Watch Out! Bank Hackers Now Going After Your Mobile Phone

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Your mobile phone may be the new target of cyberthieves after your bank account

Cyberthieves have a new target.

It’s your cell phone.

When you log on to your bank account via your mobile phone, more hackers are using malware to capture your logon credentials and siphon money out of your accounts.

Both Apple and Android phones have been attacked using vulnerabilities in the operating systems.

Here’s how the scam works, according to Robin Sidel, writing for The Wall Street Journal:

“The malware typically gets onto a phone when a user clicks on a text message from an unknown source or taps an advertisement on a website. Once installed, it often lies dormant until the user opens a banking app. The malware then creates a customized overlay on the authentic banking app. This allows criminals to follow a user’s movements on the phone and eventually grab credentials to the account.”

Mobile Safety Tips

You can make it harder for hackers to attack your bank accounts by following a few simple safety tips:

  • Update your mobile phone’s operating system when prompted.
  • Add mobile anti-virus and malware protection to your phone, just like you would to your laptop or PC.
  • Put a password on your phone, and change phone, banking and other passwords frequently.
  • Be careful about clicking on unknown texts and other messages, just as you would be on your PC.
  • Don’t modify your phone’s operating system to run unauthorized apps. Be careful adding apps to your phone and understand their sources.
  • Be careful using public WiFi especially for banking, financial or other confidential transactions.
  • Reconcile your bank account frequently and verify all transactions, especially withdrawals.

About Mari Adam

Mari Adam, Certified Financial Planner™ has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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