Mobile Banking Security

Any bank or credit union pretty much has to offer mobile banking. This is because the customers demand it, people want the ability to pay their bills and view balances among other things. Very few people, especially the younger generation do banking the old way. Some are even beginning to offer services of uploading a scanned check for deposit.

Because of this, almost any bank, including large or small has some kind of mobile banking. Of course this is great, but oftentimes mobile banking security is neglected as they implement the changes quickly. With banks having a lot of sensitive information, it is very important that security is taken seriously. Not only that, but some high profile banks have been hacked in the past. Banks are a target for hackers, not only for the information they hold, but others do it for political reasons.

Steps have been implemented at most banking websites. Usually they go above the typical user name and password. Some require a code every time you login from a new location, ensuring that you are able to access your personal email or cell phone. This is one step to verify who you are. Others have security questions that you must answer. The answers are supplied when the user signs up. This of course cuts down on problems. Others require a password that is hard to guess, consisting of random numbers and letters, lowercase and upper case. Some even require you to change your password periodically.

Of course the best mobile banking security will be vulnerable, because nothing it truly secure. But if the right steps are taken, it will ensure that the bank will most likely not be targeted. The customer needs to do thinks on their end as well, such as having a good password, not sharing it with others, and using secure connections. It would be very easy for someone to get a banking password at a wifi hotspot. Also the customer needs to make sure they log out of shared machines.

Mobile banking security should not be overlooked. If a site is targeted and successfully penetrated. The bank opens themselves to a lot of liability. Furthermore, when high profile cases make the news, a lot of customers lose confidence in the bank and even close accounts and bank elsewhere. Having customers data exposed is a public relations nightmare and should be avoided at all costs.

Source by Jeremy B Thompson

Ben Wills

I am a professional finance expert and business lover.

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