Mobile Banking Security Tips

Banking industry has undergone a transformation in last two decade starting from traditional banking to internet banking and especially mobile banking. Globally, millions of customers are already using mobile banking apps and coming few years will see many more users. However, with this surge, there is an increasing risk from mobile malware and cyber criminals, which makes it necessary for customers to follow certain mobile banking security tips.

So, the important question is, how banking institutions mitigate the risk and provide protection to their customers from these emerging mobile security threats. Let’s discuss some of the guidelines banks provide to their mobile banking customers to execute safe banking.

Mobile Banking Security Tips for Customers:

• Make sure you enable the mobile device code lock as it is the 1^st step to safeguard your data from phishing attacks.

• Abstain from storing PIN and TAN number in your mobile device as in case your phone is lost, your data and banking details can be accessed by any unauthorized person.

• Keep your mobile security software or antivirus for mobile updated, so that it can protect you from latest threats.

• Keep your mobile operating system up-to-date and run updates regularly. Outdated operating system are vulnerable to hacking attacks.

• Install apps only that you need and from trusted sources. Apps downloaded from 3^rd party sites can bring malware along with them.

• Keep Bluetooth and Internet sharing deactivated when you do not need them.

• Do not connect with open WiFi without verifying the same with the authorized person, example café owner etc. Open Wifi are floated by cyber crooks to lure mobile internet users.

• Do not open random MMS if you do not receive it from anyone from your contact list. Remember, Malware can be easily distributed via MMS!

• Never use automatic call acceptance feature as this can be used by cyber crooks to establish a connection without your information.

Following the mobile security tips, you can perform your banking transactions in a safe manner.