Top tips for safe mobile phone banking - Fusion Informatics

Mobile banking is one of the fast and convenient ways to effectively manage your money – i.e. check your balance, transfer money, pay bills online, and more. Only a few bank customers with a smartphone currently enjoy the benefits of mobile banking. In older generations, individuals do not trust these technologies. They will think that having all their banking information right on a mobile app is in the palm of their hand – simply scares them, rather than intrigues them.

Because of with fraud, IP infringement, malware and more it is very prevalent in our technology-driven world. So how do we convince the remaining percentage of bank customers to take advantage of the ease of mobile banking? I have given a brief information below that all other bank customers allow to use the mobile banking apps.

What are the ways do for app security for financial institutions:

Add a multi-factor authentication feature:

Instead of having a single password before granting access to your customer’s bank account, need to add a multi-factor authentication feature like generating one-time passwords or fingerprints that is an additional layer of defence which cannot easily be deceived.

Implementing more users with NFC-embedded SIM cards:

A Near Field Communication (NFC) - embedded SIM card which allows consumers to securely download their credit card information into their NFC SIM card. It is more useful to protect overall their account information – by not carrying their actual card, and not swiping it. It reduces the risks that their credit card information could be compromised, potentially giving access to their mobile bank application.

End-to-end encryption:

This is the best solution to this massive threat as it ensures that data is safe. It conducts security audits and penetration tests which takes the security measures to an extra mile. Many entities like payment cards, merchants, card brands and issuing bank play a significant role in an online transaction. Exchanging the sensitive data of worth billions of dollars takes place in a year. Due to this, it has become a hotspot for hackers.

Fingerprinting device:

It is the best feature- Fingerprinting devices that add another dimension in banking mobile apps. It obtains various sets of signals such as IP address, location, time of the day, device type, location, screen size, browser etc. You can hire mobile application developers to build an app which has fingerprinting feature or which are compatible with some fingerprinting devices.

Offer real-time text and email alerts:

By sending a quick, real-time email or text alert to notify a customer of account activity, they could easily prevent fraud. So it is safe to assume someone using mobile banking on their smartphone has direct access to their email and/or text messages.

Utilize behaviour analysis:

It is one of the specialized software on the market that will monitor and analyse the login location and activity and online account activity of consumers. Further, all the investigation of advising a suspicious activity it could be an email or text alert to the customer or a call from the bank. This technology makes your mobile banking app could flag abnormal behaviour for further investigation.

Use secure access:

Using secure connection access by using the technologies like HTTPS, customer account information can be better secured both with the browser and website. By using this it will protect customers against data theft and fraudulent logins. Financial institutions that offer mobile banking apps should continue to educate customers and encourage them regarding Internet security and things that could put them at a risk of fraudulent activity.

Conclusion

Mobile apps and online platforms will make the banking processes convenient for all users. However, there is also a larger risk of hackers compromising the data resulting in a huge chaos situation. So, the ways are to implement in these online security measures with utmost care.

Now you can contact a mobile application development firm that it includes all the above features and enquire about how much it costs for app development.

Hey there, I’m Sai Saanvi. I am working with Fusion Informatics as a Business Analyst.