Stanford CIS

How to Keep Your Mobile Banking Safe

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"But even authentication codes sent via text message aren’t entirely secure, as hackers can gain control of your phone through a so-called SIM swap—in which they convince your wireless carrier to transfer your phone number to a new SIM card—meaning they’ll receive the codes and can use them to access your account if they’ve also managed to steal your password, says Arvind Narayanan, an associate professor of computer science at Princeton University whose research focuses on information privacy and security.

“Instead,” Dr. Narayanan says, “using an authenticator app is a more secure second factor.” These apps generate a code, which changes regularly, that can be used to unlock your accounts. Since the codes only appear on your device, they can’t be stolen in a SIM swap."

Published in: Press , Cybersecurity , Privacy