Is Mobile Banking Safe?

Is Mobile Banking Safe?

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A deep dive into the question – is mobile banking safe?

Key Takeaways

  • Mobile Banking allows you to access various products and services offered by your bank.
  • You can download your banks’ mobile banking apps on your internet-enabled smartphone.
  • You need to undergo a two-factor authentication process to log in to your app.
  • You can conduct fund transfers in seconds with Mobile Banking
  • You must use set strong passwords to amplify the security of mobile banking apps.

The digital age has witnessed the rapid adaption of technological advances in India’s banking sector. Today, you need not visit banks to carry out financial activities like fund transfers and bill payments. Instead, you can access almost all banking facilities through internet and mobile banking services. But have you wondered, is mobile banking safe? If yes, read on.

Is Mobile Banking Safe?

To make their customers’ lives easy, most banks and financial institutions offer mobile banking applications. You can download these mobile apps from the iOS Apple and Google Play Android app stores and access bank services with just a few taps. Along with convenience, banks also ensure that these secure apps protect your sensitive financial information.

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How is Mobile Banking Safety Assured?

The security of a mobile banking app depends on two factors:

  1. The fundamental data security feature put in place by your bank to safeguard your bank account details.
  2. The telecom service provider you choose.

Most mobile banking apps rely on two-factor authentication for verification purposes. As such, your bank sends a One-Time Password on your Registered Mobile Number via a text message for every transaction. You must enter the OTP to confirm the transaction. With this step, your information is protected from cyberattacks, and your data is encrypted for secure transmission. Plus, banks also require mobile device authentication and six-digit PIN verification for security reasons. These measures ensure that fraudsters cannot access your data.

Tips To Make Mobile Banking More Secure

Having explained is mobile banking safe, here are some tips on enhancing your mobile application’s security.

Install Verified Apps

Ensure that you install verified apps launched by the host bank. You can find information about your bank’s mobile banking app on its official website. You must download the app from a reliable app store.

Use Strong Passwords

Avoid using simplistic and easy-to-guess passwords. Create longer passwords with lower and upper cases letters, numbers, and special characters. You can save your password on your mobile phone by using a reputable password manager.

Set two-step logins

Besides the passwords, you can also set up two-step logins, including biometric data like your facial scan or fingertips. This way, even if someone guesses your password, they will not be unable to access your account details.

Avoid Using Public Wi-fi Networks

Public wi-fi networks are largely not secure and may cause data theft. You must thus try to use a secure private connection for mobile and internet banking.

Set-Up Alerts

You may sign up for SMS banking notifications and email alerts after every transaction on your account. Thus, if you notice fraudulent activities, your bank can immediately freeze your account.

Final Note

We hope this article answers your question – is Mobile Banking safe on android and iOS. Mobile banking is a facility that empowers you to enjoy the convenience of carrying your bank in your pockets and keep an eye on your transactions 24x7.

Are you looking for a smart mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes. Also, open your savings account with us.

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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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