What is Mobile Banking? Is it Safe?
The earliest mobile banking services were offered over SMS, but with the introduction of smartphones & the Apple iOS and Google Android operating systems, mobile banking is now primarily offered through applications as opposed to through text messages or even a mobile browser.
Mobile banking (mBanking) or text (SMS) banking refers to online banking that occurs via mobile phone rather than via a PC (online banking). The earliest mobile banking services were offered over SMS, but with the introduction of smartphones and the Apple iOS and Google Android operating systems, mobile banking is now primarily offered through applications as opposed to through text messages or even a mobile browser.
Mobile banking allows you to review transactions, transfer funds, pay bills and check account balances via your mobile device. MBanking also offers enhanced security with SMS transaction notifications and the ability to turn card accounts on or off; the development of new technologies like mobile check deposit (where you simply take a picture of the check using your smartphone’s built-in camera) is contributing to the increasing popularity of mobile banking. Eventually, mobile phones may even replace automated teller machines (ATMs) and credit cards.
However, studies show that many Americans are still uncomfortable with mobile banking, citing security as a top concern. According to Javelin Strategy and Research, “Between 2009 and 2010, the number of consumers who rated mobile banking as ‘unsafe’ or ‘very unsafe’ increased by a shocking 54 percent.”
While banks are working to do their part, users have to take additional steps to make sure their mobile data is protected. Here are some tips for mobile bankers of all ages to help keep you safe while banking on the go:
Robert Siciliano is an Identity Theft Expert to Hotspot Shield VPN. He is the author of 99 Things You Wish You Knew Before Your Identity Was Stolen See him discussing internet and wireless security on Good Morning America.Disclosures.
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ABOUT THE AUTHOR
ROBERT SICILIANO, CEO of www.IDTheftSecurity.com is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds.