Covid-19 Impact | Mobile Banking Crash Course

By | November 22, 2020

The pandemic is far from over with multiple cases being reported every day. Venturing out unnecessarily is still not safe. Smartphones have solved a big problem by allowing us to manage our funds while sitting at home or the office. However, you need to be careful. Let us help!

Nowadays, most of us use our smartphones for mobile banking for which, we enter some crucial information such as bank account numbers, passwords Credit Card details etc. on our smartphones. Mobile banking is indeed a very convenient task but ever wondered what will happen if this information is hacked or leaked? What if your smartphone is lost?

Additional Reading: 3 Unmistakable Signs Of Identity Theft

If you frequently use your smartphone for mobile banking, then you should take some measures to protect your crucial data. Read on to find out 8 mobile-banking tips for secure and safe banking via smartphone.

Here we go:

Pattern/Pin Lock

Always put a screen lock on your smartphone using a PIN or pattern, whichever you think will be easier for you to remember but difficult for others to judge! You can also enable automatic screen lock on your phone which will lock if it is left unattended for some time. It will protect your phone from unauthorised access by some other person. Some smartphones come with fingerprint scanner which you can use to your advantage.

Additional Reading: All You Need To Know About Secured Credit Cards

Update The Software Regularly

Besides new features, software updates sometimes come with some improved privacy controls which protect the device against malware attacks. Make it a practice to download software updates as soon as they are released. Also, update your banking apps regularly. You can enable automatic updates but certain apps need to be updated manually. Keep track of such apps and update them regularly.

Download Apps From Trusted Stores

Always download applications from trusted sources such as the Apple store for iPhones and Google PlayStore for Android smartphones. Also, make sure to check the rating and comments as well as privacy policy while downloading apps. Avoid downloading apps from unknown websites.

Additional Reading: Learning To Use Your E-Wallets Safely

Download An Anti-Virus App

Download an anti-virus app with good ratings on your smartphone. There are numerous anti-virus apps that are available on app stores for free. Make sure you check the rating of the app before downloading it since there are many fake apps available that infect the devices instead of protecting them from malware.

Turn Off Bluetooth/Wi-Fi/Location Services When Not In Use

Make sure you switch off Bluetooth/Wi-Fi/Location services on your device when it is not in use. Not only will it save a lot of battery juice but it will also keep your data safe by restricting hackers from accessing information on your device.

Log Out of Websites After Making Payments

Mobile banking is convenient but make sure you log out of the website once the transaction is complete. If you don’t logout, there is a possibility that someone with access to your phone may use the same information to make payments. So logout out of the website immediately after making transaction and avoid saving passwords on your device.

Additional Reading: How To Protect Your Money From Digital Banking Frauds

Use Strong Passwords & Change Them Frequently

Never use your name, birthday or any such information as your password which can be judged by others easily. Always use strong passwords with a combination of alphanumeric and special characters. Also, change your passwords frequently.

Report Suspicious Activity

Inform your bank immediately if some suspicious activity such as unknown transaction takes place. Check your Credit Card statements regularly.

We hope this helps!

The BankBazaar Mobile app is completely secure – we’ve made sure of that. Download it here. While you wait, you could just click the click the link below and check out some great offers on Personal Loans and Credit Cards!

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

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