Are you constantly on move? If yes, then you probably need a kind of banking that seem more convenient, efficient, and effective. Nowadays, there are several banking options, ranging from mobile banking to ATM banking. Indeed, the advent of banking with the help of smartphones means you can access your bank accounts anytime wherever you are. But, Is Banking on smartphones safe? However, before answering this question, it is ideal for readers to know some of the benefits of mobile banking.
Advantages of Smartphone banking
As stated in the introductory section, mobile banking with the aid of smartphone is an awesome option for checking your bank balances, making instant deposits, transferring money, and, of course, paying bills anytime, anywhere. Indeed, this kind of banking makes your life easier and outstanding when you are always on the move. The following are some of the awesome benefits why many people prefer mobile banking:
· It is an easier form of banking
· It saves you a lot of time since you do not need to make long queues in banks
· You can deposit, withdraw, or transfer money anytime, anywhere
· And many more
Is mobile banking on smartphone safe?
Despite the numerous benefits associated with the above form of banking, there are some challenges that make it quite unsafe. Indeed, smartphone banking is susceptible to mobile frauds, and there is some likelihood that you might lose your money without your consent. In most cases, short message updates and other text messages you receive on your smartphone poses a little risk since they do not provide direct access to your bank account. In addition, text messages or mobile browsing leaves an open door for malware attack. Indeed, there is two common malware that attacks smartphones when on banking sessions: Trojans and mobile bots.
If your smartphone does not have an active protection (anti-virus), viruses get installed and starts sending details regarding your bank account to an anonymous person, commonly referred to as cyber-crooks. It has been established that some mobile banking Trojans are quite sophisticated to the extent that they can breach the most advanced mobile security system(s) put in place by banks. As such, as soon as the cyber-crooks get access to your login details, they immediately proceed to withdraw or transfer the money in your account.
Tips for having a safer smartphone banking experience
As stated in the previous section, mobile banking is prone to online theft due to malware attacks. Therefore, the ultimate remedy to the above challenge is by installing a state-of-the-heart mobile protection software, commonly referred to as an anti-virus. Moreover, the following are some of the tips that enhance safety in smartphone banking:
· If your bank provides a banking application for smartphones, then it is advisable that you install and refrain from accessing your bank account via a browser. As required, download the application only from your bank’s website
· Never use public Wi-Fi networks while accessing your bank account on your smartphone. Also, turn off your Bluetooth connection anytime it is not in use. Remember, open windows create an opportunity for eavesdroppers to intercept your bank transaction(s) or allows cyber-crooks to install malware and other spyware apps on your smartphone
· Install one of the latest and effective anti-virus on your smartphone
· Finally, you are supposed to be updating your smartphone’s operating system and any other mobile banking applications
Is Banking on smartphones safe? From aforementioned, it is clear that mobile banking is vulnerable to online theft and other malpractices associated with online banking; especially if your smartphone is attacked by malware and spyware software. Nevertheless, if you adhere to the above tips to the latter, then you are more likely to enjoy the valuable mobile banking experience.