Experts now say that mobile devices can be safer to use than computers for online banking since malicious software can be downloaded to a computer without the user being aware of it. As long as encrypted Wi-Fi or a cellular data connection is used, mobile customers need not worry about malware hijacking their online banking session. Though Mobile banking Trojans exists, they only assist their desktop variants by stealing the login two factor authentication codes.
According to Director of cybersecurity for MetroStar Systems, an IT consulting firm in Reston, VA, he comments that that no online banking is completely safe though unrooted tablets and cell phones are safer than the PCs for banking purpose. The main reason for this is that applications are vetted by Apple and Google before they reach the app store and made available for download.
Built in apps Rejects Potential Security Risks
Google and Apple look out for malicious behavior that are built into the apps submitted by developers and will reject anything that may pose as a potential security risks according to him and an information security officer with Brookfield also agrees with him.
It was reported that Google had made considerable changes to improve the way it scans and review apps which are submitted and distributed through its Google Play app store which has enhanced the criteria from which they release the apps from a security configurations perspective.
Security for Online Bank Payments
For a secured financial transaction on mobile devices, it is necessary to install the apps only from trusted sources and avoid modifying the security settings on the device and disable the ability to set up new automatic online bank payments from your online checking account whenever possible. Setting should be done so as to enable the user to personally visit the bank to create the type of transfers. Personal information via SMS text message should be avoided and text that seems to come from some financial institutions should be ignored.
Text messages are not encrypted and hence banks do not ever ask for personal information via SMS. If sensitive financial information is sent through mobile phone, caution should be exercised in using a secured browser or app. If considering a mobile finance app, one can opt for the one that enables the user to remotely wipe the data from your cell phone if it gets lost.