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We no longer have need to keep cash in our wallets. But why and how did this happen?
All this is because of the increasing use of digital wallets on our Android smartphones. Banking is just one click away, using the safe and secure techniques we can access our account and make transactions on the go. This all is possible due to mobile banking and digital transactions apps.
When talking about mobile banking, the question that comes in mind is “Is mobile banking safe to manage your money?”
Most banks provide apps for doing digital transactions on the go. The answer to the question totally depends on what security measures are being taken by the banks for their mobile apps.
But, anything related to technology, be it mobile banking apps, are exposed to hackers. The mobile banking apps use the similar way to encrypt the information in applications as on the Internet. So, it becomes easy for hackers to steal your money in minutes by putting in malware and antivirus in your phone. But, for just to be on the safer side we should use some protective and preventive measures from our side too. Before that let’s just take a look at the risks of using the mobile banking apps.
Things to Remember Before Using Mobile Banking Apps:
As said earlier, anything related to technology isn’t safe. So is the mobile banking. Let’s just read about the risks of using mobile banking.
1. Malware in Your Phone
Malware is the most common method used for accessing the information. Malware could be in an application or in any software you download from 3rd party source. Malware includes virus, trojans, spyware, etc.
2. Bad App Designing & Downloading Corrupt Apps
The developers sometimes miss the little information while designing and leaves a loop hole for data to exploit. Even when you download the apps that are not permissible for your phone makes it possible for hackers to access the information. The most common mistake made by individuals is to root their phone to install unauthorized apps. Meaning they tamper the best security feature of Android that is made to secure their data.
3. Using unsafe Wi-Fi networks
We are all addicted to the internet and whenever we find a free wi-fi connection, we just connect our phones to it. But this isn’t safe. Through unsecure wi-fi network your information could be accessible by some other person.
What could be done about the risks?
Just to be on the safe side and to stay away from troubles, all we could do is use these simple security measures that lessens the chances of getting hacked.
1. Download Apps from Play Store Only
We all know that downloading an app from 3rd party source isn’t a good idea at all. Risking your bank information just to save data is a bad decision.
Banks provide their apps on the Play store, so that they can be analyzed by Android security for authentication and safe use. Users should only download the apps from the legitimate source.
2. Keep Changing Your Passwords
Just to be on the safe side keep changing your passwords from time to time. This makes it less possible for hackers to login to your account. Keep in mind that you should have a strong password. Your password should always be alphanumeric and should contain special characters.
3. Keep Updating the App
Keep updating your mobile banking app. As the updates have security patches fixed that makes it more secure.
4. Use Antivirus
If you are using the banking applications on a regular basis, it is recommended that you should use best antivirus software for Android to add an extra layer of protection.
Even some of the banks provides a security software that makes it impossible for hackers to access the information and data.
Antivirus for Android phone is an extra add on to the phone protection. Most of the phones comes with best security features for Android.
Antivirus scans many of the malware and virus present on your phone and removes them making your mobile safer than before. There are many antivirus apps for Android available on the Play store.
All in all, banks should keep privacy and security in mind while developing the app for safer transactions. And on the other side, users should use some preventive measures for just to be on the safe side.
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