The Capital
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The Capital

FBI Warned Users of Mobile Banking Apps

Due to the increasing use of banking mobile applications in the context of the COVID-19 pandemic, the FBI warns users of the importance of being aware of cyberattacks.

“The FBI recommends being careful when downloading applications to smartphones and tablets, as some of them may be fraudulent,” the report said.

From January 2020 to the present, more than 75% of Americans have used mobile banking to cash out checks and money transfers, according to financial companies. The number of users of mobile applications has increased by 50% compared to last year. 36% of Americans said they plan to use mobile applications for banking operations even after quarantine. And 20% said they plan to visit bank branches less frequently.

In 2018, U.S. security research companies reported that some 65,000 fake apps were found in major national app stores, making this type of smartphone-based fraud the fastest-growing.

The FBI warns that fraudsters may use banking applications. For example, malware can create a fake version of the login page of a bank application on top of a real application. By accessing such a page, customers leave their confidential banking information without even realizing a hack. Therefore, the FBI encourages bank customers to download applications from reliable sources, such as official application stores or bank websites.

Also, cybersecurity experts strongly recommend using two-factor authentication when accessing banking operations through the application. According to the FBI, although it takes a little longer, it is a very effective tool to protect accounts from being compromised. In addition, users are advised to: create complex passwords, do not click on links in emails and text messages, do not pass passwords and codes to third parties, do not store passwords in notes on the phone, etc.

Earlier it was reported that after the introduction of quarantine restrictions, the British, on average, did not use cash for about 44 days, preferring contactless payment. So, of the 2 thousand people surveyed, more than a quarter lived two months or more without cash. Almost a third of respondents admitted that they do not remember the last time they bought something for bills or coins.

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