Mobile banking is the act of transacting money via a mobile device (cellphones, tablets, etc.). It can be as simple as sending information or fraud to a client’s cell phone. It could also be as easy as sending money or bills abroad.

UNDERSTANDING MOBILE BANKING

Many banks have impressive Mobile Banking Apps that make it easy to use mobile banking. Personal information could be compromised if this is not done.

MOBILE BANKING AND CYBERSECURITY

Mobile Banking has made cybersecurity a more important aspect of many operations. It includes personal data as well as complex government systems.

Cyberattacks can take place in three main ways. These are:

Backdoor attacks are when thieves use other methods to gain access to a system that doesn’t require authentication. Backdoors can be either by design or accidental.

Denial-of-service attacks stop the authorized user from accessing the system. This could be because thieves might enter the wrong password too often.

Direct-access attacks include viruses and bugs that gain access to systems and modify or copy information.
Financial advisors can take the following steps to help protect their clients from cyber attacks:

Helping educate clients about the importance of strong, unique passwords (e.g, not reusing the same one for every password-protected site), along with how a password manager like Valt or LastPass can add an extra layer of security.
Client data should not be accessed from public places.

MOBILE BANKING AND REMITTANCES

Remittances refer to funds that expatriates send to their home country via wire, mail, or mobile banking (online transfer). These funds can have a significant economic impact on many countries. The World Bank and Gates Foundation created complicated tracking systems. They estimated that remittances to developing countries reached $529 billion in 2018. This is 9.6% more than the record-breaking $486 trillion sets in 2017.

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