Stealing money through your mobile banking application is burning news nowadays. Mobile banking
started with the use of SMS banking. The evolution of smartphones, which brought several easiness by
transforming human’s daily life, also fascinated banking sector. In 2011, the first mobile application
launched for banking functions.
Pakistan also adopted mobile banking facilitation for their customers. With around 75 million
smartphones users out of 165 million total mobile phone users in Pakistan, more than 5 million users have
been registered for mobile banking with 23 different banks. There is huge surge found in transactions
through mobile banking from last year.
Thus, this becoming the center of attraction for hackers or scammers for looting money. Last year, Federal
Investigating Agency (FIA) Pakistan received more than 1200 complaints regarding online banking. The
mobile applications provided by your bank are being targeted by hackers around the world. The Federal
Bureau of Investigation (FBI) noted 50% surge in mobile application exploitation during this pandemic
situation 2020 in United States.
This all happening by tricking people and getting unauthorized access to mobile accounts. Hackers are
using malicious virus, fake application, malicious email asking you to click on bad links or directly breaking
your device to use your mobile accounts for transactions.
Some precautions here that you must take e.g. use strong password, change your account password every
2 or 3 month, use 2 factor authentication at least when you log in, be aware of scam emails, be aware of
criminals calling for one-time-pin or pretending your friend, on Whatsapp, asking for emergency
transaction, keep update your mobile software and the bank application, avoid using public wi-fi, use any
phone lock method and etc. If any such incident occurs with you, you can do approach National Response
Centre for Cyber Crime (NR3C) Pakistan or can call helpline 9911. With all above, our concern authority
also needs to take precautionary steps by making comprehensive policy for banks, providing mobile
application to their customer.
Regards,
Yasir Iqbal
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