The Reserve Bank of India recently informed banks to encourage mobile banking. In coming days we will see more number of people getting addicted to the ease of mobile banking.
In the internet era, mobile banking can be considered as boon as well as bane. However, many people still are not able to relay on mobile banking due to its exposure to risk. Here are few safety tips which you can consider.
For people who are planning to go with mobile banking, here are few advantages and disadvantages to keep in mind.
Advantages of Mobile Banking
Anytime Banking: Mobile Banking gives you the privilege of anytime and anywhere banking. One can do most of the banking transaction after banking hours from anywhere, irrespective of whether you are traveling in bus or auto. Whereas this ease will not be possible if you are connected to a PC or Lap top, especially when traveling.
Mobile Banking is Free: The service provided by bank is free of charge, there is no limit for number of times you can access your account.
Various banking services provided include Account Balance Inquiry , Credit/Debit Alerts, Bill Payment Alerts, Transaction History, Fund Transfer Facilities, Minimum Balance Alerts etc. can be accessed from your mobile.
You can transfer money instantly to another account in the same bank using mobile banking.
Secure Banking: Some banks assure that, by downloading the app directly from the server, the data wont be stored in your mobile as well as SIM card.
The app comes with advanced encryption technologies making it safe and secure as Internet Banking.
Disadvantages of Mobile Banking
To make maximum benefit of mobile banking one should have smart phone. Some banks have specific software for specific mobile such as iphone and Blackberry people should download different apps based on the smart phone they own.
Many experts believe that mobile banking is more secure then internet banking as very few virus or Trojans can exist in phone. However, that does not mean that they are immune to any kind of threats.
As phishing exist for internet banking users, there is "Smishing" for mobile banking users. When a mobile banking user receives a fake text message asking for bank account details from a hacker.
There are also very limited anti -virus software options for mobile devices. People are less careful with their mobile compared to laptop. You must also update your anti-virus on the mobile if you are a frequent user of mobile banking.
Risks associated with mobile banking
Apart from this there are the usual risks associated with mobile banking that could include hacking. However, one needs to be careful and not share the password, just as you apply the same principal to the desktop. It is believed that bulk of the banking frauds take place through known relatives. So be careful when you share your mobile banking password. In fact, we strongly suggest that you have a screenlock for your mobile whereby nobody would be able to open the same.
Steps to improve safety when banking with mobile
Make sure that you do not open a link through your email that is unknown. By doing so, you are making yourself more vulnerable to mobile banking frauds. Also do not access your mobile banking from a wi fi spot. This can be extremely dangerous. If you have your own data card that should be good enough.
Another mobile banking saftey tip that you must adopt is to ensure that you do not use easy passwords. That can be extremely dangerous and full of risks.
Also read: 7 common internet banking mistakes to avoid
As is the case always comfort and ease will come with some risk. You need to be careful on the mobile as well, though it brings lesser risk.