Is mobile banking safe? At first glance, it certainly doesn’t seem so. After all, is it a good idea to use the same device for watching cat memes and carrying out financial operations?
These days, we spend most of our time on Mobile, we use Mobile Apps for checking mails, ordering food, ordering groceries, online shopping, connecting on social media, watching movies, playing games, listening to songs, and making Banking & Financial Transactions. While doing financial transactions through a mobile app, if you feel unsafe and unsure, you are not the only one who feels this way.
Mobile phones have become part of our lives, we can skip our food once but we can’t skip seeking our cellphone for quite some time.
Is it safe to use Banking Apps
With the usage and advancement in technology and cell phones, today we are using our mobile devices to do financial transactions, payments, and other transactions. All Banks and Financial Institutions are offering mobile-friendly and user-friendly applications which are easy to operate. These Institutions are investing huge money keeping their Banking applications secure and taking adequate measures for the security and safety of their customers.
Many studies revealed that people are concerned and afraid of:
1. Mobile Security for Banking and Financial transactions.
2. Fearful for Banking and Financial frauds.
3. Few people fear online Banking as they don’t understand banking much.
4. People are fearful as they are not tech-savvy and don’t understand the technology their bank is using.
5. Whether their Financial Data is safe or not.
Usually, Banking Apps are secure and use dual-way authentication. They are difficult to break. Banks keep an eye on any fraudsters trying to access your data by duplicating your details etc. Still, Mobile Banking is not safe and cannot be protected from all malware attacks. Therefore it is necessary to be alert and cautious while processing any transaction through a mobile app.
How can we be safe and secure on any Mobile Banking Application?
1. Understand how to operate your Mobile Banking App.
2. Be Aware of security features linked to it.
3. Be aware of transaction processing and authentication, if it uses singe way or dual-way authentication.
4. Are you getting SMS alerts and OTP (One Time Password) for each transaction you do?
5. Always keep a safe and long password and never share it with others.
6. Never use your password in front of others.
7. Never use Mobile Banking App on another Internet network other than your Internet.
8. Never open any suspicious mail or SMS or link shared through any mode.
9. Use official apps and download them in safe networks.
10. Develop safe habits of using Mobile Banking and other Apps.
Do’s and Don’ts of using Mobile Banking Apps
1. Keep your Mobile protected with a password.
2. Keep your password complex which others can’t understand and crack.
3. Change your password and PIN often.
4. Check all Banking related alerts and tally them instantly if a transaction is done by you.
5. Check your statements frequently and check for any unauthorized transactions.
6. Report lost or stolen phone or cards immediately to your service provider and law enforcement authorities and Bank.
7. Instantly call your Bank and Block all your card when lost or stolen.
8. Check details twice before processing any transaction or making payment.
9. Be very cautious and alert while accepting any payment or making any payment, if it is from a genuine person or not.
10. Be cautious while using Blue tooth and Public Wi-Fi networks and be careful about websites and apps you are browsing on these networks.
1. Don’t loose your phone. The biggest security threat of your mobile phone is also its greatest asset – its size. Phones are small, handy, beautiful, and easy to lose.
Losing a phone is as heartbreaking as losing a part of yourself, but it gets even worse. If someone who found or stole your phone uses it to access your bank account, you could lose much more.
A strong password (made of a random string of lowercase and uppercase letters, numbers, and symbols, at least six characters long) is the most secure way to lock your phone.
If you are afraid to forget the password, use a PIN key (something more difficult and unique than 1111) or a pattern lock with biometric identification, which can be:
- Facial recognition – convenient but not secure, since it can sometimes be bypassed with a photograph.
- Iris scanning – the pattern of your iris is unique and can’t be replicated with a simple photo.
- Fingerprints – low false-acceptance rates, perfect if you don’t often wear gloves.
Iris scanning or fingerprint identification with a strong PIN will grant you easy and secure access to your phone.
Never leave your phone unattended. Install an anti-theft and recovery app that can locate your phone, lock it remotely, or even wipe your data if it gets stolen.
As a final layer of security, always log out from your banking app after you finish your operations.
2. Never share your password or PIN with anyone.
3. Never open links received on emails / social media / SMS which seem suspicious or claiming to be your Bank or Bank representative.
4. Don’t transfer funds without validation of the recipient and their Banking details.
5. Don’t keep any sensitive information about your banking details or password on your mobile or even on social media or email.
6. Never share your Banking details with anyone, especially PIN, Password or OTP, etc., as this information is never asked by any Bank.
7. Don’t use Banking services while on Blue tooth / Wi-Fi network at any public places and never open any email received on such networks.
Is it safe to use Mobile Banking Apps? Yes it is. Download the official banking app, update it constantly, use a VPN with a public Wi-Fi, and keep your phone close by!
However, that doesn’t make you completely safe from scams, malware attacks, and hacking. It is only in your best interest to stay security conscious. A victim of mobile banking breaches will usually be someone who does not take their security seriously.
Banks invest hugely in keeping these Banking Applications safe and secure and using dual authorization and OTP which make them more secure and difficult to break. Customers also need to be alert as well because in recent times fraud transactions are increasing and many fraudsters are putting their efforts in duping customers and taking out their money.