6 Common Mobile Banking mistakes you must Avoid

The use of mobile banking apps has soared in recent years.But are you leaving yourself vulnerable to criminals when you use yours? Here are Six common mistakes to avoid.
1.Not checking the origins of an app
If you are downloading a banking app make sure to get it from a reputable source such as Apple iTunes or Android Marketplace and double check if it is the bank’s official app.

2.Using public Wi-Fi
Don’t use your mobile banking apps when you are connected to a Public Wi-Fi network.The fact these networks are open to anyone makes them a hacker’s paradise so you don’t know who is watching what you are doing.Always use a secure Wi-Fi or your mobile network for mobile banking as they are far safer.Make sure your Wi-Fi at home is safe by using a strong password and possibly encrypting it to make sure no-one else is using it.

3.Sharing your one-time password
Many banking apps require you to enter a one-time password (OTP) in order to access your account.This can be generated by an external device or sent by text, depending on who you bank with.As criminals are coming up with increasingly devious ways to get this code.It’s vital you never share it with anyone.Banks have been known to refuse refunding victims of fraud as they say doing so effectively absolves them of any responsibility.

4.Not sending a test transaction
It’s now possible to set up a new payee purely through your mobile banking app.However, with the screens being smaller, it can be all too easy to get the details wrong and transfer money to the wrong account.
The best way to get around this, especially if you’re planning to transfer a large sum, is to first send a small amount (say ₹1.00) and check it arrives in the preferred destination.Once you’re sure, you can send the larger amount with confidence.

5.Not keeping your phone up-to-date
If you are using banking apps make sure you keep them regularly updated so that you have the latest security protection from your bank.Hackers are constantly evolving their techniques and if you don’t keep your app – and your phone’s software – up-to-date you run the risk of becoming vulnerable.Also, consider installing antivirus software on your smartphone to protect it.

6.Allowing anyone access to your phone
Make sure your phone has pins and passwords set up so only you can access it.Without these, anyone could pick up your phone and potentially access your bank accounts.Also, make sure you have strong online banking passwords to protect your accounts.

                                                                            Storing passwords on phone Having a strong internet banking password is completely pointless if you then store them on your phone allowing anyone who steals your phone free access to your bank accounts.

Finally, never store any passwords on your phone or tablet. You’re only making life easier for criminals if your phone ends up in the wrong hands.

So there’s my round up of mobile banking mistakes. Hope your Money is safe wherever it is.

How many of these mistakes did you make?Do give your valuable feedback in the comment section.

About Author

Gaurav bhattacharya

Gaurav Bhattacharya has comprehensive working experience as an Audio Engineer and a Research analyst. He has pursued masters in finance and marketing and has been freelancing since 2012.His passion for varied aspects of Finance, Tech, Travel, and Health is well depicted in his thoroughlyresearched representation of the subject matter. He prefers penning down utility blogs, which are both gripping and informative for the readers.

Leave a Reply

Your email address will not be published. Required fields are marked *