How to Prevent Mobile Banking Fraud
by Although Internet banking has not lost its impact and popularity, mobile banking is not lagging behind either and experts predict a rapid increase in the number of customers who will use their cell phones to manage their money. Also known as SMS banking or M-banking, it is the next step forward for money management where banking functions like account transactions, payments and balance checks are done via a mobile device such as a cell phone or a PDA. Quick and easy, mobile banking is uber convenient and fits really well in a busy and tech-oriented lifestyle.
However, to what extent you will be able to do banking via your smartphone, entirely depends on your bank. Some banks send message alerts to cell phones to keep customers updated about latest account information such as credit and debit card use, withdrawals and deposits. You can even log on to the Net banking site using your mobile and do all necessary transactions. But in this age of rampant cyber crime, the click-and-bank system via cell phone has its share of risks, too.
With Internet security concerns like viruses, malware and data theft migrating to the mobile phone, banks today try and ensure most stringent safety measures for their new mobile channel. But the enterprise fraud monitoring system within a bank may not be sufficient unless a customer plays an equally significant role to combat mobile banking frauds. In order to prevent fraudsters from siphoning away your hard-earned money, try the following tips:
- Opt for a phone lock with a difficult password – one which will be really hard to crack. To create such a password, use a combination of symbols, numbers and letters. Try unique combinations instead of words that can be easily guessed.
- Do not reveal personal information like PAN card number, date of birth, account number and debit/credit card PIN via text messages as this may result into identity theft.
- Keep your password and PIN a well-guarded secret. Never disclose this information, not even to a bank official. Turn on your security settings, so that no one can use your phone without your permission.
- Protect your cell phone with the latest antivirus software. Also, the software you choose should be reliable and tailored to your needs.
- Use a secure e-mail software and Web browser. The ‘Help’ function of the software can assist you in configuring your privacy and security settings.
- If you want to download files, make sure that you do so from a trusted source. Remember to switch off the Bluetooth when the phone is not in use. This will help prevent virus attacks and even data hacking.
- If you are not sure about a particular URL or website, do not click on it. Also, delete unwanted/chain messages or mark them as spam.
- If you let someone else to make calls or send text messages from your cell phone, make sure that you delete all your personal details before you hand it over.
- Clear the cache or browsing history regularl.
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