How to stay safe when using mobile banking apps – Times of India

Online banking has changed the way we bank. It’s not an exaggeration to say that most of us may not have visited our banks for years now. Thanks to internet banking and banking apps. These modes are sufficient for most of our banking needs. However, while online banking is a boon, it can also be a bane if basic security tips are not followed. As our small mistake can lead to financial loss. Here are some simple tips to follow while using mobile banking apps.
Install apps from only official app stores
Make sure that you download banking apps only from official app stores, which is Google Play Store or Apple App Store.
Avoid clicking on suspicious links
Never download banking apps from links received via SMS, email or any similar platform. Phishing scams often take place via such emails and SMSs.

Use two-factor authentication when available
User two factor authentication (2FA) as it adds another layer of security. This also ensures that you get notifications if anyone is trying to hack into your account.
Use PIN or biometric authentication on banking apps
Make sure that you have PIN or biometric authentication enabled on all your banking apps. This will ensure that no fraud transaction takes place in case your phone falls in wrong hands.
Use strong passwords
Strong passwords are critical. Make sure your password is complex and comprises upper and lowercase alphabet, digits and symbols. It is also suggested that users change their passwords regularly, this helps in case their password has been hacked in any data breach.
Contact your bank in case of a phone loss
Immediately call your bank in case you have lost your phone. Make sure you disable the mobile banking app and block all transactions via it.
Use a secure internet connection
Never use banking apps or engage in online banking on public Wi-Fi networks. As public Wi-Fi networks are vulnerable to hacking. You may end up leaking your important banking credentials while using a public Wi-Fi.