Mobile banking is risky: fraudsters are taking over handsets and raiding accounts

[Retro]

These frauds and scams just never end. This article explains the risks and headaches of doing banking on your mobile phone, something that I've always felt was risky, especially on Android phones which are often left unpatched by the manufacturer, leaving them vulnerable to hacks.

iPhones however, are much more secure since Apple updates the operating system for any particular model regularly for around 6 years or more, fixing security vulnerabilities as they're found, but the risk still isn't zero, especially where attacks are based on phishing (duping the victim) rather than a computer hack. For example, installing legitimate remote access app AnyDesk from the App Store to let a fraudster remotely take over your iPhone isn't a security vulnerability on the iPhone and you could be on the hook for allowing it. AnyDesk seems to be a particular favourite with them.

Getting a refund from the bank once you've been fleeced is no guarantee either, even if not your fault, so you could be on the hook for thousands you didn't spend and can't afford.

Finally, securing one's mailbox is now more important than ever, so use a strong password and two factor authentication as a lot of these hacks involve compromising one's mailbox. In fact, use 2FA wherever possible.

The risks of doing banking on your mobile handset have been underlined by the stories of Guardian Money readers who had their mobiles taken over by fraudsters, who then emptied their bank accounts.

In recent months, Guardian Money has become increasingly alarmed at how often people are reporting that their mobile phone account has been taken over – with O2 our most complained-about provider.

In some of the cases we have heard about, victims initially had their email account hacked, while in another, the phone may have been taken over using malware. Once in control of the email account, and armed with other personal data, the fraudsters then posed as the customer to the mobile company, resetting all the passwords and ordering a replacement sim card.

Having assumed control of someone’s mobile phone it is relatively easy to pretend to be them to their bank, using two-step verification codes sent to the phone, to take over the account, and ultimately empty it.

Mobile banking: alarm as fraudsters take over handsets and raid accounts

Scams underline risks of banking on mobile, with not all lenders prepared to refund victims

www.theguardian.com