In the financial world, the buzzword of the day is Fintech. The year 2020 witnessed a seismic shift in the finance ecosystem, with a remarkable upswing in digital transactions.
Traditional brick-and-mortar banking gave way to the rise of digital banks and their various iterations. Transactions transitioned from the physical bank hallways to the convenience of mobile phones.
In a report published by the Nigerian Inter-Bank Settlement System (NIBSS), it was revealed that over N19 trillion found its way through mobile transactions in 2022.
However, with great innovation comes its fair share of challenges, and in the world of Fintech, intrusion, often referred to as hacking, remains a critical concern.
Hacking, a process where individuals or groups gain unauthorized access to personal devices, has become a looming threat.
According to a recent report from the Financial Institutions Training Center (FITC), there were a staggering 33,714 cases of mobile fraud recorded in 2022, with an estimated value of N6.5 billion.
As pointed out by MS Celestine Appeal in a report published by Punch Newspaper, online fraud is poised to become the predominant form of fraudulent activity by 2030 as more transactions move into the digital realm.
To help you determine if your Fintech app has been compromised, here are some key indicators to be vigilant about:
1. Unusual Login Attempts:
Be on the lookout for any suspicious login attempts. Hackers often employ crafty methods to infiltrate your mobile banking app. If you notice any unusual login activity that you did not initiate, it could be a sign that your account has been hacked or is at risk of being compromised.
2. Account Modifications:
Sudden, unauthorized changes to your personal information should raise red flags. Forbes reports an increasing trend in sim swapping, a technique where fraudsters transfer a subscriber’s sim details to a new sim card under their control.
This allows them to gain access to the subscriber’s personal information and can bypass two-factor authentication measures.
3. Password Reset Emails:
Hackers sometimes employ deceptive tactics, such as sending password reset emails to lure unsuspecting fintech app users.
These emails tempt recipients into initiating a password reset, unbeknownst to them that they are inadvertently revealing their passwords to the hackers.
4. Suspicious messages:
This could be in the form of text messages or emails. Also, any time you notice a quick succession of bank debit alerts not initiated by you, a hacker might have gained access to your bank account.
In the ever-evolving landscape of Fintech, security remains a paramount concern.
By staying vigilant and being aware of these potential signs of intrusion, you can better protect your financial information in the digital age.
