Mobile banking is a very fast and convenient way of banking and allows you to do a lot of things like balance enquiry, money transfer, payment of utility bills and so on with smartphones. Even though many bank customers with smartphones enjoy the benefits of mobile banking, there are a certain set of people who prefer to stay away from mobile banking, thinking it’s not safe. The fact is mobile banking is dangerous only if you do not follow certain safety steps. In this blog, we will discuss how to secure mobile banking apps.
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1. Secure the access:
The first and foremost step to protect your mobile banking apps are by securing access to them. You can secure access by setting up a screen lock to your mobile. This helps you keep sensitive banking details safe in case the phone is stolen. The internet is very important when you log on to your mobile banking apps. It is advisable to use your mobile data instead of connecting to public Wi-Fi. Hackers can easily access public Wi-Fi and access your personal information.
2. Subscribe to email and SMS alerts
It’s advisable to subscribe to email and SMS alerts of banks. By doing so, you get to know each and every activity in your bank account. In case of any suspicious activity in bank account, you can report it to the bank immediately and reduce liability.
3. Multi-factor authentication
Having a strong password is very important to keep your mobile banking app safe. The banking apps which have multi-factor authentication like One-Time Passwords (OTPs) or fingerprint recognition, provides you with an extra layer of protection. It is quite difficult for hackers to hack such apps.
4. End-to-end encryption
Mobile banking involves sensitive banking information. End-to-End encryption keeps sensitive information shared from one point to another, safe from fraudsters and hackers. So, before using any mobile banking apps make sure that the bank has the right kind of software and conducts security audits and penetration, which helps keep data in mobile banking apps safe.
5. Use only official apps
Fraudsters have developed many fraudulent apps which look similar to original banking apps. So, before downloading any apps from Google Play Store or app store, make sure to do proper research. If doubts persist, go to the bank's official website and get the download links of the app. Do not download any apps from unknown emails sent to you. It is advisable to keep your banking apps updated.
6. Protect your personal information
Banks will never ask you to provide personal banking information like card number, card expiry date, CVV, OTP, and banking passwords over phone, email, SMS. In case you receive such emails or calls kindly do not respond to them.
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