5 Effective Ways To Protect Your Mobile Banking From Security Threats
Moderation is the key, Potential in effect, yet to be achieved.
Introduction to why mobile banking is important and how our system is at risk
Banking used to be a manual process. Going to your branch, verifying, identity before any action could be carried out. These steps ensured the safety of banks and their clients. Through the introduction of mobile banking with smartphone integration, the 21st century has created new challenges for people to deal with when it comes to banking. Online banking or Mobile Banking is a new form of banking.
Mobile banking saves you time, offers convenience and flexibility of use while saving you dollars on gas consumption for your vehicle. These are the benefits of mobile banking but at what cost? Have you ever thought about how disconnected you truly are from the process of mobile banking? You send commands to be fulfilled through a void in the Internet and application? yet you cannot see what is happening behind the scenes?
If I have evoked any sneaking suspicion, you have the right to know how to ensure your own security.
Here are 5 ways you can protect your mobile banking experience.
1. Avoid Using Links that prompt you to provide private information.
When you’re using the internet, you may have landed on pages that are very suspicious and ask you to reveal your private data. Do not ever reveal private information online unless it is through secure and official channels. “Phishing” is the term that is attributed to tricking people into revealing private information, this can be as simple in the form of the text message with a link or as complex as a website link sent for you to access. Scam calls are prominent nowadays, apps like Hiya can provide a solution that helps protect you from scam calls. The three “M”s of risk management is very important in avoiding the use of “phishy” links. Monitoring your link sources which will allow you to Minimize and Manage the damage you may go through when looking at phishy links. Any links that ask you to reveal private information without legitimate verification reasons are considered “phishy” links. Therefore, risk management at an early stage is very important.
2. Do not use mobile banking on open networks.
Mobile Banking requires access to an online network that connects you to the application servers for commands. Accessing your mobile banking on open networks often leads your smartphone or laptop to risky malware. An example of software that can access and harvest private information is Firesheep which is a plugin for Mozilla Firefox. The only way that you can protect yourself in open networks is by using VPN’s (Virtual Private Network) and Anti-Virus that provides robust firewall properties. The network you access has to be identified at first, if it is an open network it will be susceptible to hacker activities and malware as it operates on open network principles. These open network principles are meant to be collaborative and accessible but hackers have other plans.
3. Use Two Factor Authentication on all your mobile banking.
Make sure you have two steps set up for mobile banking on your device. This means enabling cellphone verification and email verification. Many banking apps now have that card and fingerprint verification factors built into their interface. This allows the user full security and access to their mobile banking. But as banks work hard to keep your mobile access secure, hackers and thieves are working harder to infiltrate applications. Always check with your banking institution as to how they will make your online banking experience more secure.
4. Use official banking apps only.
Tying into the two-factor authentication this goes hand in hand to state that mobile banking should be only accessed through your financial institution's app. If you bank with any North American financial institution, they will either provide a platform for banking in the form of a smartphone app. My favorite banking app is from the Royal Bank of Canada (RBC). This app has many built-in features such as activation codes when setting up your online banking account. Personalized verification questions that only you can answer. When working with banking apps always check with your banking institution if they offer mobile banking solutions. Here is a definitive list of application from some of the top financial institutions of Canada.
3. TD Bank.
How do Apps ensure security?
The mobile app has all security features such as the ability to save your client card but as a secure procedure, the app will not save any passwords as a precaution. The app also gives you access to RBC Secure Cloud that protects your payment and account information as well as a secure in-app mobile chat experience. The app utilizes NOMI, a payment supervisor tracking all purchases made and monitors your account for any suspicious activity. This NOMI software embedded in the RBC app utilizes behavior analysis for fraud detection.
5. Always link your banking to your email and phone number for a track record.
If you have a smartphone that is past the 2013-year mark, they all come with the ability to synchronize your data and ensure that your information is safely backed up virtually and onto your device as well. In the case of an emergency application like OneDrive from Microsoft, Dropbox by Dropbox Inc., Icloud by Apple Inc. come in handy by backing up information into their secure servers. These applications are secondary to ensuring your banking activity is linked to your personal email and personal cellular number. We are in the era of that poses significant threats to our assets, to secure your personal handheld device and your online properties such as email will help protect you from those threats.
Bottom line is that you should be able to enjoy mobile banking by secure means and always take extra precaution towards protecting your information and assets.
