Mobile banking is convenient and easy way of performing banking transactions. You can use your mobile phone to carry out banking transactions. But if your phone is lost or stolen, then it may hamper you financially. In order to avoid this loss, you must take sufficient care while using your phone and after losing your mobile phone.
If Phone is Lost or Stolen
People tend to lose mobile phones during travelling, in banks, hotels, autos, etc. Sometimes, mobile phones are even stolen. You suffer from the loss of the mobile phone if it is expensive enough. You lose all your contacts. But what about the mobile banking details? We will discuss in detail what happens when you lose your mobile phone and the related measures and precautions to be taken.
Precautions - mobile banking by SMS
You are supposed to send a message code to the bank for carrying certain transactions such as getting the current account balance, etc. If you lose your mobile phone, then any other person can avail these facilities and may try to misuse it. Hence, when you have lost your phone, you must immediately call the bank’s customer care office and request them to stop the mobile banking facility. The customer care executives are well-versed with the process arising in such situations. They will stop your banking facility and you will sigh in relief!
Precautions - mobile banking by web browser
In some web browsers, there is a facility of remembering your passwords. You must never activate this facility. If your password is already stored in the mobile’s browser, then another person can easily access your bank account within a few seconds. Hence, you must never save your passwords in your browser. Another general instruction regarding loss of mobile phone is not to save bank details. People form a habit of saving Bank ATM pins, passwords in their mobile phones for recollecting it at the proper time. This may cause severe loss if your mobile phone is misplaced in other hand.
Precautions - mobile banking by App
It is said that apps are more secure than the bank’s official website. Your passwords cannot be hacked by the apps. But it happens that if there is any networking or other error, the user gets logged in for unnecessarily long time. You may even forget to log off from your account. You may form a tendency of remaining logged in the app so that you can easily access your bank account and transact without spending time. But this habit can cause you financial losses. If the other person gets hold of your account, even for less time, then he may acquire your bank account details and end in unlawful transactions. This can hamper your financial status. Hence, you should always ensure that you have logged off from your mobile banking app. There is large difference between a shopping app and a mobile banking app. You must preserve your confidential information carefully.
Conclusively, you must always report to the bank’s customer care center about the loss of your phone and request them to stop the mobile banking services. If you are using mobile banking services attentively, then it will never harm you.
