Nowadays, mobile and online banking is not only limited to the younger generation. According to the research report, 76% of Baby Boomers bank online transactions, where, Millenials are 1% more at 77%. The reality is all generations do online transactions and mainly through mobile applications. Hence, all of them need greater security awareness, which are necessary to keep on mind, while making online or mobile transactions.
A recent survey conducted by the software security firm - Trend Micro, reports that India ranks third among the nations most affected by mobile or online banking malware. Therefore, here are a few tips to secure your mobile banking transactions:
1. Avoid Using Public Wifi
Always try to use your cellular data connection or VPN, while doing banking transactions on your device, not public Wifi. It is one of the common mistakes people often make while doing mobile or online banking transactions and top suggested tips from security experts. Therefore, never use public Wifi to access your banking services.
How Does VPN Work?
VPN stands for Virtual Private Network, which is not bullet-proof, but it offers ways to reduce the tracking of your web activities. VPN ensures that the data traveling between your connected device and its server is encrypted, therefore, secured from hackers. It streams everything, browses anonymously, access apps and websites, avoids throttling, secures your connected device, and save money as well. VPN also secure devices connected to public Wifi.
2. Use Mobile Banking Official Apps
It is believed that online banking is less secure than banking on mobile official apps. Some banks that have multifactor authentication on their mobile apps do not offer the same facility on their website. Moreover, well-designed mobile apps do not store any data, and users are less expected to hear about a virus on smartphones. However, there are some exceptions to this, but in general, most banks will have secured mobile apps paired with stronger security options.
3. Introduction of Biometrics
Always consider looking for two or more factor authentication in your mobile banking apps. However, few smartphone users are using face recognition, or eye scanners, more apps are expected to implement feature this in the future. Biometrics is a significant instance of a two-factor authentication method, which is also believed as the second layer of security, requires a second method to verify yourself. Most banks use PIN and Password, or a Fingerprint and Password, are two instances.
4. Don’t Click On Unknown Links
Have you ever received an email inviting you to click on your bank website? Never fall under the trap as it could be a fake website designed to imitate your bank’s official website. Also, avoid banking links sent to you via text message or email. Instead, navigate to a website directly, i.e., typing the link into your browser or enter the official website address of your bank into your device and bookmark it. A secure website URL should start with “https” and not “http”- the ‘s’ stands for secure. Another easier way to look for it is the “lock” icon displayed in the browser window.
5. Beware of Uninvited Phone Calls
Always be careful when you call back a missed call from an unknown number. These could be unwanted and costly schemes, scam text and voice messages, and spam. You might be charged high rates for these calls, and the bigger danger is that your personal data might be transferred during the call. Hence, users should also beware of using apps that assist you to recognize caller IDs of numbers that aren’t stored in your device. Ahead of taking unknown calls, check their security certificates well. Finally, do not share your banking or financial details such as the CVC code of your debit or credit cards, over the phone a tele-caller claiming to be a bank official.
Earlier, banking was always bothersome, time taking, and there are lots of improvements in the retail branch experiences, and it is still the same. Meanwhile, online or mobile banking is used by a majority of users and will also get better, user, and hoped to be secured as well. Use the above-mentioned tips to stay secure in your financial life.