Why You Should Be Cautious When Using Financial Apps

The usage of mobile devices is increasing significantly over the past decade. It has enabled numerous conveniences that people before thought impossible. For example, you can keep track of personal finances, pay bills, transfer money, and record transactions, all from your mobile device. However, this technology brings risks that can spoil your finances if you are not vigilant and highly cautious in securing your personal information.

Online banking has become mainstream. Whether effect or cause, every bank has its application, and these banking apps are taking over all brick and mortar branches. But, how safe are they?

Potential Risks Associated With Financial Apps

●     Malware & Viruses

Malware and viruses infect the device by deleting all the files or rendering them inaccessible.

●     Spyware

Spyware includes a key-logger and records your keystrokes to collect your confidential login credentials.

●     Phishing

Phishing attacks includes an email that looks legitimately coming from the tax office, government, your bank, or any official entity. For instance, cybercriminals make phishing attacks to get your private information or bank account details.

●     Eavesdropping

Cybercriminals establish fake WiFi hotspots and hack wireless networks to gain access to credit card details, logins, and other sensitive data.

●     Ransomware

Ransomware is a new evil. It downloads onto the device, and instead of destroying your information, it encrypts all the data. Cybercriminals then demand a payment specifically in cryptocurrency to unlock the information. However, there is no guarantee that your information will be unlocked even after you pay!

How To Be Cautious When Using Financial Apps

1.    Protect Your Information

To use financial apps effectively, you have to enter private information, including bank account login and passwords. Before using any financial app, first, confirm its validity before downloading. If you use these apps via free wireless hotspots, validate the retailer’s access point’s name. One way cybercriminals can access your data is by setting up a fraudulent one.

2.    Financial Apps Should Not Substitute Financial Planning

Many financial apps are built for the masses and not specifically for your individual personal financial situation. They don’t account for your financial picture, and thus, the information they give can be skewed. Few apps even disorganize your financial transactions. Our point is that apps can’t completely substitute an entire offline look at your financial goals and situations.

3.    Beware Of Fraudulent Apps

As technology is getting smarter, so does the harmful tactics of cybercriminals. In fact, Google has recently removed 50+ apps as they were found to have malware that can potentially enable a hacker to take over the device virtually. To avoid being deceived, look for a major red flag (SPELLING ERRORS IN ITS NAME AND DESCRIPTION) before downloading any financial apps and avoid clicking on pop-up advertisements showing in the app.

4.  Read-Only Access Doesn’t Guarantee 100% Security

Just because your financial app has enabled read-only access to the information, which means no one can access your account except you, doesn’t mean your app is secure. To steal your money or identity, a sharp cybercriminal can simply analyze your spending habits and private financial data to reference these details to trick you into releasing sensitive information.

Why Every Business Owner needs to Make Payment Data Security A Top Priority

As smartphone dependency is significantly increasing, every business owner integrates online payment solutions that provide safe and flexible options to serve the customers best. Business data has become more vulnerable to data theft than ever before. If you offer secure payment options, you’ll get a competitive advantage for boosting your sales. On the flip side, if customer data security is not your top priority, you’ll start losing your existing clients too!

From small to large business owners and entrepreneurs, it’s essential to treat payment data security as a top priority as they treat business development or management. 

How Every Business Owner Can Ensure Its Online Payment Operations Are Secure

Two-Factor Authentication

Two-factor authentication is necessary when it comes to social media and financial accounts. Having strong authentication will secure every login attempt you make. In addition, it will notify you every time your account is being accessed, even from an unfamiliar device.

Select A Secure eCommerce Platform

As a business owner, it’s pretty complicated to detect threats solely and provide strong security. Therefore, select an eCommerce platform that is secure and prevents your data from being stolen.

Utilize Third-Parties To Store Confidential Information

The most significant risk associated with handling online payments is storing credit card numbers. Utilize third-party financial transaction partners to store payment details and remove significant risk.

Purchase Cyber Liability Insurance

Investing in proactive security measures, and cyber liability insurance helps offset the data breach’s financial impact.

SSL Certificate Is Essential For Your eCommerce Store

Numerous small businesses overlook security as they think no one will target them. However, small businesses are most vulnerable when it comes to data or credit card breaches. Therefore, an SSL certificate is essential to secure your platform and customers from being deceived.

PCI Compliance

Since SSL protocol ensures that all the information is encrypted and minimizes the risk of exposure by cybercriminals. Ensure to comply with PCI (Payment Card Industry) standards to implement an additional layer of security.

The Bottom Line

In today’s era, when data and information are considered gold, you’ll definitely want to take all precautionary measures when using financial apps to secure sensitive data. By being vigilant and following these steps, you can keep your personal and customer information secure.

It’s a complicated job to stay informed about emerging security threats, detect and prioritize the most significant risks and threats associated with business, and protect the business’s app against malware before they pose any damage. However, this is exactly the task Seciron’s proficient IT experts accomplish day in and day out with extensive experience in the technology solutions industry!

Seciron is here to add perfect, layered, and polymorphic security to your business application, including code hardening, encryption, real-time threat monitoring, and much more to build multiple layers of protection and ensures that your customer’s data is fully secure.