5 Tips to Increase Mobile Banking Security
The customers are still learning how to use mobile banking apps instead of going in-branch banking. And with this cybercriminals are on high alert to get the new possibilities for fraudulent activities. It increases the activity of banks that how they can do mobile banking security and protect customers’ data.
New Age of Mobile Banking Fraud
Security researchers are continuously finding new malware that targets mobile banking apps. For example, there is an app, which works as a spy to check the SMS activity of verification messages from the bank. When the user gets an SMS with a verification code, this spy app copies the contents and sends them to fraudsters.
Recently, Roman Unuchek, Kaspersky Lab’s senior malware analyst found a new modification of the well-known mobile banking trojan Svpeng. By using Google AdSense advertisements, it infected over 318,000 Android devices over the world in November 2016. It is considered one of the most dangerous mobile banking malware as it has powerful abilities. For instance, this can give permissions to itself to send and receive SMS, make calls, read contacts, and many other actions.
By seeing these examples, you can easily understand that fraudsters have become more creative in inventing malicious software for the banking industry. Therefore, you should always be thoughtful and cautious in choosing your mobile banking development team also carefully check your existing banking apps for vulnerabilities.
Below are the 5 tips that tell you how to strengthen mobile banking security
1.Introduction of Device Fingerprinting
Adding the fingerprint feature gives extra security to banking mobile apps. It acquires various types of signals like IP address, location, device type, location, PIN code, public wi-fi details, screen seize, etc. For the fingerprinting feature, you can hire a mobile application development team or skilled mobile app developers. This feature serves the integrity of the device and confirms user identity. It all happens by using the unique set of signals by obtaining them from the device.
2.Implement SIEM solutions
SIEM stands for Security Information and Event Management. When you use this system for mobile banking protection, then you will be able to identify a large number of risks, anomalies, and malicious behavior, like:
- jailbroken or rooted device
- the device is connected to an insecure Wi-Fi network
- the device is running an emulator
- access from foreign countries
- the high velocity of recent logins
- escalation in bad login attempts
You can create your custom correlation rules and define when these events will trigger a system alert.
3. Add multi-factor authentication
You can prevent fraud by simply submitting a password before accessing the customer’s bank account through a mobile app. To increase security, banks can add a layer of defense, such as one-time passwords or biometric authentication. The static biometrics notices the peoples’ physiological characteristics, like fingerprints, iris, retina, etc. And behavioral biometrics detects the voice, typing rhythm, scroll speed, swipe patterns, or any other feature which is unique from other people. When you implant this feature, then the fraudster will not be able to mimic so he can’t access the app.
4. Offer real-time text and email alerts
Adding security alerts to your mobile banking is mandatory. It will notify the customers in real-time whenever unusual activity takes place. The alerts that let a bank notify consumers are:
- When big purchases happen
- When a customer profile or password changes
- When an ATM withdrawal exceeds a certain amount
- When a customer account balance drops below a specific amount
- When any debit card purchase occurs, and more.
When a bank sees that a customer has made an online payment to any unknown payee, then, the bank sends the consumer a text alert to confirm that the requested transaction is legitimate. As a result, it helps to stop fraud and enhance the customer experience and trust.
5. Proactively educate your customers
To strengthen mobile banking security is not only the responsibility of banks, customers should also take precautions. Hence, the banks that offer mobile banking apps to their customers must educate how to protect themselves from any fraudulent activity.
It’s a challenging task for mobile banking app development to make a perfect balance between user experience and security. Right now, mobile banking apps store and transfer an increasing number of customer-sensitive data. The banks should hire experienced developers who have security as a top priority. The acquiring of mobile banking mainly links with user experience and the app’s overall convenience. The banks should consider security and UX while planning mobile banking implementation and creating requirements for the same.
The customers are still learning how to use mobile banking apps instead of going in-branch banking. And with this cybercriminals…