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Things You Should do For a Safe Mobile Banking Experience

Beyond a shadow of doubt, technology has made our lives a lot easier; however with technology comes a great deal of risk factors too. We have to become extra cautious and must use technologies a lot more cautiously and wisely. Banking has travelled from a branch to the ATM and from there to the internet and finally it is there at an arm’s length- in the fingertips of the customers, the mobiles which enables all banking transactions.

The basic version of mobile banking just through simple SMS facilities is rather harmless as it contains the some slender information like basic account information like the current balance and the last few transactions apart from non financial transactions like a cheque book request or stop payment requests. Apparently the only thing one has to careful about when one does mobile banking is the physical safety of the mobile. Banks have various precautionary measures and multiple layers of security like data encryption but a little bit of safety measurement is required from our end as well. By downloading a mobile application in one’s smart phone and using the net for any kind of financial transaction like transferring money for bills, one can invite a lot of trouble if he is not careful enough.

Mobile Banking requires a password or a numeric pin to allow access and the password provided by the user should be strong enough. The passwords should not be too obvious like the name of a spouse, the birth date or other very simpleton passwords. The passwords should be changed as frequently as possible. Most people do the mistake of storing it in their mobile phones or writing it down somewhere. This can put one’s life in jeopardy and the account can become highly vulnerable. One should memorize the password and not make it easily available. As much as possible people should not opt for mobile banking services through public Wi-Fi spots like in hotels, airports unless it becomes absolutely necessary. The public networks increase the chances of data theft. If one is still not convinced about the security of mobile banking, then he may use a separate bank account which is linked to his mobile phone. The particular account will contain a bare minimum balance and thus the stakes will be minimum.

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