The advent of mobile banking technology has definitely brought flexibility in the ease of banking transactions, but at the same time has increased the risk of banking frauds. Various mobile banking applications have been introduced by international and local banks throughout the world, but most of them have not been tested to the extreme against banking fraud.

Customers are definitely feeling more comfortable completing transactions through their mobile handsets, but at the same time, an awareness of the threats that mobile banking technology poses before them is necessary.

Mobile Banking Technology Threats

The increasing number of developers for software being used on smart phones has its pros and cons. The fact cannot be denied that a large number of developers has reduced the effective cost of any mobile application, but several cases have been reported where a developer has compromised with little tricks such as phishing and scanning, that ultimately capture a user's confidential bank account information.

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