Most banking institutes have released mobile banking applications for their customers, where they can avail the banking services from the tips of their fingers. However, on various occasions the question is – whether these mobile banking apps are safe? As fast as the technology is progressing, so are the tech savvy thieves. Is it really beneficial to you once you know that your financial information is floating around on connections or stored in a piece of machinery that can be easily lost? In this article, let’s explore whether the mobile banking applications are the safe for you or a source of easy income for hackers.
* Encrypted connections
Most financial industries have invested in a lot of funds in the security technology for the mobile banking application. With this technology, all the information that is transmitted between servers and the mobile phone is encrypted, just like any regular online banking services. Thus is this way, the likelihood of your data getting stolen from the mobile banking applications much lower? This encryption data process is extended to mobile banking apps for android as well as mobile banking apps for iPhone.
* Direct Alerts on your phone
Most banks ask you to register your mobile number with them as soon as you open an account with them. It is ideal you do so, as you can get constant alerts and updates in real time about details of your account, either through email, app or SMSes. Thus, if you make any transactions or deposits, you can immediately get an alert about it. You can also receive information or an alert from you bank when your balance is reduced to a certain level, or when your credit card is approaching a particular value. Mobile banking apps for android and mobile banking apps for iPhone normally have direct alerts on smartphones.
* Codes and passwords
Most banks offer various services through the mobile banking application. In order to access various services, you will need particular codes or passwords that the bank provides when you register your account with them. Since the bank will only accept instructions from your number and that particular code or password, there is no chance of misuse of data, or even get it stolen. Mobile banking apps for android and mobile banking apps for iPhone have various password and code protections to prevent any data being stolen or misused.
Though the threat looms over the heads of the customers, the mobile banking apps are getting more advanced and secure. So, you can rest assured and depend on your bank to provide the safety net for your financial data.
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