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4 Ways That Ensure Mobile Banking Is Safe

Mobility is spreading like fire and Mobile Internet is sneaking at a faster rate with reduced price of smart phones and mobile internet charges. This has led banks to seamlessly enter the consumer’s world with mobility strategy. Despite the smartphone features and functionalities offered, many users do not carry out banking transactions through it as they doubt if mobile banking is safe and secured.

Sharing responsibility- It is believed that it is the accountability of financial establishments to protect mobile banking businesses from scam and phishing attacks. But in reality, it is the joint-responsibility of the consumers as well as financial institutions to help lessen the risk by taking proactive actions. By taking elementary precautions while using mobile phones, the incidents of fraud and risks can be reduced.

Using security features- A consumer can reduce phishing attacks by creating complex passwords, not share them with anybody, and also change them frequently. Certain actions like implementing digital locks on mobile devices while not in use can prevent identity theft. One must periodically and sincerely take a review of banking transactions to look for any unauthorized or doubtful transactions and inform financial authorities if any malicious activity spotted.

Accessing apps securely- It is always preferred to access online banking sites through bookmarks instead of directly clicking the links shared via emails or text messages. One must avoid banking transaction through open wifi networks and connect mobile banking through the telecom internet data. A customer should make sure to use only the authorized mobile banking applications and should stay away from the apps that offer banking facility through other mediums.

Most of the new Mobile Banking applications and solutions are developed using the native development method. These mobile applications have their front end developed in the native platform for definite devices and the back end is developed in such a manner that it directs transactions to the bank’s internal systems or integrated systems.

Avoiding malware attacks- The business logic applied while developing mobile applications were able to produce the insights about device features, and reciprocated better clarity on user activities and transactions. This assisted organizations in catering to customers’ needs better. While using mobile banking applications, one should always keep mobile anti-virus apps that help in preventing malware attacks. These attacks could breach bank’s most advanced security structures. It is also important to keep the smartphone OS and apps updated, to prevent any misuse of security holes in out-of-date versions.

In short, financial establishments and their clientele must work together to promote and commercialize mobile banking and ensure a protected environment for its extensive use.

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July 21st, 2017|Fintech|