Jim Stickley, CEO of Stickley on Security had just finished spending an hour demonstrating various ways he could create malicious apps to rip off people via their mobile devices when someone said “I bet you never would use an app for online banking.”
Actually, he does almost all of his banking via mobile apps. Of course this probably shocks you as it would most. Especially since he has spent more than 20 years being paid to rob secured facilities, hack into corporate networks, and create malware that can get around even the most sophisticated security solutions. So why hasn’t he lost faith in cyber technology and in mobile banking in particular?
It’s because knowing how bad apps can be has also shown him just how secure the mobile devices really are in comparison.
Mobile apps can be malicious, no doubt. However, there are also limits to what a hacker can do with them. When a personal computer gets a virus, everything on that device is compromised. But, when a malicious mobile app is installed, the other apps on your device remain secure for the most part. This is the fundamental difference between the security of your computer at home and your mobile devices.
What this means is that the risks you face are directly related to the decisions you make when installing mobile apps. If you choose to only install apps from reputable organizations such as your financial institution, or from an official app store, and use those apps for their intended purposes, you should feel far more secure than you would by using your web browser on your personal computer to conduct online banking. While there are always risks, the simple fact is that right now, your mobile device is the more secure choice for banking online.
So, if you are going to bank on your mobile device, be sure to use the approved app from your financial institution or download it from the official app store for your device. It is also advised that you keep your mobile devices updated as soon as patches are released and install some type of reputable anti-malware app on them. There are many to choose from and some of the good ones are even free for basic protection. Just make sure you read the reviews and do other research before making your choice.
For banks and credit unions
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