Until a few years ago, customers were required to visit the bank to conduct any financial transaction. Banking, on the whole, was considered time consuming and inconvenient. Today, a number of convenient options have been introduced, of which, mobile money has emerged as the most popular and viable method.
Nevertheless, despite this significant uptake, a number of challenges, particularly pertaining to security, remain. To counter the same, the following steps can be taken:
Keep a track of the mobile device
Today, a customer typically uses their mobile handset to store all kinds of information. To safeguard the same, a customer can avail of basic security measures, such as locking the device with a PIN or a pattern.
Avoid downloading content indiscriminately
Any application downloaded on a mobile device must be developed by a verified and authentic developer.
Use applications developed by the bank one has an account in
Before installing any bank’s application, one must make sure that it has been sanctioned by the bank and is not a fake one.
Avoid banking while using public internet networks
A customer ought to avoid banking transactions while using the Wi-Fi network at public places.
Avoid accessing email or text-based links
The customer ought to avoid clicking on links enclosed in communications through email and text messages. These links may direct the customer to a “spoofed” website. In case the customer uses their login credentials on the same, their details are redirected to a third party. To avoid the same, the customer ought to bookmark their bank’s web address on your mobile device.
Security technologies in use today
Today, biometric technologies are making their presence felt in the domain of financial solutions. Unlike other authentication platforms, biometric technology provides a strong link between an individual and a claimed identity.
The latest and upcoming biometric security technologies broadly include:
Fingerprint Scanner– Apple’s Touch ID, a fingerprint authentication technology has already made its way into day-to-day consumer banking. Applications have also been developed for integrating the fingerprint scanning feature on Samsung devices. Moreover, the highly anticipated Android M (Marshmallow) will also include this feature.
Eyeprint ID-is a technology ensuring mobile security. Unlike iris scanning, Eyeprint ID uses the smartphone’s camera for scanning the unique map of one eye’s blood vessels in the whites. Using the eye scanning application may prove to be quite feasible for the banks as it provides multi-factor authentication to mobile banking.
Voice Assistance– Using voice recognition for logging onto mobile banking applications is an efficient way to ensure security. Voice print authentication seems to be extremely promising. It permits the user to successfully login 95 per cent of the time. It benefits the banks with the promise that it will improve security and simplify usability with time.