Life is what happens when you are looking at your smartphone. That includes safety of your mobile transactions as well. Majority of the population has now shifted from a desktop to a smartphone. Around 2.6 billion people use a smartphone in the world. We no longer have to pull out our wallet for almost all the places for payment.
Though convenient to use, mobile transactions have alarming safety concerns as well. Mobile malware is the biggest threat. In 2017, the family of mobile banking Trojans Svpeng has acquired the new modification Trojan-Banker.AndroidOS.Svpeng.ae. This makes it capable of granting all the necessary rights to itself and stealing data from other applications. As a result, the Trojan can intercept text that a user is entering, prevent itself from being removed as well as steal messages.
Kaspersky reported 1,598,196 malicious installation packages in the third quarter of 2017.
Unsecured Wi-Fi networks is also a major roadblock for mobile transaction security. Free Wi-Fi, found in restaurants, hotels, airports etc., becomes a coveted luxury for mobile device users. It can be imitated by a fraudster and you can be tricked into giving away your confidential information.
Overconfident users also give way to insecure mobile transactions many a time. As per Kaspersky’s research, 78% people claim to be aware of unknown links but click it anyway. Personal details such as name, address or phone number, if stolen and combined, can put you at a higher risk of fraud.