Phone banking allows you to conduct financial transactions with your bank through the use of your mobile telephone. More and more mobile phones are manufactured with web browsing capabilities. The new mobile phone’s capacity to connect to the Internet allows banks to communicate with clients through their mobile phones. The iPhone, for instance, has a sophisticated built-in web browser, which you can use to access your bank.
One of the greatest concerns in phone banking is security. Mobile phones use wireless Internet connections for transactions. Wireless transactions are easier to hack and access, which can lead to theft of personal information and even passwords and account numbers for your bank. If you are planning on using your mobile phone for banking, here are security measures you need to remember.
- Card based protection. Most banks will require you to input the security code located in the card issued by the bank. If your phone browser offers to save the security password found in your card, decline the offer. This means that you have to input the security code with each transaction. However, it also means that hackers will not find passwords stored in the unit.
- Authentication. Make sure that your bank offers a series of authentication questions that will verify your identity, especially if you use phones for banking. A good bank will have separate sites for phone based bankers, instead of the same site that can be accessed with a computer connected to the web. Answer all the authentication questions to get access to your account. Make sure that you do not save your authentication information in the phone. Also, you should clear the browser’s cache after each transaction.
- Use SMS with care. SMS is short for short messaging service and it is known as text messages. Many people use SMS for sending messages to their friends and family. Do not, however, use SMS for saving bank codes, bank security PINs, passwords, and other sensitive information. You can accidentally send your information to the people in your contacts. Or, your phone may get stolen along with the passwords you have saved.
- Encryption. Make sure that your phone is equipped with encryption, and that the bank you are transacting with will be able to access your phone using encrypted connections. SSL is the standard encryption used today. Your bank should have at least this type of encryption.
- Use the bank’s downloads applications. These are programs that are created by banks and installed on your phone or computer. They are quicker than the pre-installed web browser downloader and are safer since these applications are built by the bank itself.
- Do not disguise passwords. Another thing, do not try to disguise a password, PIN or code. As much as possible, simply keep your bank information in a separate piece of paper. The best solution, however, is to commit the bank details to memory. Here are some of the unreasonable ways that many people attempt to mask their codes.
- Writing the code or pin in a reverse order
- Recording the pin or code as phone number with correct sequence
- Scripting the passwords disguised as amounts or dates
- Recording the password in an easily understood manner
Phone banking can be useful, if the big issue of security is answered. Until mobile phones are protected with better encryption technology and until Wi-Fi based Internet connections are better protected from hackers, you should protect yourself with these easy steps.