With the revolution in technology, mobile has played a great role in shaping the global payment and banking industry. It allows the banks to offer added convenience to its existing customers. It can cater to the need of a large segment of the population who hold savings accounts with the banks. With so much of convenience offered to the customers by the existing banks for any new bank, it is a highly challenging job to penetrate the market.
Makes it convenient
Mobile banking and online banking help the customers to manage their finance efficiently from anywhere, anytime with the help of the following services:
- Pay online bills
- Track account histories
- Get alerts
- Make various payments
- Transfer funds
- Enquire about your ATM or Debit Card
- Execute any stop payments
- Print copies of check or statements
- Answer several Frequently Asked Questions(FAQs) regarding Online Banking
Maintaining cybersecurity is extremely important when you opt for any banking services from your mobile. Cybersecurity involves an extensive range of measures to keep the electronic information private and check any kind of damage or theft. It is also used to make sure that data is not misused, be it any personal information or complex data of the government bodies. Few cyber-attacks that you may face on your system or phone are:
- Backdoor attacks – Here, thieves adopt some alternate methods of accessing a system where they don’t need to provide the usual authentication info. Some systems have this backdoors design by default while others occur due to some error.
- Denial-of-service attacks – This prevents the actual user from accessing the system. In this case, the thieves must have entered a wrong password several times thus ultimately locking the account.
- Direct-access attack – It includes viruses and bugs that gain access to a system and copies its information to modify it.
Ways to protect your mobile phone
In order to use mobile banking safely, there are certain steps you should follow like:
- Install the latest versions of the operating system whenever you receive any notification.
- Apps do not get updated automatically, but they are important so you need to fix them manually to secure your mobile.
- Always install apps that come from trusted sources.
- When the Bluetooth and WiFi pathways are closed, it becomes difficult for the hackers to connect to your device. So, when these features are not in use it is always advised to turn them off.
- Always delete the text messages received from any unknown sender asking for personal information and avoid clicking on any links.
- Always use strong alpha-numerical passwords to lock your device to ensure extra safety.
- Enabling remote access features will help you track your phone even if it is stolen.
- Setting encrypted daily backup helps you recover your data even if your phone gets stolen or stops working.
- Never leave your online sign-ups open, they turn out to be a security threat. So don’t keep your passwords saved, instead log out every time.
- Be careful in not using public WiFi as such open networks make it easy for the hackers to steal the information from your device.