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Five Tips To Secure Mobile Banking Transactions
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"Mobile banking is one of the most convenient ways to conduct banking transactions. Not only has it minimized the hassle of visiting a bank branch to get tasks done, it is now possible to handle banking transactions in a matter of a few clicks. Mobile banking even scores over internet banking because most people have a smartphone, making it easier for people to transact on their phones as compared to a computer.
Most banks have a simple and user friendly money transfer app. These apps can conduct a wide range of transactions within a matter of minutes such as:
• instant fund transfer using NEFT, RTGS, IMPS or UPI
• balance check
• opening a fixed deposit or a recurring deposit
• bill payments
• credit card payments
Using an online money transfer app has become a very seamless experience. However, the ease and convenience with using such apps has also led to a rise in thefts and other security breaches.
To avoid such security breaches and theft of data, here are five tips to secure mobile banking transactions:
1. Only use verified and official mobile banking apps:
One of the best ways to secure mobile banking transactions is to use the official money transfer app of the bank. These apps are released by the bank and bear the official logo of the bank. There are inbuilt safety mechanisms in these apps such as two step verifications, customer based logins which provide an added layer of safety.
2. Log out after each session:
It is imperative to remember to log out of the money transfer app after each session is complete. Some apps may prompt the user to log out automatically while others don’t. By logging out, you ensure that any unauthorised person does not get access to your account in case the phone gets into wrong hands.
3. Do not save critical data on your mobile phone:
Critical data such as bank account numbers, PIN and passwords, credit card details etc should not be saved on your mobile phone. Ideally, these details should be memorized to prevent it getting into unscrupulous hands.
4. Password or PIN protection on your mobile phone:
By setting locks for the mobile banking app, it provides an additional layer of security for the app user. App locks can be PIN based or pattern based.
5. Other precautions:
• clearing the browser history, cookies, cache and other details before giving the phone for maintenance.
• Install an anti virus software on your phone
• Keep the mobile banking app up to date
• Do not click on suspicious URLs received in SMS or emails
Author Bio:- Neha Sharma is an aspiring student in the field of finance. She spends her free time reviewing the latest apps introduced into the market. Check out her work as she shares some tips before using the money transfer app
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