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

PCQuest - - TECH & TRENDS - Mu­rari Srid­ha­ran,Chief Tech­nol­ogy Of­fi­cer, Bankbazaar.com

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.

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