The dos and don’ts of mobile banking

E-banking has made the banking landscape richer, safer, and more seamless than before. With the advent of phone banking apps, sending and receiving money has become less cumbersome and more secure. With no need to carry cash all the time, shopping has become easier as well. Any bank provides their money transfer bank app to help people make their everyday spending easier. But using such apps has its own set of unwanted contingencies. Hackers can attack people’s phones and dupe them of their money. One must protect themselves from such attackers by following some dos and don’ts of mobile banking.

Dos

1. Download the mobile banking app from an authentic source

One must download a phone banking app from the official website of their bank. Or they must download the same from their OS’s official repository after verifying the authenticity of the app developer. Also, they should make sure that they download the latest version of the app as the latest version of any app ensures robust security of user data, and has room for providing cutting-edge digital banking features. One can opt in or out of the beta version of their bank’s phone banking app depending on their preferences. For instance, if they prefer to use the tested version of a phone banking app then they can opt out of the facility to use the app’s beta version.

1. Log off the banking session instead of closing a window

One must log off from their banking session after the transaction is successful. Banks provide these simple ways of closing each banking session on the smartphone as well as on their mobile-services server. This is how they ensure the safety of a client’s banking data and money. This practice — and not closing the banking session by closing the app window — logs the user out from the banking session on the mobile-services server.

Don’ts

1. Download other smartphone apps from random sources

Apps on any OS interact with each other as well as with the OS to provide a seamless user experience to a smartphone user. Some apps misuse this facility to steal one’s data from other apps and the OS. These apps are not found in the official OS repository but are found as app-packages provided by questionable sources. One must not download such apps as their mobile banking app data and bank balance might get compromised.

1. Use public Wi-Fi networks while transacting money

Public Wi-Fis are prone to hackers and can be controlled by unknown networks. When one engages in bank transactions using a public Wi-Fi network, they jeopardise their banking data and put their bank balance at risk. So, one must not use public Wi-Fi networks while using a baking app. If using a public Wi-Fi network is necessary then one must use a VPN service to block any unwanted attention on their internet banking whereabouts.

So, these are the dos and don’ts of the mobile banking world. Have a nice day!

Sachin nawale has been working in the finance sector for almost a decade now. If you are looking to open a zero balance account you can do it by checking the profile.