With the rise in popularity of mobile phones and tablets, there has been a rise in the popularity of mobile banking. Add to that the busy, multitasking lifestyles that are predominant for all walks of life and you end up with a solid need for banking that has mobility. Although so many people already utilize a banking application through their phone or tablet to handle their financial business, it is still a good idea to stop and consider whether or not the method is safe. Fraud and identity theft have exponentially grown in recent years, so there is reason for concern about safety. Not to mention, the savvy consumer always asks questions.
The short answer is that yes, there is risk, but it isn't terribly high. Mobile banking, via a cell phone, tablet, or lap top is as safe as banking online through your home computer. The banking industry saw the trend coming and has invested heavily in protection levels that are difficult to hack. Fraud and scams still can happen, but not by the average thief. In fact, the security measures are so robust, that many banks offer 100% protection if anything does happen due to mobile banking, as long as you report it on time and there is no culpability on your part for sharing sensitive information that made you vulnerable.
Mobile banking can take three forms, short messaging service (SMS), mobile web, and apps. They each offer different ways to interact with the bank and each have their security risks and protections. SMS is the texts that a customer can sign up for that notifies them when their account is low, when a deposit has cleared, or a withdrawal or purchase over a certain amount was made. There are a number of criteria that can be set up for request, and the bank will automatically send a text message to notify the customer. It is a handy tool and since the interaction is tied specifically to a phone registered to your account, it is safe.
Mobile web access is another way to do mobile banking. Through access to the Internet on a phone or tablet, the bank's website can be directly accessed and you can log into your account and perform all functions, as if you were at home on your desktop computer. The rise in smart phones and devices with full QWERTY typing capabilities has increased this method of banking. The rise in busy people doing banking while waiting in a doctor's office, at a child's soccer practice, or while waiting for their order at a restaurant has only encouraged mobile web access. Access to the web is just as safe, whether you get online from home or through a device.
Applications for customer's devices is another way to do mobile banking. They are easy to use on a phone, because they are formatted for fast navigation on small screens. They are safe, because the app is not subject to scams, like text or mobile web access could be, and it was developed to specifically coordinate with the individual bank's security measures.
In the end, protection from fraud comes, like always, with being a savvy customer. Be wary of phishing scams that include text messages or emails asking for personal information, like your SSN, PIN, or account number. Even if it looks legitimate, a bank would never ask for that information in such a way, so report the issue immediately if it happens. It is also smart to notify the bank immediately if your phone or tablet has been lost or stolen. Since it has been verified in their system, they can put a hold on interactions performed through that number, to protect you from theft through the device.
If you would like to learn more about mobile banking in the Dallas area, contact Green Bank. http://www.greenbank.com
By: Angela Landrum
No comments:
Post a Comment