The Threat of Portable Devices for Banking Services
Portable devices, such as smartphones, tablets, laptops, and wearables, have become ubiquitous in our daily lives. They offer convenience, mobility, and functionality for various purposes, including accessing banking services. However, they also pose significant security and privacy risks for users and service providers.
According to a recent report by Kaspersky Lab, more than 1.4 million users of mobile devices were attacked by malware in 2022, an increase of 19% compared to 2021. The report also revealed that banking trojans were among the most widespread and dangerous types of malware, accounting for almost 90% of all malicious mobile software. Banking trojans are designed to steal users’ credentials, account details, and money by intercepting or manipulating online transactions.
Another report by McAfee found that mobile phishing attacks increased by 37% in 2022, targeting users of popular apps such as WhatsApp, Facebook, Instagram, and Netflix. Mobile phishing attacks use deceptive messages or links to trick users into revealing their personal or financial information or installing malicious software on their devices.
These threats are not only limited to mobile devices. According to a study by IBM, laptop users are also vulnerable to cyberattacks when they connect to public Wi-Fi networks. The study showed that 60% of laptop users do not use a VPN (virtual private network) when accessing public Wi-Fi, exposing their data and activities to hackers and eavesdroppers.
These examples illustrate the serious threat of using portable devices to access banking services. Users and service providers need to be aware of the risks and take appropriate measures to protect themselves and their customers.
One of the most effective ways to prevent cyberattacks and ensure secure access to banking services is to use strong authentication and authorization methods. Authentication is the process of verifying the identity of a user or a device, while authorization is the process of granting or denying access to a resource or a service based on the identity.
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However, most authentication and authorization methods currently used are either insecure, inconvenient, or costly. For example:
That’s why we at Vault Security have developed an innovative solution for authentication and authorization based on modern cryptography. Our solution allows you to prove your identity without revealing any secrets, such as passwords or personal information. It also enables mutual authentication of a client and a server, single sign-on, secure exchange of keys, cryptographic sharing of digital and tangible assets, and device independence.
Vault Security is on a mission to provide an additional layer of security with the convenience of a single sign-on for users who want to protect their identity and access their accounts or assets securely and easily.
If you are interested in learning more about our solution or becoming our investor or customer, please contact us at [email protected].
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