How Safe Is Mobile Banking?

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How Safe Is Mobile Banking?

How safe is mobile banking? After all you have often heard of how there are plenty of online scams out there just looking to siphon off your bank account. You might even know someone personally who has been conned or swindled in one way or another through the phone, malware links, or phishing emails. And all those bank breaches you keep hearing of? That cannot possibly help with your confidence in online banking, right?

With the advancements in online banking, mobile banking, and banking apps; so are the hackers getting smarter with their tactics. It would be a shame to give up on your Maybank2u or CIMBClicks altogether out of fear, as these forms of banking have proven to be a great ease to our banking transactions, bill payments and the likes of it at the tap of our fingers.

Hence, this is why the safety on your mobile banking can depend on how cautious you are while doing so, and even how well-informed you keep yourself updated on the security features surrounding your mobile banking.

 

1) USE THE OFFICIAL APP

This tip seems like a no-brainer, but really, downloading the wrong banking app from your app store could be disastrous. Official banking mobile apps are even safer than if you were to perform your online banking on a browser.

Fake banking apps could be created to mimic the official ones, so it is best if you can refer to your banks website when you are downloading the app to be sure you are downloading the right one.

And even if you are performing mobile banking through the app, logging out of the app once you are done with your transactions is always an advisable tip so that you leave no trace of your password or username readily on the app for logging in.

(Read also: 8 Security Tips When Downloading Apps from App Stores)

 

2) DON’T TRUST ALL LINKS

It is common to receive SMS messages from your service providers like your banks, telco, credit card companies, or utilities providers. These SMS messages come from all odd “66628”, “20000”, “66300” numbers that we overlook properly checking who the messages are coming from.

Scrolling through your inbox alone you might be so overwhelmed with different numbers that we let our guard down and assume all the messages to be flooding our inbox to be genuine. Even for instance when performing real-life over-the-counter payments with your telco, you could find yourself receiving an SMS asking you to reply your feedback on your in-store experience.

With one wrong click, or one mistaken message, you could be unknowingly handing over your information like your username and password straight to a cyberhacker.

The thing about these messages is that sometimes you cannot even tell they look suspicious due to the realistic ways they are sent to you. Never, ever, send your details out by SMS, emails, or social media.

(Read also: 3 Ways To Test Links Before Clicking On Them)

 

3) NO MOBILE BANKING ON PUBLIC WIFI

You would not do your banking transactions in the open eyes of strangers watching, so why would you do mobile banking on public Wifi?

We understand that mobile banking was made specifically for the convenience of doing your banking virtually anywhere. But if you need to whip out your mobile for a quick payment transfer to your friend for your share of lunch, or to check on your balance to see if your pay has gone in for you to buy that new toy, do so on your mobile data.

If you are travelling and only have access to public Wifi, then please use a Virtual Private Network (VPN) on your mobile. Consider a VPN like BolehVPN which would not only make your mobile banking safer by encrypting your Internet traffic, but also keep prying eyes away from intercepting your transactions.

(Read also: Is It Safe To Use Hotel Wifi In This Age Anymore?)

 

**BONUS** MAYBANK APP UPDATE

Source: Maybank

For Maybank app users who frequently use the app on your mobile, do take note that a new system to replace SMS TAC by 22nd January 2019. The Secure2u update is mandatory and will replace the old authorisation method for all Maybank app transactions (including Instant Transfer and Interbank Giro Transfer to your non-favourite accounts, Bill Payment and Prepaid Reload).

Remember to activate your Secure2u on your Maybank app before the 22nd January 2019!

Read also

Is Online Banking Safe? (And What You CAN Control About It)

The 3 Reasons Why You Should Always Use a VPN with Your Smartphone

The Ultimate Guide to Your Smartphone’s Mobile Privacy You Need to Know

2 Comments

  1. Alles says:

    Nice tips, I haven’t used BolehVPN, is it good? I’m using Surfshark if I need to connect to public wi-fi with my phone, I thought using a VPN will be harder but everything’s really one click away. Now I enjoy the anonymity and encryption that a good VPN provides. Is there a free trial for BolehVPN so I can try it out for comparison?

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