Why Is Mobile Banking Considered Riskier Than Online Banking?

June 5, 2021

Mobile banking is all the rage these days, especially with all the precautions one needs to take during these times of disease and pandemics. The total and partial lockdowns all over the world have negatively impacted all aspects of life. Businesses are the ones that have taken the biggest hit, with customers staying away from points of sale, manufacturing units closed down for fear of infecting the workforce, and the global supply chain coming to a near standstill due to shortages and hoarding of raw material.

In these uncertain times, businesses have found solace in online marketing and eCommerce. Under this new arrangement, all transactions are being made online, either using mobile banking or online banking. However, some people consider mobile banking to be risky. So the question is, why is mobile banking considered riskier than online banking?

Fake Mobile Banking Apps

Scammers are always trying to get a hold of your personal information, and mobile banking is one way they can successfully do so. The chances are that the app you use to access your bank account and make financial transactions may look like the real thing, but in reality, it could be a fake one designed to capture your personal information and login details. 

Make sure before you download a mobile banking application that you are downloading it from a secure site and a trusted source! Unverified or open-source applications tend to contain viruses or trojan horses specifically designed to scam you out of your hard-earned money.

You should also try going directly to your bank's website instead of opting for a mobile application. If you have to have a mobile banking application, the best source to download would be a link from your bank’s official website.

Mobile Banking App on Public Wi-Fi

Public WiFi seems to be a Godsend that enables you to save your data charges, but it also your data vulnerable to hackers. Since a public wireless internet connection is not that protected and is accessible to everyone, it becomes possible for intruders to hack into your phone when you're using public WiFi.

Always stick to cellular data when you need to access your financial accounts in the public, or better yet, wait until you're on a private Wi-Fi network and then log into your bank account.

Updating the Phone's OS and Apps

Software updates are an essential part of keeping your devices running at their best. Security patches and fixes often come as a part of these software updates, along with new security features that make your devices invincible! Unfortunately, most of us have this habit of ignoring these requests for software/security upgrades. Remember, whenever you get a notification of an upgrade, download and run it as soon as possible!

Saved Passwords/PINs 

If you are like me, you might keep a note on your phone with your bank account details (password or PIN). However, doing so is a dangerous practice and can cost you your money if you lose your phone or get mugged. Outsiders can quickly gain access to all of your accounts linked via apps such as PayPal or Venmo. Try not to store passwords to these sensitive accounts anywhere in an unlocked or unsecured device.

Password Protect your Phone

Modern phones give you an extra layer of protection by letting you open your phone with a fingerprint scanner. This way, no one can access anything on it without permission from the owner- but if they do manage to get their hands on it and break through your second line of defense (the password), they could access all your banking details! So don't let anyone near your phone or share any information about yourself. Instead, use password protection, because after all, taking care of our security is up to us!

We hope you now understand why mobile banking is thought to be riskier than conventional online banking. However, if you must insist on going with mobile banking, be sure to follow all the recommendations and implement the safeguards we have

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