More customers using mobile devices for banking - WKRN News 2

More customers using mobile devices for banking


Mobile phones are rapidly altering the way people pay bills, monitor accounts and interact with their banks.

A recent study found that nearly half of all online banking is being done from a smartphone or tablet.

Despite its convenience, experts are warning there are some risks, including hackers trying to make a quick buck, associated with conducting banking through mobile devices.

"There is a huge underground market for malicious apps," TSU Assistant professor Dr. Sachin Shetty said.

According to Dr. Shetty, fake apps designed to look like the real thing are becoming more and more common.

He said he encourages all mobile device users to do their research before downloading an app associated with a bank.

"Make sure that mobile banking app is coming from a reputable app store," he said.

After downloading, Shetty added it's important to know what information you are providing the app.

"If you check off yes, everything the app has access to all your information," he explained.

Also according to Shetty, spam text messages are also another way hackers can get a person's banking information.

"They can capture information from the phone," he said.

While using mobile banking technology isn't entirely risk free, Shetty said there is a lot of security measures in place to protect a user's data.

Other words of advice, Shetty said he recommends users to avoid using an autofill of a username and password. Despite being more convenient, if a malicious app is on your phone, personal information can be stolen.

Experts also advise users to keep track of all their transactions.

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