The development of applications has come in handy for people. Now, they do not have to carry hard cash while going out. Unlike a decade ago where social crimes like snatching and looting a person of his/her money were prevalent, people have now taken a sigh of relief. In addition to this, there are several other advantages of using mobile banking services. The technology has offered quick and easy access to all the different kinds of banking services- right from over-the-counter payment with the help of QR code or UPI code to checking and transferring money from one account to another.
If you are a regular user of mobile banking, then you would perhaps know that this platform is more than just payment and money transfer. The various present mobile banking app providers have ensured that the users get a 360⁰ financial solution with these apps. Therefore, they have included almost everything- bill payment to booking- just at the reach of a fingertip.
Matter of Concern
Despite being loaded with so many features and facilities, mobile banking services are used by less than 66% of the people in the country. Experts and various mobile banking solution providers have raised their brows on the poor adoption rate. On thorough research, it was found that people do not feel this application to be safe. They feel that through these applications, they might be robbed or cheated of their hard-earned money. But the matter of fact is, with every pro there would be a con.
According to one of the professionals who are into the research and development of mobile banking applications, every application is safe until the user shows a lackadaisical behaviour. Every coin has two facets. In the same way, technology too has. The following are some of the ways by which mobile banking apps can be used safely and securely.
Few Ways to Improve Security of Mobile Banking Apps
- Switch to Multi-factor Authentication
This is considered as one of the best and must activate features to ensure security to the mobile banking applications. The mobile banking app providers have included this feature to enable users to cross verify the authenticity of the login. This is a two-step authentication feature where you would have to enter not only OTP but also verify biometrically that ‘it is you’. Failing to do either of these would not allow entry into the dashboard.
- NFC-embedded SIM Cards
If you are sceptical about carrying cards with you, then you can opt for an NFC-embedded SIM card. This card allows the user to download all information, securely, to his/her Near Field Communication (NFC) SIM card. This feature lessens the chances of financial details and card information getting compromised.
- End-to-End Encryption
You might have come across this term on various social chatting platforms. This is equally valid in mobile banking platforms as well. In this particular technology hack, the information sent from the sender is codified and is decoded only at the receiver’s end. Hence, the chances of information getting leaked are less.
- Enabling Real-Time Notifications
If you have noticed, then you would perhaps know that the bank sends a notification alert SMS to your registered mobile number even if ₹1 is debited from your account. Ensure that this feature is activated on your phone and from the bank’s side. This will help you get instant notification of any transaction- suspicious or genuine.
- Change Password Frequently
According to the mobile banking solution providers, people ignore the importance of changing passwords after a certain period. In addition to this, in order to make sure that they do not forget the password, they refrain themselves from setting up tough passwords. However, it is recommended to change password every 3 month and should have a combination of special characters, alphabets, and numbers- minimum 10 characters long. Stronger the password, lesser are the chances of getting things traced.
As a user of these mobile banking services and applications, it is our duty to be aware and alert to these circumstances. We must not forget that if we use things cautiously, no information will be leaked. Ask for the professionals or concerned authority to know more about safeguarding your vital information. Please call Finacus for a quick demo.