Nearly two-thirds of consumers use a mobile device to conduct banking transactions, according to Mobile Ecosystem Forum’s 2018 Mobile Money Report.
Mobile banking is a “must have” service for credit unions seeking to remain competitive and keep member satisfaction levels high. However, credit unions need to be aware of the risks associated with mobile banking and know how to address them.
Three of the top risks associated with mobile banking are:
1. Mobile malware
Smartphones are nothing more than compact computers with an operating system and software. Just like with personal computers, smartphone users frequently are targeted by malware.
Mobile malware (e.g., banking Trojans) is designed to steal login credentials or hijack mobile banking sessions in “man-in-the-middle” attacks. This type of malware is spread by Phishing and SMiShing (SMS text message phishing) scams.
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