Mobile Banking, is it safe?
Traditionally, for you to conduct any banking activity (e.g. make a transfer, cash a check), you had to do this at the bank. As time went on, more branches were introduced and reduced many lengthy journeys. With the help of technology, this conventional method can now be complete via a button on your smart phone. Transforming the banking experience, mobile banking allows transactions to be made immediately, and at your convenience.
Driven by the rise of smart phones, mobile banking has been prevalent in recent years. Although this is the case, instances of hackers accessing private files and personal information have altered the mindset of the public, sparking reluctance towards this new phenomenon.
Will this mean a greater risk of data breach and fraud?
As technology continues to alter our lives, it also alters how fraudsters can access our information. Prior to computers, information was stolen physically. Now that files and data are stored online, fraudsters have adapted accordingly.
Malware – ‘A recent study carried out by Cybersecurity firm Avast recorded that 36% of participants mistook a fake mobile banking app interface for the real one.’ – BGR
This suggests that more than 1 in 3 users could be at risk of having their data stolen.
Unsecure networks – With multiple restaurants and public spaces offering free Wi-Fi services, many have opted to use this free service to save on data. Despite this tactical switch, your activities could be visible to someone else on these vulnerable networks.
How can we combat these threats?
To heighten security, many banks have rolled out new initiatives to safeguard sensitive information.
Multi-factor authentication – For other online services, a password is likely to be sufficient to access your account. However, due to its significance, mobile banking apps have introduced multi-factor authentication to increase safety (e.g. Two-Factor Authentication, Two-Step Verification).
Real-time alerts – By sending an alert immediately after an action has been conducted, this is an easy way to let someone know if their information has been compromised. This could be set by triggers (e.g. every transaction or transaction over X amount).
Don’t miss the chance to talk about the future of mobile banking with like-minded peers at this year’s Asian Banking Forum! For more information on this year’s event programme, please visit: http://www.arena-international.com/abfsoutheastasia or alternatively, you can email us at: email@example.com
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