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The subtleties of hacking a mobile bank - how to protect your savings?

The subtleties of hacking a mobile bank - how to protect your savings? Classification and methods of hacking a mobile bank

October 19, 2020

The subtleties of hacking a mobile bank - how to protect your savings? Classification and methods of hacking a mobile bank.

Smartphones have now become full-fledged platforms for applications - their cost and prevalence allow providing bank customers with constant control over financial assets. It should be said right away that not as many malicious programs are created for mobile platforms - Android and iOS - as for desktop operating systems.

Smartphones have become a full-fledged part of users' lives, increasingly translating any applications into mobile versions. Banking apps are no exception. The use of such software allows you to check the status of the account, transfer funds to other users, pay for utilities and carry out a variety of operations. But, along with the development of mobile applications, cybercriminals have various ways to gain illegal access to other people's accounts. These are both the development of virus software and attempts to banal theft of mobile devices.

In many respects, it is the second option that is popular, since many users of the banking system use a mobile phone as an identifier to access the system. The options for fraud and illegal access to the banking mobile application do not end there.

What are the options for hacking a mobile bank?

Despite the fact that software manufacturers use Android or IOS platforms, cybercriminals are actively developing malicious software aimed at hacking mobile banking.

The development of such software is carried out constantly, as employees of a banking institution regularly update their application, making efforts to eliminate possible errors in work, the integrity of the system is checked and built-in mechanisms for data protection are supplemented. This approach helps protect users from "classic viruses" that are embedded in software.

That is why users of banking mobile applications do not have to worry about the possibility of automatic infection of the device and all data will pass to third-party users. To protect your data and funds in the bank, you just need to know the possible scenarios of fraudulent schemes:

  • helping a friend in need - in this case, funds are stolen not directly from the account. The user receives a call from a close or relative who asks to urgently transfer funds to a specific account, as he needs financial assistance without explaining the reasons. Gullible users transfer funds immediately;
  • use of malicious software - most often fraudsters try to trick the user into installing software that is aimed at intercepting messages and passwords used to access banking. Such software can be installed by cybercriminals or downloaded by mistake from unprotected sites;
  • theft of a smartphone - if the smartphone has been stolen or lost, most likely fraudsters will try to restore access to the bank's mobile application and transfer funds to another account;
  • contactless payments - the NFC chip built into many smartphones has made life much easier. But, on the other hand, scammers can steal small amounts simply by using a device to read funds. Depending on the conditions of the bank and the restrictions of the user himself, these can be both small transfers and amounts without restrictions.

Malicious interception of data is the least commonly used. In this case, special software is being developed that allows you to clone all information from a phone, including a mobile phone tied to mobile banking. A similar system is used, but it is not very popular, as it is implemented in the event of theft of large sums from a limited number of people.

Who can be a victim of scammers

Depending on the goals of the fraudsters, an attack can be carried out both on the bank's mobile application itself and on its user. The source of the main threat is most often the mobile platform itself, which is used to identify users. Otherwise, if an attacker is able to get into the internal system of the application, then all the information becomes available to him, up to manipulating money accounts.

Therefore, it is so important to use a variety of anti-virus programs for protection, their use will prevent an attempt to hack the device when opening emails with infected links. As an additional security measure, it is recommended to use smartphones with biometric security. This can be either a fingerprint scan or a face scan. Such measures will simply prevent intruders from gaining access to phone data.

Additionally, you can use the protection provided by the bank. This can be both two-factor identification of users before logging into an account, and additional security measures - a limit on contactless transactions, card payment limit, etc.

The list of recommendations is not limited to this and depends solely on the banking product. The more development time is spent on product development, the more protected it is from fraudsters.