Here's how you can minimise risks when conducting online banking transactions.
A survey released in mid-May by bank technology provider FIS found that 31% of banked respondents intend to do more online and mobile banking in the future.
As he sees it, the best place to download an app is from your bank’s website, which provides the right link to the institution’s app. “The malware can be downloaded in a variety of ways, such as SMS with a malicious hyperlink,” says Teresa Walsh, global intelligence officer at Financial Services Information Sharing and Analysis Center, or FS-ISAC, an industry consortium focused on reducing cyber-risk in the global financial system. “This type of malware is actually on sale on the criminal underground marketplace.”
With a mobile app, Korinchak says “there are potential vulnerabilities related to the security posture of the app itself – vulnerabilities in code, encryption methods, etcetera – and also potential vulnerabilities related to the transmission of information”.
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