Online banking: how secure is the mTAN process?

If you use the mTAN procedure for online banking, the security of your money may be at risk. We'll tell you how much security the mobile process really brings.

Secure online banking with the mTAN procedure?

With the mTAN procedure, the customer receives the TAN on his cell phone from his bank to confirm the transfer. This is practical, but also unsafe:

• Users of Android smartphones in particular should be careful when using mTAN. The Android trojan "FakeToken" is currently spreading on numerous devices, which intercepts the mTANs and forwards them to its criminal creators.
• The Federal Criminal Police Office therefore recommends the use of a TAN generator. It is a small device in which you insert the EC card and then get a TAN. However, it only seems to be a matter of time before hackers can undermine this process.
• The well-known TAN lists are also strongly discouraged. This method is considered unsafe and outdated.
• Conclusion: mTAN is extremely safe on a smartphone like the iPhone without a jailbreak (closed system). However, on Android devices, Trojans can intercept the codes and clear your account. Therefore, regularly check your Android smartphone for viruses and do not install dubious apps. You can only bank completely securely with a TAN generator.
• Security tip: To monitor your Android smartphone, we recommend the apps Kaspersky Internet Security and Mobile Security & Antivirus from Avast.

In the following article, read 7 security tips for secure online banking.