MOBILE phones today are multipurpose, so it is no surprise that the number of mobile banking users has doubled over the past three years. Most banks have worked to make it easy by optimising their websites for mobile devices, allowing you to check your account and make payments and transfers on the go. But while a number of mobile users find this incredibly convenient, they are still in the minority, representing about 12% of online adults.
As for the rest, studies have shown the primary concern is a perceived lack of mobile security. This perception is slowing the rate of mobile banking adoption, according to Javelin Strategy & Research.
Consumers’ concerns about mobile banking and mobile security are understandable.
Not only do users face mobile browser threats, but there has also been a rise in dangerous applications. Some users have received text messages from scammers pretending to be their bank and asking for personal information.
Losing your mobile phone or tablet is another concern. If your online banking sites are set to automatically log you in, a thief could potentially access your account and make unauthorised transfers and payments.
Although these threats are real, banks are doing their part to make mobile transactions safer by offering multifactor login procedures and using encryption that ensures sensitive information cannot be read.
There are a number of steps you can take to protect yourself, however, while still enjoying the convenience of mobile banking:
• Download your bank’s mobile application to be sure you are visiting the real bank every time, and not a copycat site.
• If you use Wi-Fi, connect to your bank’s site or app securely by making sure your wireless network is secure. Never send sensitive information over an unsecured wireless network, such as in a hotel or café.
• Password-protect your device and set it to auto-lock after a period of time.
• Don’t store vital data on an unsecured device.
• Do not share or disclose your bank card number or password to anyone other than your bank.
• Don’t share any information about your account via SMS.
• If you receive a text message from your financial institution, delete it after reading it.
• Check your financial statements for anomalies.
• Report any banking apps that may be malicious.
• If you lose your phone, or change your number, contact your bank so they can update your mobile information.
• Before downloading any banking apps, read users’ reviews to make sure it is safe.
• Don’t try to hack or modify your device, since this could leave you open to malware.
• If you have to check your bank accounts in a public place, change your password immediately afterwards.
• Consider using a service that allows you to remotely lock your device and delete all personal information in the case of theft or loss, as well as locate the device via GPS. It should also provide mobile antivirus and safe-search protection.
If something does go wrong, know how to alert your bank. Look for specific instructions on its website.
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