How to Use Mobile Banking for Your Business Securely: 7 Best Practices

The post-Covid world has shown a sharp tilt towards the involvement of technology in every aspect of life. From conducting classes to opening bank accounts, technological advancement has ensured that all of this can be done online.

Youngsters on the move might prefer these online alternatives, as these are more time and energy conserving than their offline counterparts. This applies even when it comes to mobile banking from the various apps available in the multitude of app stores.

Even teenagers who are below the required age to legally control a bank account are finding mediums online to manage their pocket expenses. Money smart teens make use of great apps like Cashee for the same.

Despite being incredibly convenient, mobile banking can bring about risks as well. One must be careful and aware in order to navigate around cyber-attacks.

If you are someone who is using the medium of mobile banking for your business, this article is for you. Here, we will discuss some threats which might emerge from online banking. We have also listed 7 ways by which you can use mobile banking for your business safely.

What are Some Risks Associated with Online Banking?

Online banking is safe to a very large extent. Experts say that downloading a mobile app from a secure app store is as safe as visiting a bank branch!

Banks generally use secure, high-end encryption technologies while developing mobile apps. This prevents fraud or malpractices from happening to the customer.

The problem occurs when the official applications of banks are not downloaded, and the customer accidentally uses some fake app to carry out transactions. These masquerading apps are the biggest reason for fraud these days.

Other threats for a person using mobile banking stem from ‘Trojan apps’. This means that other unrelated apps might carry some form of malware that can be used by hackers and fraudsters to steal user data.

Practices to Safely Use Online Banking For Businesses

As we have examined above, the nature of threats is not inimical to the official mobile banking apps. Instead, they rise up due to unassuming customers downloading apps from unverified sources.

This underlines the importance of being alert and aware to ensure the security of all your transactions.

Follow the following tips to always stay on the safe side of the fence when utilising mobile banking, especially for your business.

1.     Download only Verified Banking Apps

This is a very important thing to be ensured. As mentioned before, there might be spyware and other malware specifically designed to steal your personal and account details. Dodge them all by downloading only verified banking apps from the bank’s website.

2.     Ensure Multi-factor Authentication

Multi-factor authentication means that your bank account is protected by various layers of security. It is thus harder for fraudsters to surpass the security features and gain access to your bank account. Multi-factor authentication must be activated on your banking app. This can be in the form of passwords, OTP sent via message, biometric keys, or MPINs.

3.     Avoid Public Wi-Fi

Public wi-fi can pose a potential risk as it is easy for hackers to hijack and steal information while you are online. Saving pennies you spend on mobile data is not worth risking your business capital.

4.     Prepare for Phishing Scams

There are various platforms that provide awareness modules and quizzes which you can go through, to always stay alert. They can educate you about the different types of malware, how they affect your device, and how you can avoid them. This knowledge can be precious to avoid endangering your valuable money.

5.     Set up Notification Alerts Regarding Transactions

This is another step you can take to ensure the safety of your bank account. Set up various alerts on all devices which you use. This can be via SMS on your phone or by e-mails. This will notify you of any transaction which took place without your notice, and you can immediately take remedial steps to reverse them

6.     Ensure Regular Software Updates

Always keep the browsers and software on your devices updated. This is because updates get rid of any bugs which scammers might use as loopholes.

7.     Always Log Out After Use

Never leave a banking app without logging out first. This will ensure that in case your device gets into the wrong hands, they won’t effortlessly be able to access your bank account.

On An Ending Note

If you follow all the aforementioned practices we have suggested, you will be able to keep yourself safe from the potential security risks facing millions of users. These countermeasures will keep your money safe, thus ensuring peace of mind for you!

Adam Hansen

Adam is a part time journalist, entrepreneur, investor and father.