Demonetization of 500 Rs. & 1000 Rs notes has resulted in huge adoption of digital and online payments solutions, including mobile wallets, mobile banking and electronic banking. This means that lots of people are now these days using their mobile phones/devices to transact electronically(online) for the first time, and it’s not just an occasional(or done infrequently &irregularly use but the primary means of accessing(using) their finances.
But once when you download an app(application), how will you make sure that it is secure? Mainly Most of the banking apps are pre-secured, and do use strong & high techniques(especially to prevent unauthorized access), you think maximum times & well to make sure that you do not fall prey to anonymous and compromise with your financial(banking) apps. So, below here are Six things you can do to protect your mobile banking and wallet apps.
1) Keep a lock screen code in your phone
The first security measure – that you should take of all data that is on your phone not just your financial apps- is to set a lock screen(home screen) code or pattern on your phone. The benefit of this app or technique is, even if your smartphone is stolen , the thief(person who steals another person’s property) will face some difficulty in stealing or taking your data, including that of wallet apps & mobile banking. Even affordable smartphones(Android, ios, windows) now come with fingerprint,voice sensors(for high security), so adding this layer of security is also should be convenient and easy. On others phones those are without fingerprint or voice sensors, make sure you set up pattern or passcodes locks to protect your device as well as you all data; if you use a passcode(Numeric or Alphabetic), make sure that you haven’t shared with anyone or used it some where else.
2) Use app lockers in your Phone
There are maximum numbers of apps available on Google Play Store that allow you to set a pass-code or pattern on other apps(Already installed). This means that to access or open a locked app, you would have to type second password(as first password is you main mobile screen on password). Now you are thinking that Why do you need to do this means to lock installed apps? Let me explain with you example, suppose you need to give someone else your mobile phone, to make a call/message or for any other reason. You’ll have to unlock the phone(main screen lock) and hand it over to that person, so it is probably a trusted person(you know him/her), but even then, do you trust all friends and acquaintances(Knowledge or experience) with access to your financial or banking information?
Having an app locker allows you to give people access to your smartphone, without allowing them to look/open at your important or sensitive data – this could unknown from your financial apps, some more things like your e-mail. Some popular app locker apps that are available on google play store & here link also available to redirect to play store are AppLock and CM Locker, both of which have good reviews on store.
3) Keep tracking your notifications
Whenever a transaction (weather it is online e-payment or ATM) is made via your account, banks always send you an alert via SMS and email. Keeping a track of this as it is extremely important to ensure that no one else has access to your digitally,finances or otherwise. For this apps, such as Money View and Walnut can keep your record safe of all transactions made on your bank accounts by accessing SMS alerts from your bank.
If you have registered your net banking account from a secondary(other then main) email ID to avoid spam, then set up email forwarding to send notifications to your main email. Otherwise, an important(related to bank) notification that would may be alert you about misuse, might not be seen for few hours or even days, at which point it might be too much late to do anything.
4) Don’t use rooted phones/jail-broken/apps from unknown sources
Do not use rooted Android smartphones or jail-broken iPhone to access or transaction your mobile banking apps and mobile wallets unless you are absolutely sure what you are doing. When you jailbreak or root any smart phone, you forego some of the security Apple and Google have used on the core OS to protect it from hackers and malware. This makes the device harmed to attacks, and it will allow hackers to steal your financial data easy remotely .
Similarly, if you are installing an app from unknown sources(means form direct unknown site) on Android, you don’t know how trustworthy it is, whereas the the App Store and Google Play store are relatively much safer.
5) Avoid third-party keyboards in smartphones
Third-party keyboards are somewhere useful for many purposes, but you don’t know nothing about what data is being stored by these keyboards when you type or press, which have access to all your inputs. This makes the third-party keyboards a little bit un-secure for your mobile wallets and banking apps, since your passwords(NUMERIC,Special Character, Alphabets all) will also be visible to them. Famous Companies like SwiftKey say they do not store any personal data. It Is better for complete peace of mind, switch to the default keyboard(pre-installed keyboard) when using sensitive apps.
6) Never use banking apps and mobile wallets on public WiFi(Open WiFi)
Public WiFi networks are usually un-encrypted(leads to unauthorized access), who could access whatever you are viewing or accessing on your device, including your mobile payments apps whats app and all. Avoid public WiFi networks to join, especially on that device that has sensitive and important personal information or financial apps.
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