• Wed. Aug 3rd, 2022

5 tips for securing mobile banking transactions

Although mobile banking is rapidly catching up with people of all walks of life, India remains a country heavily affected by malware. In fact, according to a recent survey by Trend Micro, a software security company, India ranks third (9%) among countries affected by mobile banking malware, behind the United States (23%) and Japan (10%).

Here are five tips with which you could secure your transactions. :

Passwords: your key to security

These are your first line of defense. Make sure your passwords are strong and contain a combination of characters, letters, and numbers. Review them regularly. Use an online password strength tester to figure out how easy or hard it would be for a machine to guess your password. “Some of the most used passwords in India in 2021 were qwerty, password, 123456, India 123, abc123 and sairam. If you use them, you are in trouble. Finally, do not expose your password and information such as OTP to anyone or anything except the systems that this data is specifically intended for. If you have been exposed, take defensive action immediately,” says Adhil Shetty, CEO of Bankbazaar.com.

Systems check is a must

Be sure to update your software regularly. Old software was not designed to deal with new threats. “Make sure you have access to anti-virus and anti-malware software. Above all, do not click on funny links or fake websites where you could lose control of your bank account or your computer,” adds Shetty.

Cyber-education is now a reality

Infosecurity is an evolving field. Threats evolve into new forms. Find out about them. Make sure you have the basic knowledge to spot and avoid threats. Educate yourself and your family members as well.

Stay away from refurbished apps

There are repackaged apps that lead to mobile malware. Beware of such apps as they are malicious. Be careful while downloading apps as they might bring malware. Most banking apps are available on official app stores. Usually, the information sent by these applications is encrypted to secure transactions. Also, beware of high-risk apps that display unwanted ads. Keep track of what you post on an app platform. Although they promise safety and data security, you can never be sure. Ideally, before downloading an app, you should read as much as you can about that app on the internet.

Don’t be lured by scam calls

Beware of suspicious calls that could put you in danger. This especially happens when you return a missed call from an unknown number. You may be charged high rates for these calls. Also, your phone’s security could be breached by crooks and your phone’s data could be transferred during a call. Above all, do not give out sensitive information or bank details, PINs, debit or credit card numbers during your phone call.