These days, we spend most of our time on Mobile, we use Mobile Apps for checking mails, ordering food, ordering grocery, online shopping, connecting on social media, watching movies, playing games, listening 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 the same.
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 security and safety of their customers.
Many studies revealed that people 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 from accessing your data by duplicating your details etc. But 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 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 than your own 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.
What are the Do 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 IPIN 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 transaction.
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. Never share your password or PIN with anyone.
2. Never open links received on emails / social media / SMS which seems suspicious or claiming to be your Bank or Bank representative.
3. Don’t transfer funds without validation of recipient and their Banking details.
4. Don’t keep any sensitive information about your banking details or password in your mobile or even on social media or email.
5. Never share your Banking details with anyone, especially PIN, Password or OTP etc., as this information is never asked by any Bank.
6. 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.
Banks are investing hugely in keeping these Banking Applications safe and secure and using dual authorization and OTP which make it more secure and difficult to break.
But in recent times fraud transactions are increasing and many fraudsters are putting their efforts in duping customer and taking out their money. Therefore it is necessary to be more cautious and alert while processing any transaction and use safety measures always as stated above.