Many companies are currently developing enhanced applications to further add security features to protect their customer's mobile phone transactions. Mobile application development in the form of client applications is a focus of some major financial institutions like Citibank and Bank of America. Developing customized applications for the exclusive use by their customers, these companies are creating applications that can be downloaded directly to the customer's smart phone. Other company's like AT&T are creating third party downloads that can be used to access accounts at many other banks enhancing mobile banking security.
One reason specialized client applications are becoming so popular is because they are faster and more secure than logging into your bank's website. In most instances these user interfaces are simpler to navigate on the small displays that are common with smart phones. Often these applications will take some effort to install, but theoretically these applications are much more secure due to the fact that they have been design to work exclusively with your bank's own security algorithms. By avoiding the use of web browsers, mobile application development downloads are also immune to web based phishing scams. Considering downloading these far superior applications to your smart phone is an important step towards improving mobile banking security.
If you decide to download mobile application development software to your mobile phone, there are some downsides that come along with all of the benefits. One of the most serious concerns after you downloaded one of these client applications to your mobile phone is you now need to be very concerned if you should happen to lose your phone. A smart phone with client based banking applications installed on it can be very dangerous in the hands of the wrong person. One is cautioned to disable these options on the phone after each individual use and to make sure that you inform your bank in the event that you lose your smart phone to ensure mobile banking security.
One also needs to take into consideration that with these downloads your mobile smart phone is now carrying very sensitive information on the smart phone itself. Since many of these client applications allow for the user to remain connected for long periods of time, discipline in shutting down these applications after use is a must. One must also make sure that their application downloads are coming from a reliable source like your bank itself or a trusted source as there is significant danger in obtaining rouge downloads that will jeopardize your mobile banking security as well.
Reducing fraud and protecting your money while having client applications installed on your smart phone requires taking a few common sense steps to make sure that you remain protected:
- One should make sure that their smart phone is setup to require a password to access the phone upon power-up and that the phone is also setup to go into a sleep mode after a certain period of time. If the phone is lost, it will hopefully power-down before someone else can attempt to access the phone and then the phone is password protected.
- Don't allow your phone to be setup to automatically log into your account. This may sound like you are making your life more difficult, but you are also making it more difficult for an unauthorized user as well.
- Never share your password, pin number, or account number.
- If you lose your phone, contact your bank immediately to maximize your mobile banking security.
You should now be aware of many of the benefits, and some of the risks, of having your mobile phone setup to provide direct access to your bank through client applications. Being forewarned is being forearmed, and following these simple guidelines will make your use of today's technological advantages a safe one. Mobile application development is serious about providing customers with the latest benefits while also offering mobile banking security for all involved as well.
For more information about mobile application development, visit Magenic Technologies [http://magenic.com/] who have been providing innovative custom software development to meet unique business challenges for some of the most recognized companies and organizations in the nation.
By Chandra Heitzman
