Did you know that according to the Payments Council of UK, currently there are 356 million mobile banking transactions around the world? And this data would rise to 1.5 billion transactions per year by 2020, the organisation said. http://www.telegraph.co.uk/finance/personalfinance/10266623/Safety-fears-over-mobile-banking.html
Throughout the world, mobile phones are used extensively to do banking related tasks. But is it safe? Through the mobile apps, banks allow different services and each of these tasks involve different levels of risks. For example, the “Text update” or “Notifications” facility whereby you receive notifications and updates has less risk as they do not connect directly to your account. However, services like login and transaction facilities pose grave risks as once your device is stolen, a fraudster can get direct access to the account details.
Generally, if you run one application at a time in your phone, there is less risk. So, if you are using the application of your bank and no other app simultaneously, you are safe. On the other hand, if multiple applications are running (which is possible in an iPhone) there is a high risk of your account getting hacked. In such a case malicious software may be active in the background without your knowledge.
How to avoid Security Risks?
When it comes to ensuring the security of the mobile application, you must be careful of the place where you conduct mobile banking. It means that you need to avoid doing banking from your phone in an area with public Wi-Fi. So, avoid logging in to your banking site at a coffee shop, in a supermarket, or in an airport.
Do not use mobile browsers to do banking on your phone. Instead, you must make it a point to download the respective bank’s app to access financial accounts. Remember, a bank’s app is more secure than a browser. However, there is something that you should be careful about – make it a point to download an application directly from a bank’s website and not from a third party website, which can sometimes be fraud.
Most customers fall, a victim of mobile banking, when their phones get lost or stolen. If the stolen phone gets in the hand of frauds, there is a high risk of your banking information getting hacked. Be careful not to lose your phone; better still do not keep automatic logins and auto-fill options on your phone.
So, is Mobile Banking worth the Value?
Mobile banking allows balance checks, mini statements, and money transfers. So, this allows people to do hassle-free mobile banking. That is the reason you cannot avoid the value of using a mobile device for banking. By just being a bit careful you can enjoy all the benefit of doing banking with the help of mobile phones.