Mobile Banking Security – Trustable? Advanced? Safe? Take a Deep Dive

    • March 4, 2016
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    In this digital era, Mobility is everything for everyone. As technology is improving constantly, individuals become more attached to the computing devices in their ordinary life. There is a high ratio of users who are using their mobile for the internet usage. Whether its bill payment, banking transactions or any other activity, mobile apps are helping out. But still when people use banking apps for their high profile transactions, they are little bit worried about the security. There is a general mind set of most customers that online banking is safe compare to mobile banking and traditional banking is safe than online banking.

    Half of consumers at this moment have an advanced mobile phone and many of them are utilizing mobile banking. Security specialists says that mobile banking is not that much risky compare to desktop because mobile app developers implement all the necessary stuff needed to make a mobile banking application more safe. But how secure the mobile banking? Can a thief get your bank account information easily? Is it safe to make financial transactions by utilizing an application or by visiting a website?

    There are so many approaches on which number of different mobile apps working. So it's very difficult to find out for a thief on which approach a specific mobile app is running. However, transferring sensitive data over the airwaves includes risk and you should pay attention to the threats before you jump in. There is number of threats that irritate you any time such as:

    • Stolen Smartphone - Steals a device and gain access over data such as ATM codes, security numbers of mobile banking, passwords and other data.
    • Phishing - Allows attackers to get all the sensitive details by fake applications, emails and SMS as genuine.
    • Malwares - Malwares unknowingly get installed onto your device to reveal sensitive data. Malware attacks are generally auto-run apps which do violence to sensitive banking information.
    • Fraud - Users also must be alert of a huge number of other dangers regarding mobile banking which includes email, mobile & debit/credit fraud.

    To overcome all the threats, download and install some security application on your devices. In general, iOS and Windows devices have less chances of risk compare to Android as they both are much closed platform than Android. iOS and Windows also release prompt updates when it comes to security issues. You will never find many third-party security apps on the platform of iOS. On Windows platform, users can be dependant exclusively on the platform’s built-in features for the security. If we talk about Android, it is open source in nature; it means users need to be aware about different threats which are always ready to attack. HSBC will increase mobile banking security in short time by allowing more than 15 million consumers to get access on their online accounts with the use of voice or fingerprint.

    Here are some tips that can go long way toward mobile banking security.

    • Be aware with every click - You need to be aware when you click on the specific links provided into mails, SMS or different sites of social networking which ask you to add your personal information.
    • Search for “https:” - Enter your sensitive detail on the website that contains “s” or display lock symbol because it is secure.
    • Control your phone & passwords - You need to be aware when you provide your credit card number. Also be aware where you enter your log-in information. Never enter your login on a website or in a mobile application that is not from a trusted firm.
    • Read the Privacy Policy - Give your time to read the Privacy Policy of any website. Be aware of what the website will do with your sensitive data. By referring a privacy policy just once you will easily understand what is going to happen with your private details.
    • Download apps carefully - Make sure you download your app from the authorized developers and sources. It also significant to take third party reviews and ratings.
    • Enable auto lock settings of your smart phone - Set an access password on your phone as well as set auto lock functionality enabled to keep your information private.
    • Set a solid password - never make use of easy password. Try to use numbers, symbols as well as capital letters into it which helps to get more security.

    Start the use of mobile banking by keeping in mind all the stuff which is mentioned above to assist you with your private data.