The day and age has come where financial transactions have now been executed, literally on the go. Thanks to mobile banking apps you can now effectively manage your funds, check your balance, make a transfer and even pay bills online.
However, only about two – thirds of banks customers, who own a smartphone, actually utilise and enjoy the benefits of mobile banking. The main reason behind this number, is that not many of these individuals are unaware of the safety features offered by these mobile banking apps. In fact, these apps have been designed in such a manner, where it offers more safety benefits as compared to the traditional form of banking.
They include:
Multi factor authentication: The submission of a single password, in order to grant access to your customer’s bank account, is no longer used as a defence system, as it can be easily beaten. Banking apps are now coming with multi factor authentication features, which add additional layers of defence. In fact, it integrates well with the safety features of the phones, to offer optimum security. Features such as fingerprint scanning or facial recognition unlocking will help you restrict the access on your phone and apps. With each added security, it makes it difficult for hackers or cyber criminals to access your banking details through the app.
Offer real-time text and email alerts: One of the main causes of fraud in any form of banking transactions, is the obliviousness. When a fraudulent transaction takes place, the bank account owner, may be unaware of it, and thus take the measure to block or trace the access point. By setting up alerts through real time texts and emails, customers, such as yourself, can stay updated constantly on the activity in the bank account. You can even set up the alerts for custom work, such as getting to know if a specific amount of funds is being withdrawn from your account. Such alerts will help you know if your account has been compromised, and you can immediately contact the bank to track and stop the transaction.
Utilize behaviour analysis: Most of the banking apps are now integrated with software security features that will monitor and analyse your login location and account activity of the customers. By doing so, the banking app will flag down abnormal behaviour, which will either alert you, or monitor for further investigation. This will take you one step ahead when it comes to protecting your banking details or even your bank account even before any irreversible fraudulent activity can occur.
While these are the current features, these banks apps are continuously being upgraded to ensure that your banking data is well secured against any evolving threat.
However, only about two – thirds of banks customers, who own a smartphone, actually utilise and enjoy the benefits of mobile banking. The main reason behind this number, is that not many of these individuals are unaware of the safety features offered by these mobile banking apps. In fact, these apps have been designed in such a manner, where it offers more safety benefits as compared to the traditional form of banking.
They include:
Multi factor authentication: The submission of a single password, in order to grant access to your customer’s bank account, is no longer used as a defence system, as it can be easily beaten. Banking apps are now coming with multi factor authentication features, which add additional layers of defence. In fact, it integrates well with the safety features of the phones, to offer optimum security. Features such as fingerprint scanning or facial recognition unlocking will help you restrict the access on your phone and apps. With each added security, it makes it difficult for hackers or cyber criminals to access your banking details through the app.
Offer real-time text and email alerts: One of the main causes of fraud in any form of banking transactions, is the obliviousness. When a fraudulent transaction takes place, the bank account owner, may be unaware of it, and thus take the measure to block or trace the access point. By setting up alerts through real time texts and emails, customers, such as yourself, can stay updated constantly on the activity in the bank account. You can even set up the alerts for custom work, such as getting to know if a specific amount of funds is being withdrawn from your account. Such alerts will help you know if your account has been compromised, and you can immediately contact the bank to track and stop the transaction.
Utilize behaviour analysis: Most of the banking apps are now integrated with software security features that will monitor and analyse your login location and account activity of the customers. By doing so, the banking app will flag down abnormal behaviour, which will either alert you, or monitor for further investigation. This will take you one step ahead when it comes to protecting your banking details or even your bank account even before any irreversible fraudulent activity can occur.
While these are the current features, these banks apps are continuously being upgraded to ensure that your banking data is well secured against any evolving threat.
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