How to protect the banking app on your mobile phone?

A recent survey supported by Febraban de Tecnologia Bancária found that 8 out of ten banking transactions in Brazil are carried out via app or online. Using the banking app on your mobile phone to pay bills, make money transfers, and make transactions has become very popular in recent years.

In this sense, it is necessary to be aware that there is malicious software (so-called malware) floating on the network and aiming to attack financial institutions. There are many viruses and other types of malicious files that can enter your smartphone without you suspecting it.

With this in mind, see how this problem occurs below and learn how to protect yourself.

What are the current risks to banking practices?

There are many new threats on the Internet created to try to infiltrate bank accounts via mobile phone. In 2021 alone, the presence of malware affecting the banking system has doubled. 18 million attacksAccording to research conducted by Kaspersky.

Among the worst risks spread across the Internet are those represented by banking trojans such as Brats. This malware has the ability to infiltrate victims’ mobile phones and allows fraudsters to make transfers from accounts via Pix without them noticing.

The virus only circulates on Android mobile phones and steals information from the mobile phone by installing itself silently. To date, more than 1,500 attacks carried out by this type of malware have been detected.

Coyote is a new type of trojan, with 90% of attacks detected so far occurring in Brazil. It is not yet known how it spreads. According to this Kaspersky60 Brazilian financial institutions, world leaders in the cybersecurity industry, have already been attacked by this virus.

Coyote is considered a sophisticated Trojan that can steal confidential data such as passwords. Moreover, he uses elaborate techniques to avoid being found. For example, in addition to hiding the entire workings of its process, it does not follow common paths with more well-known installers.

Finally, another very common malware is BrasDex. It advertises itself as a legitimate banking app, but it is not. It is a malicious program designed to infect devices and steal the victim’s banking information and personal data whenever installed.

How do you protect yourself?

To be safer against these attacks and other threats, you need to know how to protect yourself from them. Check out the safety precautions you need to follow below.

Keep the operating system updated

The operating system and applications used by your mobile phone should always be up to date. This is because new versions usually fix the security vulnerabilities inherent in them. Therefore, the more updated it is, the more protected your device will be.

Be careful where you download

Be very careful when downloading an app and always prefer to use official stores for your mobile phone’s operating system. The risk is downloading fake apps that are actually malware. Be extra careful when installing banking applications.

Use two-step authentication

Two-step verification (when you use another method to sign in to your accounts in addition to your password) creates an additional barrier against fraudsters. Therefore, it is always recommended to use this alternative.

Always monitor your accounts

Constantly monitor your bank accounts to detect any suspicious activity and thus contact the bank quickly, avoiding bigger headaches.

Invest in a good antivirus

To fully guarantee virus blocking, you should ideally: Have a good antivirus installed on your devices. Solutions offered by KasperskyLeaders in the online security market are options that keep you protected at all times by preventing fraudsters from accessing your data. Learn more about antivirus by clicking here.