As more and more of us are managing our money through mobile, we are also putting ourselves at an increased risk of data theft. As per a joint study by the Associated Chambers of Commerce and Industry in India and research firm EY, mobile fraud is expected to increase by 60-65% in India in 2017. With the amount of digital transaction growing manifold, it is a huge cost to bear.
Here are some tips to secure our mobile banking experience
Check the origins of the app: While banking apps are safer than browsers with additional security built-in, make sure they are downloaded from a direct and reliable source like a bank website. Avoid downloading the app from an app store considering it to be heavily vetted by it. A fraudulent app can access all your information.
Use a secure Wi-Fi network: While access to public Wi-Fi is a boon, it comes with its own price. The public Wi-Fi hotspots are unsecure as they require no authentication to connect to the network and often result in a hacker gaining easy access to every piece of information that you send out on the internet. Make sure you use a virtual private network (VPN), a paid service, to keep your web browsing secure and private on public Wi-Fi.
Update your apps: Another way to secure your mobile banking experience to update all your banking apps from time to time with the latest versions. Most of the updates from the banks come with the latest security protection. Ensure that your phone install all updates automatically to avoid the risk of running into any security threat.
Avoid automatic login: While a notification from a banking app regarding auto saving of login id and password looks might look convenient, do not get taken by it. Auto-saving you log in details might lead to anyone misusing it if he has access to your phone. For optimal security key in your user id and password each time you bank through your mobile.
Connect to a high reception: While nothing is 100% secure, you can beef up the security by banking on a 4G or 3G network. In case your device drops into a lower service range than these, the chances of your messages getting intercepted or lost in transit are much higher.