With the advent of M-Pesa, money transfer in Kenya was revolutionized. This was a feat of ingenious proportions and more recently banks have jumped into the bandwagon.
People are using mobile banking to transact their business from the comfort of their mobile phones. Most of them have no idea how the process works and are just glad to have their money transacted via Short Messaging Service, but just how safe is this invention?
Edward Ochieng' who is a software engineer at Jambopay has decided to demystify this process and clue us in on just how safe our money is.
Banks use the highest level of security on our accounts and most fraudsters find it hard to target them directly, so they seek out the customers.
Security measures are however built into mobile banking procedures to ensure that our transactions are safe from prying eyes.
Banks provide PIN numbers and passwords for protection, with some apps offering timed processes which log you out if you delay your actions.
Authentication procedures are sometimes also built in which include fingerprint recognition, security questions and location confirmation by GPS.
In case of unauthorized transactions some banks will offer guarantees to cover losses to your account. However you must report the theft immediately to qualify for a rebate.
Criminals have also upped the ante and invented creative ways of accessing your finances which include hoax emails that ask you to confirm your bank passwords, spy software that records your onscreen activity and scams that trick people into giving up personal information.
The best thing to do is to always ensure your phone is inaccessible to strangers, never divulge personal information and that any security software you use on your electronics is always up to date.