How to Protect Yourself From Mobile Banking Fraud

How to be Safe From Mobile Banking Frauds

Information Technology has changed the Way we were using The mobile now everything is possible with just a touch on our smartphone. In recent few year, we can see huge growth in mobile user in India. India is fastest growing mobile user country in the world and it is emerging market for Smart Phone companies.

How to Protect Yourself From Fraud

Now Smart Phone is like our personal computer which we carry everywhere and we can do almost everything with our smartphone that our personal computer does. In India Major percentage of smartphone user is not aware of Cyber Crime especially Banking Fraud but Efforts of Indian Government and Banks to educate people about Banking Fraud is Remarkable.

Use the following tips to avoid mobile banking fraud.

1. Always use Mobile phone lock function when mobile not in use. phone lock function present in almost all mobile phones with additional feature like Pattern Lock, Gesture Lock, Even though Finger Print Lock etc.

2. Use a strong password to lock your cell phone. use minimum 8 characters of the password which should be a combination of letter, numerical and symbol.

3. Never send any type of your personal data to anyone through text message if you want to share confidential banking data with someone creates Self-Destructing Note to create self-destructing notes Read my post How to Create Text Notes That will Self-Destruct after Being Read.

4. always use the latest antivirus to protect your cell phone. Always use the latest version of mobile web browser recommended one is Google Chrome because Google Chrome is by Default Secure for Everyone.

5.Crete your own security standard by downloading Firewall.

6.Download file and Application Form from a trusted website like Google Play Store.

7.Switch off your Blue tooth when not in use.

8.If you have decided to sell your cell phone, take backup of all your data and make sure you have erased your all personal information.

9. Never Entertain anybody who calls and tells you won the Lottery and give your account details so we can deposit money in your account.

10. Never Share your Card details and CVV number to anyone not even to banking official.

Actionable tips to get protected from banking fraud

Keep your mobile device updated
The first step in protecting yourself from mobile banking fraud is to ensure that your mobile device is updated with the latest security patches. These updates contain security fixes that address known vulnerabilities that can be exploited by attackers. So, always ensure that your mobile device’s operating system and banking app are up-to-date.
Use strong passwords
A strong password is one of the best defenses against mobile banking fraud. Ensure that your password is complex, unique, and not easily guessable. Avoid using personal information such as your name or date of birth as your password. Also, avoid using the same password for multiple accounts, including your mobile banking app.
Enable two-factor authentication
Two-factor authentication (2FA) adds an extra layer of security to your mobile banking app by requiring a second form of identification, such as a fingerprint, face scan, or a one-time code sent to your phone. Enabling 2FA will make it harder for attackers to gain access to your account, even if they have your password.
Avoid using public Wi-Fi
Public Wi-Fi networks are often unsecured, making it easy for attackers to intercept your internet traffic and steal sensitive information such as your banking login credentials. Therefore, it is recommended to avoid using public Wi-Fi when accessing your mobile banking app. Instead, use a secure Wi-Fi network or cellular data to access your mobile banking app.
Be cautious of phishing scams
Phishing scams are a common tactic used by fraudsters to trick users into revealing their login credentials. Be cautious of emails or text messages that appear to be from your bank, asking you to click on a link or provide your personal information. Always double-check the sender’s email address or phone number before responding to any messages.
Monitor your account regularly
Regularly monitoring your account activity can help you detect any fraudulent transactions early on. Set up alerts for any unusual activity, such as large transactions or login attempts from an unfamiliar device. If you notice any suspicious activity, contact your bank immediately.
Use a trusted mobile banking app
Ensure that you download the official mobile banking app from your bank’s website or app store. Avoid downloading mobile banking apps from third-party sources, as these may be malicious and designed to steal your login credentials.

Final Thoughts

Precaution is always better than cure same way awareness about cybercrime and fraud can save you to a victim of Cyber Crime. Mobile banking fraud is a real threat that requires users to be vigilant and proactive in protecting themselves. By following the tips outlined in this article, you can significantly reduce your risk of falling victim to mobile banking fraud.

Always remember to keep your mobile device updated, use strong passwords and two-factor authentication, avoid using public Wi-Fi, be cautious of phishing scams, monitor your account regularly, and use a trusted mobile banking app.