May 20, 2024


Changed Your Life

How Safe Are Mobile Banking Apps: Tips To Conduct Safe Mobile Banking Transactions

Banking has become easier over the past few years as new methods are constantly being developed to ensure you don’t have to visit the brick and mortar walls of a bank before you conduct transactions. One of the popular banking methods developed by banks is mobile apps. Not only do these mobile banking apps grant you access to check details such as your account balance, but you also can transfer funds and pay for bills right from the comfort of your home, office, or even the cinema. 

Experts assert that Mobile banking through bank apps is safer and more secure compared to other forms of transactions. However, with the constant growth of internet fraud and theft, a lot of people are wary of performing online banking transactions through their mobile apps and they are right to be cautious as numerous cases of IP infringement, cyber-attacks, and malware are reported over the years. 

To be part of bank customers that are currently enjoying the benefits of mobile banking through their smartphone apps, there are precautions you must take not to end up having nightmares from cyberattacks. With this in mind, takes a look into tips to help you conduct safe banking transactions on your mobile phone.

  • Download The Mobile Banking App From The Banks Website: With many internet fraudsters creating clone apps that are sometimes similar to your bank’s mobile banking app, you could easily get defrauded if you don’t painstakingly choose the right app. Most banks will include a link to download their apps on their website and this is usually the trusted app to conduct transactions with. According to Teresa Walsh from Financial Services Information Sharing and Analysis Center (FS-ISAC), “Your bank should have available information on what type of mobile app they use, what features are on it and what you need for access to it”. 
  • Setup a Multifactor Authentication  Feature:  Two-factor authentication requires customers to use not only a password or PIN to log in to their account but also a second way to confirm their identity. A lot of mobile phone stores reviews indicate that two-factor authentication, such as a code delivered by text message, helps to tighten your hold on your mobile banking security. 
  • Avoid Using a Public Wifi: Using public Wi-Fi can endanger your safety while conducting mobile transactions as you are liable to be spied on by third-party networks that could reveal vital information such as your password and username. To protect your overall account information, it is better to use a secure network while conducting transactions. 
  • Make Use Of Alerts Via Email Or Text: These are messages that notify you of possible third party infringement on your account. You can in turn report this to your bank or make appropriate changes to your account security. 
  • Beware of Phishing: Oftentimes, third party links can be released by fraudsters telling you to input vital banking information.  It is advisable to never click on a link in an email urging immediate action. Clicking such links can load a webpage that looks exactly like the banking app and will ask for your username and password.

Conclusively, Mobile banking is generally secure. However, the biggest challenge is from the customer side. The general consensus is that while the risk is low when it comes to banking, security does depend to some extent on consumers—many of whom don’t do what they should be doing to keep their phones safe from attack. Applying the tips provided in this piece would help you conduct a safe transaction on your mobile apps without having to worry about cyberattacks.