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7 Things You Can Do to Make Sure All Your Mobile Banking Apps Remain Secure

Banking apps still have a long way to go before 100% secure but adhering to these simple tips will go a long way to ensuring your mobile banking experience is secure and efficient to assist you anytime, anywhere.

Updated:March 12, 2019, 6:30 PM IST
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7 Things You Can Do to Make Sure All Your Mobile Banking Apps Remain Secure
Picture for representation only. ©franckreporter / Istock.com

Everything you need to know about how to transact safely from your mobile banking app and keep your data safe.

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Photo by: Freepik.com

More and more people are using their smartphones and tablets to transact financially. This automatically results in banks following suite by introducing their own banking apps for customers. Knowing what kind of security your banking app provides before you transact is the best way to avoid falling prey to identity theft or dangerous cyber criminals.

1. Secure access

Encrypting phone data, PIN or pattern lock devices and finally only login in after you have ensured your app has HTTPS - a sure marker of secured web access is a given. But logging out of your device when done and only using a secure internet to log-in are equally important. In most cases it is far safer to use your 3G/4G phone data connection to transact rather than any kind of free public WiFi.

2. Text and email alerts

Setting up mobile and email alerts to tell you about various kinds of account activity is a necessary step to safeguard you from fraud. Banks allow you to set up alerts for everything from cash / cheque debits and credits to setting up a max withdrawal limit. In case of any suspicious activity on your account, an auto alert is generated and in case of foul play, you can check and report cybercrime quickly and easily.

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Photo by: Freepik.com

3. Multi-factor authentication

Adding a strong password and not sharing it with anyone is the first step to hygienic banking. But banking apps that include multi-factor authentication like One-Time Passwords (OTPs) or fingerprint recognition gives you an additional layer of protection that is isn’t easily hacked.

4. End-to-end encryption

End-to-End encryption ensures that sensitive data exchanges between two points is safe from hackers and cyber-criminals. Check if your bank has the right kind of software that ensures it regularly conducts security audits and penetration tests which increase your mobile banking security levels and keeps data safe.

5. Guard your data

Your bank will never ask you to divulge personal details over an ad, a mobile pop up or even via SMS. Watch for suspicious looking apps that can intercept data and never give out sensitive information online. If you think there is a chance that the info is really necessary, call your bank to verify before you share details.

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Photo by: Freepik.com

6. Biometric Safeguards

Biometric authentication is fast becoming a digital and mobile banking necessity. Banking apps that are optimised with biometric technology like Iris scans, Voice recognition, facial recognition, fingerprint authentication and more not only makes banking more convenient and allows customers to easily switch between the trusted apps and financial services without having to authenticate all their information every time. Before you set yours up, check on how you can set it up to work best for you.

7. Official Apps Only

The internet is full of apps that look and mimic your banking apps. Before downloading any app always check reviews, recommendations and security details. When in doubt, don’t download the app, check your banks official website for a secure link to the correct app. In fact, go a step further and always ensure that your app is kept updated so you have the best chance of avoiding exploitation by fraudulent entities.

Banking apps still have a long way to go before 100% secure but adhering to these simple tips will go a long way to ensuring your mobile banking experience is secure and efficient to assist you anytime, anywhere.

To know more, click here.

This content has been created in association with YONO SBI.

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