5 Effective Mobile Banking Security Tips for 2022 and Beyond

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Mobile banking has altered the financial landscape in India. However, as mobile banking transactions have expanded throughout the country, so have cyber threats. According to Trend Micro, a software security company, India ranks third on the list of nations most afflicted by malware attacks. So, if you intend to use or are already using a loan app, there are lessons to be learned to defend yourself from cyber attacks.

Mobile banking is popular among young people who find it convenient to use and easy to obtain an instant loan online whenever required. However, as a responsible app user, it is essential to protect oneself from cybercrimes. Continue reading to learn how to protect yourself from becoming a victim of online fraud.

5 Tips to Guard Against Mobile Banking Fraud

Here are a few tips for making your mobile transactions more safe. 

  • Follow Safe Online Habits

People frequently use these apps to access various banking services such as two-wheeler loans, mortgage loans, and others. Therefore, it is necessary to develop specific habits to ensure your online security. Things that you should keep in mind while using the app are: 

  • Never keep banking information on your mobile device, such as your account number or debit/credit card PINs.
  • Do not save your password or name on your mobile device for automatic login when using a banking app.
  • Never utilise public Wi-Fi networks or free Wi-Fi hotspots. Instead, use a secure network or a password-protected Wi-Fi connection at all times.
  • Use the latest anti-virus and firewall software and update them regularly.
  • Use Strong Password

Your first line of resistance is password. Make sure your passwords are complex and contain a mix of letters, characters, and numbers. Change them regularly.

  • Download Verified Banking App

When downloading apps, please exercise extreme caution because they may contain malware designed to circumvent your phone’s security settings. Notably, most banks’ websites include links to app stores to assist you in finding the right app. In addition, the information transmitted across a network by such apps is encrypted to enable secure transactions. After paying attention to the app developer’s details, you must choose a reputable app store. If there are similar apps with the same name, visit the banking website or contact customer service. 

  • Use Social Media Judiciously

We all use social media for varying reasons. Unfortunately, it’s also a popular place for cybercriminals. Never discuss your personal information or share sensitive details on social media, such as getting a loan for a bike or discussing your loan application status with friends or an unknown person. In addition, when using your mobile phone, never click on suspicious posts or links that may lead you to a phishing site. Such URLs have the potential to steal your information stored on your mobile device.

  • Be Wary of Unsolicited Calls

It is not uncommon to receive scam calls from scammers posing as bank agents on your mobile phones. Banks must never ask you to divulge personal or sensitive banking details on the phone. Hence, never reveal your Credit/Debit card PIN details, OTP, account number, passwords, and related information on the phone. 

Banks are taking precautionary measures and frequently send out advisories to customers to avoid phishing attempts. You may secure yourself digitally and avoid falling victim to such malicious attempts by taking preventive measures, such as those discussed above.