Is Mobile Banking the Best Way to Go?

By: Jon Deems | Views: 1461 | Date: 25-Jul-2011

The security of smartphones will always be under scrutiny, as people are increasingly dependent on these devices for managing many aspects of their personal lives. That being said, is it really safe to perform monetary related tasks using a mobile device? It certainly can be, with the right precautions.

The security of smartphones will always be under scrutiny, as people are increasingly dependent on these devices for managing many aspects of their personal lives. That being said, is it really safe to perform monetary related tasks using a mobile device? It certainly can be, with the right precautions.

Right now there are a number of mobile application development companies out there working on enhanced applications that will add security features to online banking systems, including major institutions such as Citibank and Bank of America. These new applications may be downloaded directly to customers' smartphones. Additionally, there are other companies that are creating third-party downloads for the purpose of allowing access at multiple banks.

These specialized client applications are growing in popularity with good reason. If you have used any of them, then you are well aware of how fast and secure they actually are. The software is very easy to navigate, and because they have been designed to work with your bank's own security algorithms, you can rest assured that your money is safe.

There are a few downsides to downloading the mobile application to your phone. For instance if you lose your phone, anyone could have access to your bank account. That being the case, it would be best to disable the application after each use in the event you lose your smartphone. It might not be likely, but it is a risk you really do not want to take! Always make sure you inform your bank if you lose your smartphone, as this will ensure enhanced security. 

If you want to reduce fraud and protect your money while using online banking, you need only follow these simple steps:

    Make sure that your smartphone requires a password to access the phone. For better effect, set the phone so that it will enter a sleep state at one point. The phone will then be password protected and safe even if you happen to lose it.

    Avoid setting your phone to automatically log into your account. Yes, this will create more work for you, but your security is entirely worth it!

    Don't share your password.

    Contact your bank immediately if you lose your phone.

There are plenty of benefits to mobile banking so long as you acknowledge the potential risks. Armed with the proper knowledge, you will find that mobile banking can provide its customers with some amazing benefits along with a high level of security. 
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