Expert Insight On FBI Alerts Of Increased Hacking Targeting Mobile Banking Apps

In response to an FBI alert issued today that warned mobile banking app users that they will be increasingly targeted by hackers trying to steal their credentials and take over their banking accounts, cybersecurity experts offer perspective.

Experts Comments

June 11, 2020
James McQuiggan
Security Awareness Advocate
KnowBe4
Why do criminals rob banks? "Because that's where the money is." This popular response originates from Willie Sutton, a bank robber from the 1920s. This message has carried on through the years and is still a reason why cyber criminals target banking apps, banking credentials, and other personal information. It is not unlikely that with the recent pandemic and bank lobbies being closed to reduce the risk of spreading, that people have switched to using banking apps to access their accounts......Read More
Why do criminals rob banks? "Because that's where the money is." This popular response originates from Willie Sutton, a bank robber from the 1920s. This message has carried on through the years and is still a reason why cyber criminals target banking apps, banking credentials, and other personal information. It is not unlikely that with the recent pandemic and bank lobbies being closed to reduce the risk of spreading, that people have switched to using banking apps to access their accounts. With the convenience of using a mobile bank application comes the need to increase the security when accessing it. Users should implement multi-factor authentication to authenticate themselves to their bank accounts. If the bank does not offer this feature, it's highly recommended not to use the banking app to reduce the risk of having your account compromised and be subject to any financial theft.  Read Less
June 11, 2020
Josh Bohls
Founder
Inkscreen
We witnessed a rise in banking scams related to the SBA programs after COVID-19 so it is not surprising that new and inexperienced mobile banking customers are also now a target. By now all of the major banks offer robust mobile banking apps with security and fraud review teams, and many of the smaller community and regional banks have followed suit with the help of companies such as Q2. Generally speaking, the mobile banking apps are safer than their companion websites, and the rule of thumb.....Read More
We witnessed a rise in banking scams related to the SBA programs after COVID-19 so it is not surprising that new and inexperienced mobile banking customers are also now a target. By now all of the major banks offer robust mobile banking apps with security and fraud review teams, and many of the smaller community and regional banks have followed suit with the help of companies such as Q2. Generally speaking, the mobile banking apps are safer than their companion websites, and the rule of thumb is to never click a link from an email or text message related to your bank accounts but instead go directly to the bank's app or website and check there for a message or alert.  Read Less
What do you think of the topic? Do you agree with expert(s) or share your expert opinion below.
Be part of our growing Information Security Expert Community (1000+), please register here.