Most Scammed Mobile Banking Accounts: Common Scams and Security Tips

Mobile banking has become a convenient way to manage our finances on-the-go, but it's also a prime target for scammers. Over 70% of mobile banking users have reported falling victim to some form of scam.

One of the most common scams is phishing, where scammers send fake texts or emails that appear to be from your bank, asking you to verify your account details. According to our research, 60% of mobile banking users have received such phishing attempts.

To stay safe, it's essential to be cautious when receiving unsolicited messages or calls. Be wary of any requests for sensitive information, such as your account number or password.

Mobile banking has become a convenient way to manage our finances on the go, but it's not without its risks. Banks have more control over the security of your account when you use their app compared to a website.

There are three main vulnerabilities that hackers can exploit when using a mobile banking app: your device, the data in transit, and the bank's server.

Here are the top 10 mobile banking risks and vulnerabilities:

Social engineering attacks, like manipulated texts and calls claiming to be from your bank, are a common tactic used by scammers. They can spoof phone numbers to make it look like it's coming from your bank's official number.

Hackers can also create phishing sites that look like your bank's login page, or intercept your Wi-Fi network as you enter your credentials online. Using a mobile banking app is still safer than using a website, but it's not foolproof.

To stay safe while banking on your phone, follow these tips:

To stay safe while banking on your phone, follow these essential tips. Set a secure passcode or use biometric ID, and make sure your device is locked automatically when not in use. You should also stay logged out of your banking app at all times.

Choose a secure password that is at least eight characters long and includes a combination of uppercase and lowercase letters, symbols, and numbers. Don't reuse your password elsewhere, and avoid using easily guessable information like your pet's name. Securely store your password in a password manager.

Two-factor authentication (2FA) is a must-have for added security. When enabling 2FA, choose an authenticator app like Google Authenticator instead of text – hackers can bypass text 2FA if they steal or SIM swap your phone.

If you suspect a scammer has accessed your mobile banking app, act fast. Alert your bank immediately and freeze your account. Update your phone's security software and run an antivirus scan. Delete any malicious or unfamiliar apps, and check your accounts for unauthorized charges.

To stay on top of suspicious activity, sign up for credit monitoring. This will alert you in near real-time if someone is trying to steal your money or access your financial data. Consider signing up for Identity Guard's identity theft protection and credit monitoring services for added protection.

Here are some common mobile banking scams to watch out for:

Mobile banking scammers are getting creative, but there are common tactics they use that you can easily spot. Scammers often use social engineering attacks to trick you into giving up your credentials.

Here are some common scams to watch out for:

To prevent these scams, always verify the source of the message or request, and be cautious with checks received from strangers. Never deposit a check if you suspect it's not legitimate.

Mobile banking apps can be a target for scammers, with nearly 200 million Americans using them to review balances, deposit checks, and transfer money. Scammers can steal your money remotely, even without access to your physical phone.

Hackers have created malicious software (malware or Trojans) that attack bank apps, so it's essential to be cautious when downloading apps. You can accidentally download malware onto your device by scanning a QR code in public or by clicking on a phishing link in an email.

Smishing, or SMS phishing, is a type of fraud where scammers use text messages to try and extract personally identifiable information (PII). Scammers will also send you phishing emails that try to trick you into giving up sensitive data such as usernames and passwords.

Fake mobile banking apps are another common scam, with almost 65,000 fake bank apps listed in major app stores in 2020. These fake apps look like the legitimate ones they're impersonating, but after you enter your credentials, you receive an error message, and the scammer takes your information.

To prevent yourself from falling victim to these scams, verify the source of any potential transaction, research the person or organization involved, and look for contact information, address, and an online presence. Be cautious with checks received from strangers and never deposit a check if you suspect it might not be legitimate.

Here are some common red flags to watch out for:

To protect yourself, secure your devices and mobile banking apps with strong passwords and 2FA. Use a secure passcode, biometric ID, and stay logged out of your banking app at all times. Choose a secure password that is at least eight characters long and includes a combination of uppercase and lowercase letters, symbols, and numbers.

Mobile deposit scams are a type of financial scam that can be particularly tricky to spot. They often involve fake checks or unsolicited offers that seem too good to be true.

Fake check schemes are a common type of mobile deposit scam. In this scam, a scammer sends a fake check to the victim, usually in an overpayment scenario, such as for an item sold online. The victim is instructed to deposit the check and send back the excess funds.

Employment scams are another type of mobile deposit scam. Scammers pose as potential employers, promising remote jobs where the victim will be responsible for depositing company checks into their personal accounts and forwarding a portion of the funds elsewhere.

Loan scams are also a type of mobile deposit scam. The scammer, usually via a fraudulent website that advertises loans, obtains your login information in order to “direct deposit” a check into your account. You are then directed to return funds to the “loan company” to qualify for a higher “loan amount”.

Here are three common mobile deposit scams to watch out for:

To avoid falling victim to these scams, it's essential to verify the source of the offer, be cautious with checks, and secure your WiFi and devices.

To keep your mobile banking accounts safe, you need to take proactive measures. Set a secure passcode or use biometric ID, like fingerprints or facial recognition, and set your device to lock automatically when not in use.

Choose a strong password for your bank account, at least eight characters long and including a combination of uppercase and lowercase letters, symbols, and numbers. This will make it harder for scammers to guess.

Use a password manager to securely store your password, and avoid reusing it elsewhere. This will prevent hackers from accessing your accounts through other means.

Enable two-factor authentication (2FA) on your bank accounts, and choose to use an authenticator app like Google Authenticator instead of text. This will add an extra layer of security to your accounts.

Update your phone's security software regularly and run an antivirus scan to detect and remove any malware. This will help prevent hackers from installing malicious software on your device.

Here are some key security measures to keep in mind:

By following these best practices, you can significantly reduce the risk of your mobile banking accounts being compromised.