Mobile banking is a hassle-free and cost-effective medium, enabling fast and convenient in support functions such as receiving or transferring money, checking account balance, depositing cheque without visiting the bank and so on. But at the same time it is necessary to protect your mobile banking account from fraud and phishing attempts. As per Federal Reserve Bank of Boston’s report on mobile banking adoption in the country, “Mobile Banking and Payment Practices of U.S. Financial Institutions: 2016 Mobile Financial Services Survey Results from FIs in Seven Federal Reserve Districts” , 89% of financial institutions provide mobile banking in the U.S.
However, from companies to individuals, only 5% adoption rate is seen for business apps.
Hacking and malware are some of the issues that are preventive in this technological world; they might cause harm to your phone, its memory and other apps available, creating uncertainties in the mobile functioning. The early adoption has given way to a plateau owing to various technical issues and financial institutions not taking the right step towards general digital adoption.
However, for a retail customer keen on using the mobile phone owing to its various conveniences, here are some of the measures to protect your mobile banking that might cause fraud and uncertain intervention.
Measures to protect your mobile banking
Don’t click on malicious links
Links that come without being a “secure” such as URL of the sites begins with “https” and not “http”, one needs to be careful will serving on the internet. Always use your official bank website, instead of falling for emails inviting you to visit the bank’s website. These emails are insecure and the website might seem to be same, but it’s a fake website designed to extract your bank information on just one click. To prevent yourself from this fraud website you need to always remember your bank official website or you can save it as a bookmark. Further, these days instead of visiting the bank via a webpage, you can simply download its official app on your smartphone.
Beware of fraud calls
Yes!! Calling back on a missed call is not necessary until you know the number or person calling. Revert back on an unknown number missed call might cause you a lot, potentially availing unwanted costly schemes, high premium rates for such calls or transfer your mobile data during the call. Further, before installation of any app, especially a mobile banking app it’s quite necessary to check the certificate, to know you are installing the official app and not the duplicates available. And never divulge your banking details on call to anyone not even if it’s your bank official on the other end of the call.
Use social media judiciously
With the increasing use of social media, frauds and fraudulent have also increased. One should never click on the link without having any information about it; as such links might rob your mobile data. One should beware of short-period messaging apps that might get deleted after a few uses with your records still save in them, enabling fraudulent to steal your data from such apps.
Use safe habits for mobile apps
While using mobile apps, you need to be a bit careful. Though banks official banking apps are secure, still one needs to take necessary precautions such as never store your user ID and password for automatically login, debit/credit card pins. Apart, from this one should not use free WIFI hotspot always use password secured once and never share your accounts details via message or call. Further, these days smartphones come with finger lock, face lock and pattern locks, which safeguard your mobile from fraud if fallen in the wrong hands.
Use official apps
Before downloading any app make sure to have enough knowledge about it and check its certification. Such apps are maliciously tampered and steal data. Thus, one needs to be careful while downloading apps as it can bring in malware. Also, one needs to be aware of unwanted ads displayed on the apps, which can hack and steal your data without even you knowing about it. Before downloading any apps make sure to check its rating and customer reviews.
Overall, companies should look at how quickly people are adopting their mobile services for simple services such as checking accounts and depositing checks. Customers should be vigilant to bring up issues with the companies to ensure the system gets sorted out quickly.