A perfect money management tool for people on-the-go, mobile banking is growing in popularity in major cities across the world. In Asia, Mastercard’s Mobile Shopping Survey found that Singaporeans are the biggest users of mobile banking applications in Asia, with 44.3% of respondents currently using such applications.
Mobile banking applications enable you to store, send and receive funds in a fast, seamless and secure manner. All you need is a smartphone and a secure Internet connection, and you can transfer payments at anytime and anywhere in the world. Most banks offer a downloadable mobile baking application, making bank visits and ATM queues no more than distant memories.
So if you want to track your spending, but can’t find last month’s bank statement, worry not! Your mobile banking application records all transactions and is easily accessed with a few quick taps. So the next time you see someone tapping on their mobile phone, don’t assume they’re playing games. They’re very likely to be banking on-the-go!
Now that you’ve got your money in the palm of your hand, or mobile phone, we don’t think you’ll want to let it go. Both you and your bank have an equal role to play in ensuring your money is safe.
We share with you the 6 commandments of mobile banking security to help you optimize your money’s safety and your application experience
1. When accessing your mobile banking application, don’t use a public Wi-Fi connection
Avoid sharing your information freely. Surfing on an unsecured connection leaves your smartphone – and its applications – vulnerable to hackers and thieves.
2. Check your issuer’s website to find out what sort of protection it offers for its mobile application
It may seem like a no-brainer, but knowing the security measures available will help you bank with confidence. It also lets you know who to contact and what to do in case you spot suspicious activity.
3. Activate your account’s authentication services
Most banks offer a range of authentication services and devices, such as One-Time-Passwords, to authenticate the transaction process. Activating these services provide another layer of verification, and security to your transactions.
4. Update your mobile applications to ensure it has the latest security services
It may seem like a hassle to regularly update your mobile banking applications, but doing so allows you to enjoy the benefits and features offered in the latest versions. Often, these updates are security-related, so it’ll help make your device a safer one too.
5. Do not jailbreak your mobile device
Jailbreaking your phone allows third-party applications to access your device’s operating system, making them privy to all information stored on the device.
6. Use a password on your phone, or activate its biometric security features to keep your phone locked
Stolen or lost mobile phones are a godsend for hackers and thieves, as they hold valuable information and provide almost-unfettered access to your bank accounts. Safeguard your mobile device by putting your phone on lock-mode and installing a password to prevent easy access.
Want to empower yourself with more mobile-related safety and security tips? Click here to learn more.