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Mobile banking dos and don’ts: RoamwareBy
By 2015, Berg Insight forecasts that 894 million people worldwide will use mobile banking or related services.
That is up 1,525 percent from the 55 million mobile banking users in 2009. As mobile banking continues to grow in popularity, consumers need to take steps to protect themselves while accessing important information on their phone.
Below are the top mobile banking “dos and don’ts” from Roamware.
1. Use caution while installing a bank’s software for mobile banking to ensure it is authentic and reach out to the bank for confirmation.
2. Password-protect the mobile phone and set the maximum number of incorrect password submissions to no more than three.
3. Choose a complex password with a minimum of 8 characters using letters, numbers and special symbols. Do not use personal details like date of birth, names, etcetera, as a password.
4. Review account statements frequently to check for fraudulent transactions.
5. Report a lost or stolen phone immediately to the bank and arrange to deactivate the mobile banking service.
1. Reveal or write down PINs or retain any email or paper communication from your bank with regard to the PIN or password.
2. Give PIN or ID information over the phone or Internet or share with anyone.
3. Click on bank-related links embedded in emails received on your phone email.
4. Transfer funds without due validation of the recipient, as funds once transferred cannot be reversed.
5. Store sensitive information such as credit cards details, mobile banking password and user ID details in a separate folder on your phone.
6. Multi-task when you are transacting using mobile banking software installed on your phone.
7. Forget to advise your bank of changes in your mobile number to ensure that SMS notifications are sent to someone else.
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