Among the threats recently identified are more sophisticated, purpose-built banking Trojans or fake programs. They typically target banking data, cryptocurrency wallets and credentials needed to gain control of a device, steal passwords and two-factor authentication codes or download ransomware.
Recommendations for protecting your online banking
- Use only official app stores and check the security of the programs you intend to download. In particular, you can read reviews from people who are already using the application. Regarding Internet banking software-Regularly update your operating system and software. This allows you to fix system vulnerabilities that cybercriminals try to use to infect your device. To save time and provide maximum protection, most programs offer to install automatic updates.
- Create strong passwords and do not reuse them. Remember that using the same password for online banking, social networks, and other accounts can have serious consequences if data is leaked. That’s why it’s important to create complex and unique combinations for each account.
- Mobile device users are advised to use a reliable security app that has an Online Payment Protection feature. This feature scans all financial applications for potential threats and protects online banking.
- Laptop and computer users need a security product that provides a secure browser for entering customer credentials and banking transactions. In addition, it is important to have Anti-Phishing and Data Encryption features that protect against the theft of banking credentials and other sensitive or financial data.