5 WAYS TO SAFEGUARD YOUR MOBILE TRANSACTIONS
Though technology is bringing convenience to our very fingertips, with it also comes some associated risks such as theft of identity, which can be used to steal money from your accounts
Banking started with traditional physical outposts, then moved to the faster, though more non-personal, ATMs. From there, it was not long before it adapted to the internet. The evolution has now reached the hands of customers in the form of mobile banking – a true convergence of the need for mobility and online financial transactions.
Innovations in online financial payments via mobile phones are making the need to carry a wallet obsolete. Though technology is bringing convenience to our very fingertips, with it also comes some associated risks such as theft of identity, which can be used to steal money from your accounts.
Banks have already set up layers of data encryption and other such security measures, but there are a few steps that you, too, need to employ to safeguard your interests.
Instill Security Habits in Yourself
1. Be creative when setting up mobile banking passwords for your bank accounts, or passwords for your profiles on shopping and other websites that may include your payment information like a saved credit card number. Do not use your date of birth, the names of family members, dates of important milestones in your life, or other such names or – numbers that are significant to you. These can be easily guessed or broken by a brute-force attack by those who know you or find out information about you for identity theft. Instead, opt for random alphanumeric constructions with special characters that you can remember but cannot be linked to you easily. This is a tougher option as you have to keep track of these random numbers, letters, and characters, and it might seem easier to simply use information that is easy for you to remember. However, choosing random words and numbers is a safer bet as they will be almost impossible to guess. Also, try to keep your passwords longer than seven characters. This makes it harder to crack. Be sure to change your passwords frequently as well as vary them in type so no one can get used to your pattern. 2. Do not save your passwords on any device, in either written or audio formats, and especially not on your mobile phone. Similarly, do not note down your debit or credit card number, account number, debit or credit card PINs, your usernames and their passwords, and other such vital information. Memorize them instead so that no one but you knows what they are. Avoid sending any such information to anyone via SMS or other texting options. In case you lose your mobile, all the information that you have stored in it will fall into unsafe hands. To make it harder for anyone to gain your personal or financial information, make it even more difficult for them to even gain access to your device by setting an unlock pattern or password on your phone. 3.
Do Not Transact On Public Networks
1. Avoid making any financial transactions while you are connected to public hotspots or general Wi-Fi in hotels, airports, cafes, or other such places. Public networks are more prone to risks of data theft as their encryption can be cracked easily by hackers or crackers trying to access your account information.