Regardless of your industry, it is likely that you’re well aware of the rise of mobile financial apps over the past few years. In today’s digital world, it’s not surprising that people keep track of their finances and conduct business through these mobile applications. It’s convenient and easy!
What you may not know, however, is that many of these applications have vulnerabilities that can put consumers and businesses at risk. Financial fraud by malware attack is on the rise. According to a report by Forbes, 25% of malware attacks are targeting financial institutions, but plenty of other industries are impacted, as well. This includes the mobile applications financial institutions may offer their customers.
Here are a few vulnerabilities that exist in financial mobile applications.
- Insecure data storage: Sensitive data is stored in local or external storage which leaves it vulnerable. Other users can access and exploit sensitive financial data.
- Shared services: The financial application may share services with other mobile applications on the device, exposing the user’s financial data to those other apps.
- Encryption: The financial app may have weak encryption which allows sensitive financial data to be easily deciphered and makes it vulnerable to cyber theft by outside parties.
- Failure to check security certificates: Mobile financial applications do not conduct checks of web certificates. Failure to check security certificates leaves the app open to attacks, especially if a website is using a fake certificate. The attacker may be able to access an exchange of financial data between the app and a financial institution, such as changing the amount of the transaction or even the account number.
Whether you work with clients who use financial apps or you use them in your own organization, it’s critical to keep personal financial information safe. What’s your safety net?