Rohit, a tech savvy graduate uses his smartphone for everything – ordering food, movie tickets, online shopping, traffic updates and directions, bill payments and even banking. However, news of recent data breaches has made Rohit a bit apprehensive about trusting mobile banking. At the same time, it is something that is indispensable, considering the number of services Rohit uses his phone for. Does Rohit have any alternatives available? Most certainly – , digital wallets serve the need to pay for most services perfectly.
In today’s digital age, almost everything is done through a smartphone, and banking is no exception. Almost every bank offers internet banking to account holders as well as mobile banking. Given the smartphone penetration levels coupled with reach and technological improvements in the telecom sector, more and more customers have access to payment technologies. As technology progresses, so does the need for security. Mobile banking security drives consumer confidence and ultimately acceptance of digital payments.
Mobile Apps are more secure compared to traditional web browsers. A typical computer and web browser are much more susceptible to virus attacks and malware compared to mobile platforms and applications.
Mobile money software is safe in the sense that your financial information stored inside the digital payment service and is decoded by your phone at the time of the transaction processing. A payment can be made without having to physically hand over your card to another person or swipe it at a retail kiosk. Your device remains with you and so does your cards. The risk is minimized compared to handing over your card or swiping it at a retail POS where chances of skimming are high.
Mobile banking security is now considered an essential and integral component of the overall app development phase. Standard security protocols such as firewalls, 128- bit encryption, SSL and the like are all technologies now commonly in place for most payment technologies.
Most payment technology or mobile money software has its own form of user authentication to prevent possible misuse.
Mobile Banking security may have come a long way since its early days, however one should always exercise caution while doing financial transactions over any device. Here are some general security tips when accessing mobile banking or other digital payment applications on your phone:
- Ensure that you download only the official app, one that is authorized and belongs to the company. One way of doing this is to validate the same from the company’s website and navigate to the app download link. .
- Always follow protocols when it comes to authentication. Secure your information by using the security provided into the app. Ensure that authentication checks are followed. For instance, when you set up the application, ensure you enter your fingerprint, a preset code or a pattern, so that unauthorized transactions are avoided
- Keep your mobile phone up to date by installing necessary updates, fixes and patches as and when released. Timely installation of such updates, patches and fixes ensures that any security loopholes that could be exploited are plugged.
- Avoid sharing your personal and sensitive information with anyone, including codes, patterns, passwords, account numbers and card numbers.
- Restrict the use of public and unsecured Wi-Fi networks for carrying out confidential, sensitive transactions. It is best to use your cellular data network to do so.
Mobile banking security has indeed come a long way since the early days of internet banking to the present-day banking applications and mobile money software. Armed with some basic tips on protecting against possible threats, everyone should take full advantage of digital payments and make the best use of available payment technologies as it is the need of the hour.
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