Can You Bank on the Google Play Store’s Security?
Mobile banking is something that millions
of people around the world rely on every day to conduct their everyday banking
needs. From balance requests to transfers and even loan applications, mobile apps
provide a secure and convenient way of managing your finances.
Security is obviously the number one
concern when building a banking app, and as such, developers will throw the
digital equivalent of Fort Knox-type security at any application they release
to the public. This is important because fraud is an increasing problem on
Poor human judgment remains the number one
threat leading to mobile-related fraud, with email and telephone “Phishing”
attacks contributing to 48 percent of all financial fraud in the first quarter
of 2018. More sophisticated “Trojan Horse” attacks, attributed to malicious
software, applications, and viruses, accounted for 25 percent of the fraudulent
The average level of fraud on a mobile
device costs financial institutes and their customers $508. When you consider
this is 144 percent higher than the average legitimate transaction – you can
see how lucrative the business of fraud is.
Bank Apps Found on Google Play Store
Understandably, the consumers’ fear of
fraud is a significant roadblock banks have to navigate as they attempt to
drive more business via mobile services (delivering more efficient and
therefore profitable services).
So the news that IT security firm ESET recently found a number of fake banking apps targeting banking customers in Australia, Austria, New Zealand, Poland, and The United Kingdom will be of huge concern to the banks and their customers alike.
The fake banking apps used bogus forms to
harvest credit card details and login information. While the majority of the
fake apps simply mimicked genuine services, one took advantage of the fact that
there was no official app available from the bank in question.
The apps had been installed on more than
1,000 devices before being removed by Google.
Security experts warn consumers to be wary
of downloading banking apps from the Google Play Store and suggest paying
particular attention to the number of downloads an app has received, as well as
app ratings and reviews. It is also vitally important that consumers only enter
sensitive information into online forms if they are sure of their security and
– Security You Can Bank On
Digital Turbine has worked with the number
of banks and financial institutions to securely pre-load apps onto new mobile
devices. This has helped them reach new customers, increase client engagement
and deliver the kind of efficiencies that the modern banking industry requires
in terms of customer acquisition and service.
Because all pre-loaded apps must undergo
rigorous security and quality checks from Digital Turbine and device
manufacturers, consumers are guaranteed peace-of-mind and are therefore more
likely to activate and engage the app.
Pre-loading is also a very efficient method
of delivering app-based services to people who typically wouldn’t visit an App
Further Reading: App Usage through the Ages – Targeting Older, More Lucrative Users
To learn more about how pre-loading can help your business deliver a more secure approach to app distribution, speak to one of our advisors today.