Anybody that keeps their money in the bank has probably heard the term’ mobile banking’ before. Well, in case you do not know much about mobile banking, this article here will give you some insight into what it is.
What Is Mobile Banking?
In simple terms, mobile banking refers to the act of carrying out financial transactions with your mobile device. This device can be either your smartphone or tablet.
It can be as simple as a bank sending transaction to a user’s phone paying various bills or sending money abroad to someone.
The use of mobile banking has become very convenient in today’s world. The number of banks and other financial institutions that have made mobile banking available to their customers attests to this fact.
Cybersecurity has become very important in the use of mobile banking operations in recent times. Cybersecurity consists of a wide range of measures used to keep all electronic information safe and private to avoid cases of theft and damage.
It also makes sure that data does not end up being misused. This extends from personal information to complex government systems as well.
There are three main types of cyberattacks, and these are,
- Backdoor attacks- This is when cyber thieves use alternative methods to access a system that does not require the usual means of authentication. While some systems have a backdoor designed into them, others come by a backdoor through an error.
- Denial-of-service attack- This is used to prevent the owner of the system from accessing it. Cyber thieves will intentionally enter a wrong password numerous times to get the system locked up.
- Direct-access attack- This refers to the use of bugs and viruses to gain access to the system to either siphon information from it or modify the system.
How To Secure Clients Against Cyber Attacks
Some of the steps that financial institutions can take to protect their clients against cyberattacks on mobile banking include;
- Educating their clients about cyber attacks and the use of strong and unique passwords
- Make sure not to access client data from a public location
Advantages Of Mobile Banking
- Convenience – it has become easy for people to make transactions at the comfort of their homes by using high-speed internet. This has made it much more convenient for people to make use of mobile banking.
- Ease – Mobile banking has also made it easy for people to access their bank accounts without joining any long queues that they may have possibly bound at the bank’s offices. You can also access your account even when the bank is closed, and you can transfer funds quickly to another charge if the need arises.
- More minor errors – mobile banking apps also help customers make fewer errors than they would have made independently.
Disadvantages Of Mobile Banking
Mobile banking also has some disadvantages, although they are few. The errors are;
- Restricted plans- the initiatives in mobile banking are very restricted, although there are many plans to enhance its usage. Most are informative, like bank balances and credit card applications.
- High charges- one of the problems of mobile banking is that its cost is far greater than the benefits that one derives from it. The charges in mobile banking are still too high at the moment.
- Technical problems- there are many problems that mobile banking apps commonly encounter, such as security and costs concerns.
With mobile banking, people can access their bank account almost anywhere as long as they have a technological device and an internet connection.
If you choose to use mobile banking, you should make sure that you know all that there is to know about it well, especially the words that may come from someone qualified to speak on the subject.