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Consumers often prefer online banking for its convenience, including the ability to access account information and make transactions with just a few taps. A recent Bankrate survey found that 44 percent of bank customers were using mobile apps to manage their accounts. With increased usage, however, comes a higher risk of cybersecurity problems.
An FBI-issued public service announcement alerted consumers to fake banking apps designed to take possession of people’s account information. It recommended using measures such as strong passwords and two-factor authentication as protection from such cybercrimes.
Cybersecurity expert Paul Benda relays a story about the time that hackers tried to break into his bank account and steal his money. “They found out my login, but didn’t know my password,” says the senior vice president of risk and cybersecurity policy at American Bankers Association.