Online banking

How Safe is Online Banking On a Mobile Phone

How safe is online banking on a mobile phone is one major question we do ask when it comes to online or internet banking.

Online banking have made banking banking services easy simpler and better as you can easily transfer money, pay bills and others right from your smartphone. Millions of people are using online or internet across the world but sometimes we ask this question how safe is online banking on a mobile phone.

You are right to ask this question especially when we have our financial account on our finger tips 24/7 avaliable to us. If adequate security measure is not included, you might be losing some amount of money from your bank account.

What you will have to understand is the fact that everything has advantage and also the disadvantage. But it is left for us to avoid the disadvantage aspect of it. And so in online banking one should also try and avoid the cons of it.

I love online banking so much and as a banker, i always recommend people to enroll for his or her bank internet banking. If you are busy person, internet banking is a huge advantage to you or maybe you are a business person.

Benefits of Internet Banking

1. You can make a transaction from anywhere – you need not actually go to a bank counter – you have access from home, work or even when you are on a holiday

2. You can make a transaction at any time – you need not abide by the working hours of the bank. You need not even worry about Sundays or other holidays – your account is accessible 24×7.

3. You can use any device with internet access for your bank activities – phones, laptops, desktops & tablets – anything.

4. Banks offer a wide range of services – payment of bills, transfer of money, checking account transactions via the internet.

5. All the transactions are automatically updated immediately; therefore you always have access to your information without submitting any slips or documents. Thus your account is always up-to-date without any discrepancies since the process is completely automated

How safe is online banking on a mobile phone

How safe is online banking on a mobile phone 9mobile

Let’s get back to your question on how safe is online banking on a mobile phone. And below are the answers to your question.

1. By Using a Strong Password for protection.

Online banking is safe on a Mobile phone if you use a proper and strong password to protect it. During online banking registration, you will need be asked to add a pin code which is used for your password, you should make it difficult for people around you to figure out.

Don’t use your date of birth or your family member or something close to you, even your debit card pin. Make it so difficult that no one around you can gaze the actual correct pin.

2. Don’t give your pin number to anyone.

Sometimes we make this mistake of giving out our internet banking password(pin) to people around us especially our wife, husband, brother or sister or maybe your loved one. If you ust do that, then you should have up to 90% trust in them.

There’s an instance where my brother who happens to know my internet banking password used my account to buy airtime for himself. I was sleeping, he collected my phone, unlock it and used my internet banking and deleted the notification message. Unlucky for him i know the exact amount of money I have on that account.

There after i used the account, the amount deducted wasn’t what I expected, i was like this bank charged me more but on a second thought i decided to go for a statement of account. On going through it, i noticed airtime recharge of N500, i looked closer and it happens to be my kid brother’s number. I called him and questioned him and he admitted of using my account to buy airtime and which he went further to select the message so that i will not know.

In this case my brother knows my internet banking password cause i told him that and there after used it without my consent. What if I wasn’t able to detect that phone number, it might even be worse for me.

He might use it for bill payment or even transfer money, so one needs to be careful in giving out internet banking password or username.

3. Adding adequate and strong security measure on your mobile phone

This is a must if you make use of mobile banking or internet banking on aobile phone. Add security code that only you can unlock and in the case of theft the person will only reset the phone in order to use it.

Also you can choose to hide your mobile banking app or enable a password before one can open the app.

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With the above, I think i’ve answered your question on how safe is online banking on a mobile phone. But please if you have other measures please share with us.



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