Are there risks in Mobile Banking?
Mobile banking is subject to certain risks such as utilizing in wireless networks, problem of poor reception or slower internet connection, loss of phone, accessing new deposits, and the nuisance of fraudulent apps.
Protection of risks can be done by understanding the risks involved. Right? So, let us discuss some of these risks.
Hackers – the villains in the internet technology domain
If you are on a wireless network or a public network, you must never access your mobile banking app. This is because such wireless networks are not at all secure and the transmitted information can be decrypted. For conducting safe transactions, you must access your banking app from the phone’s data network.
Poor signals – A threat to your bank account
If there is poor reception in the data network, you must not access your banking app. The reason is the data transmitted in the poor reception process can be decrypted.
Loss of mobile phone
Mobile phone is acting like an identity for us. Just imagine the loss of your mobile phone. Your contacts, your information is lost, and your mobile banking app? What about it? Just go through the checklist. Did you password protect your device? Did you auto-save your mobile banking app password? Did you forget to log out from the banking app in your mobile device? Have you installed a remote-wiping application in your device? Well, all these things are actually necessary to implement for avoiding problems when your phone is lost. Protect your phone with a password, do not auto-save your password and always log out from the banking app.
No access to newly deposited funds
You can deposit funds into your account through a mobile banking app. But banks do not show these funds in your account balance instantly in order to avoid frauds. Hence, this cannot be termed as risk in mobile banking. But this is a disadvantage in the mobile banking domain.
Fraudulent apps – All apps are not your best friends
Just like phishing mails and artificial messages from fraudulent persons, fraudulent apps are also coming into picture. These apps can also be free and will claim that these are of your bank’s official apps. If you use these apps, your information is accessed by these apps for further misuse. Hence, it is suggested to download the mobile banking app directly from the website and not from other links in order to avoid such scams and losses.
Thus, there are certain risks in mobile banking that can harm your funds. But the solution is to take certain measures and follow instructions. Avoiding mobile banking is not a good solution at all!
Managing money has never been so easy. With the advent of mobile banking; fund transfer, bill payments, online shopping and so on has been as convenient as playing games on your mobile phones. But no convenience comes too easy. People are exposed to various risks; from their private data being hacked to people falling prey to fraudulent apps. This article talks about the ways mobile banking has become way more riskier. Hence, it becomes important to look at the security features offered by various banks before choosing the most suitable one.
Mobile banking should come with additional security features such as grid level authentication, fingerprint authentication, retina scan etc. to make its use scam free. However, these technology upgradation comes at a cost. Currently, these services are given free of charge or minimum amount is charged. The user should be cautious in using the apps judiciously and avoiding external sources for downloading. Public usage should be avoided altogether especially when using other networks to prevent exposure