How To Make Mobile Banking More Secure

May 13, 2021 | MOVO Blog Contributor

According to a recent study, mobile banking is on track to grow into an industry with more than 3.6 billion worldwide users by 2024. A 54% increase from the 2.4 billion in 2020.[1] That estimated growth has presented an opportunity to arm consumers with more knowledge and provide them with information on what to look for when searching and deciding on a mobile banking app.

Mobile banking applications are no longer just a convenient way to check your balances, they are an important piece of the banking experience and something that consumers consider when choosing a bank. Like many other industries, fintech is highly competitive, and using our burning passion to innovate, MOVO has pioneered a new category: ON-DEMAND Mobile Banking “ODMB”. With that, providing new and unique features for consumers on no one else's time but theirs. Transferring the power of traditional bankers to an app. You can expect other mobile banking apps to offer more robust features that allow you to do more of your banking on your own terms as well.[2]

One can wonder where banks would be without apps nowadays. The majority of us want something accessible 24/7 and completely from our mobile device, amirite? A recent study by Kasasa stated, 65% of millennials will switch banks to get a better mobile application experience.[3] What better way to improve a mobile app experience than to design one for ON-DEMAND Mobile Banking - when you need it most, right now. Whether looking to switch from a current mobile bank or looking for an all-new mobile banking experience, there are new things to make yourself familiar with. We have put together a list of specifics to consider in this accelerated digital age for your research while looking for a mobile banking app.  The first thing you want to know is how your phone can be accessed by potential hackers and criminals. They operate to get your personal information using malicious software (aka malware). This malware can log and send anything you input into your phone-including passwords, numbers, and account names. This can expose all of your accounts and passwords to people with bad intentions. 

🚨 Warning: Be careful which apps you install on your mobile device. Only download apps from trusted sources. 

Mobile ransomware is a malware method that uses an app to hold your phone ransom until you give the hacker the information they want. You install an app that looks legitimate, and when you run it, it encrypts your information so that you can’t access it. The app locks your phone with a customer screen and asks you to pay to get your data and information back. [4].   When using mobile banking apps, the app communicates with the bank or credit union to verify the institution’s identity. In a man-in-the-middle attack, hackers “pose” as a bank and attempt to send a fake bank server certificate to the bank app you’re using that allows them access to your accounts. Scary right? That’s why the following should be considered when deciding on a mobile banking experience: Make sure multi-factor authentication is used. This is important because having these extra layers of protection against unauthorized access further protects yourself. Most apps used single or double-factor authentication. Search for triple-factor authentication if available. Put some effort into a strong password. Use a combination of numbers, letters, and symbols. Make a note and keep it to yourself or in a safe place. Avoid public Wi-Fi if you can. It’s good to keep in mind that public Wi-Fi is not protected. Your data is not secure on a public network. If you want to connect to your financial accounts while out and about, it’s a good idea to use your cellular network instead of a Wi-Fi hotspot because this is a more secure option, and your data will be better protected.  Look for a mobile banking app that uses biometric authentication capabilities. 

🪂 TIP: Facial recognition (Face ID) and fingerprint technology are state-of-the-art and extremely secure. More phones are offering this technology - you should make this your default login method. 

Your data network adds an extra layer of protection. Anyone who wants to hack your banking software directly from your phone password and the banking app - rather than just a single layer. If your phone is stolen or lost, saved passwords and PINs in your browser can give someone a ticket straight to your bank account. If you want to save usernames and passwords on your phone, it’s better to do it with an encrypted mobile application that requires a password or fingerprint for authentication.[5] Search for a mobile banking app that has end-to-end encryption. E2EE is a method of secure communication that prevents third parties from accessing data while it’s transferred from one end system or device to another. In E2EE, the data is encrypted on the sender’s system of device and only the recipient can decrypt it. Nobody in between, be they an internet service provider, application service provider, or hacker, can read it or tamper with it.[6] Be aware of phishing/smishing scams. Do not answer phishing emails or text messages, especially from unknown numbers. You can even go further to protect yourself and block those suspicious numbers. Also make sure that you know who you are talking to and why they are contacting you. Look for secondary accounts options available. Attention online shoppers, say hello to organizing your cards on file and default payment methods. Yes, really. After extensive research we can all breathe a sigh of relief to know that some mobile banking apps (like MOVO) offer secondary accounts. 

❤️ 🔥 Okay, it’s time to toot our own horn here. With MOVO, the digital accounts are created in the app on-demand. That means you can create a separate debit card account for each website that you purchase from like Amazon or wherever, and you control the transactions instead of the merchants unknowingly charging or double, triple charging you. Card control if you will. See if they offer Tap and Pay technology for contactless payment options. Research a mobile banking app that offers the latest touch free contactless Tap and Pay technologies. Quick, convenient, and secure. Contactless is key. Happy app searching. #LetsMOVO
Article Sources:
[1] Juniper Research. "Digital Banking Users to Exceed 3.6 Billion Globally by 2024, as Digital-Only Banks Catalyse Market." Accessed May 5, 2021.*
[2] The Balance. “The Future of Mobile Banking Apps.” Accessed May 5, 2021. 
[3] Kasasa. "What Motivates Millennials to Switch Institutions?." Accessed May 5, 2021.
[4] NortonLifelock, Inc. "What Is Mobile Ransomware?" Accessed May 5, 2021.
[5] The Balance. “Best Security Practices for Mobile Banking.” Accessed May 5, 2021.
[6] SearchSecurity. “End-to-end encryption (E2EE).” Accessed May 6, 2021.