Online banking has become a popular option, due to the very fact that it makes financial management easy. Plenty of high end banks are now offering online facilities that will allow you to check your balance, set up direct debits or even access statements from their website. In fact, you can now do all these facilities through the new banking apps, a form of internet banking that will allow you to check information on the move.
While these mobile banking apps, increase the convenience to handle your finances, it also raises the risks of becoming the victim of fraud. However, there are certain steps you can take, in order to protect yourself. They include
• Choosing a very secure password: When you first set up internet banking on your phone, your bank will provide you with a password to initially log in. Once you log into the app, you should change the password to new and secure alternative. While you are changing the password ensure that you, never write down the new password, store the password in your browser, or pass on your password to anybody.
• Enable biometric authentication: Most of the phones that are being introduced into the market have now included biometric authentication to unlock the phones, or even use certain apps. It could be fingerprint scanners or even facial recognition to unlock or access the app. This prevents any unauthorised access to the apps. When you download the app, ensure that is compatible with this feature and include it. This is because biometric authentication is almost impossible to hack. This makes it difficult for cybercriminals to gain access to your device, let alone your app. Moreover, in the event your phone is stolen, your data will still be safe.
• Avoid banking on unknown internet networks: A free network will definitely be tempting to access, especially to surf the web or share a quick Facebook status. However, you should never ever use your mobile banking apps for sensitive activities, such as making transactions or making payments. Any unknown network runs the risks of cybercriminals intercepting your password. In such a case, it is most appropriate to use your cellular data over the WiFi connection.
• Install anti – malware software: Malwares make it easy for cybercriminals to access your data. Without your knowledge, the malware, which is normally installed without your knowledge, will collect all your passwords and log in details. It will then send this information to the cybercriminals who can easily access your bank accounts whenever possible. In such a case, it is most appropriate to install an anti malware software which will block viruses and spyware from being installed on your phone. Furthermore, it will update you to any suspicious activities, so that you can take appropriate measures to block any unauthorised access.
While these mobile banking apps, increase the convenience to handle your finances, it also raises the risks of becoming the victim of fraud. However, there are certain steps you can take, in order to protect yourself. They include
• Choosing a very secure password: When you first set up internet banking on your phone, your bank will provide you with a password to initially log in. Once you log into the app, you should change the password to new and secure alternative. While you are changing the password ensure that you, never write down the new password, store the password in your browser, or pass on your password to anybody.
• Enable biometric authentication: Most of the phones that are being introduced into the market have now included biometric authentication to unlock the phones, or even use certain apps. It could be fingerprint scanners or even facial recognition to unlock or access the app. This prevents any unauthorised access to the apps. When you download the app, ensure that is compatible with this feature and include it. This is because biometric authentication is almost impossible to hack. This makes it difficult for cybercriminals to gain access to your device, let alone your app. Moreover, in the event your phone is stolen, your data will still be safe.
• Avoid banking on unknown internet networks: A free network will definitely be tempting to access, especially to surf the web or share a quick Facebook status. However, you should never ever use your mobile banking apps for sensitive activities, such as making transactions or making payments. Any unknown network runs the risks of cybercriminals intercepting your password. In such a case, it is most appropriate to use your cellular data over the WiFi connection.
• Install anti – malware software: Malwares make it easy for cybercriminals to access your data. Without your knowledge, the malware, which is normally installed without your knowledge, will collect all your passwords and log in details. It will then send this information to the cybercriminals who can easily access your bank accounts whenever possible. In such a case, it is most appropriate to install an anti malware software which will block viruses and spyware from being installed on your phone. Furthermore, it will update you to any suspicious activities, so that you can take appropriate measures to block any unauthorised access.
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