Most banks have introduced different ways in which their customers can use their phones to access different banking services. With a mobile phone, one is able to access his or her bank's services at any time and in any location.
Even though this allows customers to save time and cut costs as they don't have to travel to the bank, mobile banking has several risks, which customers should avoid.
1. Using unsecured WiFi networks
Most mobile apps can be accessed through unsecured Wi-Fi networks. However, such hotspots are at the risk of being hacked by fraudsters who on accessing your bank details and personal information can use them to access your mobile banking service. Ensure you only access your mobile banking apps when using secured wireless networks or your phones data.
Different mobile banking platforms have developed different apps to ease the banking system and have set conditions that those apps must have.
Even though the banking institution might not know the risk associated with downloading the app from the play or google store, it is important to ensure than you are very keen on the official app you download otherwise you will download a different app and increase the chances of being exploited by fraudsters.
3. Risk of mobile malware
Just like computers and tablets, smartphones are prone to cybersecurity threats that are able to hijack one's personal details which are targeted by fraudsters and internet hackers who can access the mobile banking once they have the details. Avoid clicking links that can lead you to malicious websites