Do’s and Don’ts of Mobile Banking.....by Gurjot Singh Kaler

Mobile banking has made our lives a lot easier and monetary transactions can now be completed within a fraction of a second from anywhere across the globe. Mobile banking comes across as a speedy, cost-effective and time saving mechanism to give a satisfying effect to our financial processes safely and securely.

 However, despite the various advantages offered by mobile banking, it is also prone to certain risks and thus, it becomes important to develop proper digital knowledge and awareness to protect ourselves against any type of cybercrime which can wipe out our entire monetary savings. 

Therefore, age-old wisdom demands us to diligently follow some Do’s and Don’ts related to Mobile Banking.  

Here are some important tips related to it which have been compiled from a wide variety of banking sources

 DO’s : 

1. Monitor your transactions regularly. Use the concerned Bank's "InstaAlerts" service and bring any fraudulent transaction to the notice of the bank. Always keep your contact details updated with the bank and subscribe to get transaction alerts. 

2. While exchanging, selling, lending or giving your phone for repairs/maintenance, please make sure that the Banking App is uninstalled and temporary files, browsing history and cache is cleared. Block your mobile banking applications by contacting your bank. You can unblock them when you get the mobile back. Also, clear all your sensitive data from your devices before disposing them. 

3. Check your bank account statements periodically to ensure that all entries are correctly captured. In case of any discrepancy, inform the bank immediately. 

4. Communicate personal information only via secure web sites. In fact, when conducting any online transactions, look for a sign that the site is secure such as a lock icon on the browser's status bar or a "https:" URL whereby the "s" stands for "secure" rather than a "http:". Also, check if the website address is correct before  

conducting online transactions. Look for the padlock sign or ‘https’ in the status bar of your web browser while transacting. 

5. Protect your computer by installing effective anti-virus / anti-spyware / personal firewall on your computer / mobile phone and update it regularly.

6. Check your online accounts and bank statements regularly to ensure that no unauthorized transactions have been made. 

7. Do not disclose details like passwords, debit card grid values, etc. to anyone, even if they claim to be bank employees or on e-mails/links from government bodies like RBI, I.T. Dept., etc. Always look out for spelling errors in messages that ask to share sensitive details, as they will  

help you identify the fakes. 

8. Register for SMS alerts to keep track of your banking transactions. Register your mobile phone number & email address with your bank. Report a lost or stolen phone immediately to your service provider and law enforcement authorities. 

9. Keep your operating system and browser up-to-date with the latest security patches. Install these only from a trusted website. 

10.Keep your passwords, Personal Identification Number (PIN) and card numbers confidential. If it looks suspicious, do not scan a QR code or enter a PIN or OTP to receive money through UPI. Do not take help from strangers to do mobile banking. 

11.Check your account after making any transaction online. Verify whether the right amount has been deducted from your account. If you see any discrepancies in the amount, inform the bank immediately. After completing your transactions, ensure that you sign out of online banking, clear your cache, and close your browser. 

12. Do surf the web with caution. The stranger websites you visit, the more likely you are to expose your phone or tablet to malicious software that can record your keystrokes or steal your passwords. Better safe than sorry. Be careful about the websites you are browsing, if it does not look authentic, do not download anything from it. 

13. Do be extra careful if you use an Android device. At the moment, there are more malware programs out there that are targeted toward Android phones. Of course, that doesn’t mean that if you have an Android phone you have to avoid mobile banking – but it does mean that you should be even more conscientious about using passwords and even more careful when surfing the internet. But if you’re an iPhone or iPad user, don’t be fooled into a false sense of security. Sure, Androids are 

getting hit harder at the moment, but that could change. Exercise caution no matter which type of device you use! 

14.Do wipe the data from your old phone or tablet. When it comes time to upgrade your smartphone or tablet, make sure you remove all of the data stored on your old device before you sell it, give it away, trade it in, or recycle it. The data-wiping process varies a little depending on what kind of device you use. Check your user’s manual or do a quick Google search to find out how to erase your phone. 

15.Ensure that you can retrieve your data if you ever lose your phone. Constant data backups are a must and can be easily set up on any smartphone. Android phones back up data to Google Drive with a few simple steps, iPhones have a default backup option that can be customised. 

16.Keep your phone’s International Mobile Equipment Identification (IMEI) numbers safe and also keep a physical copy. In the even that you lose your phone, tracking is possible only with this number and is necessary for lodging a complaint too. 

17.Always password protect the mobile phone. Use a combination of random letters and numbers as words, names and phrases for your Password. Stay away from commonly used passwords like 123456, Names, Birthday etc. 

18.Always download the mobile banking app from a trusted source and ensure that you are using the official Bank’s Mobile Banking App. Download it directly from your bank’s website and skip the app store altogether to avoid becoming the target of a phishing attack. Be careful before downloading any apps from Play Store or App Store. Verify and agree to only those app permissions which seem to be relevant and necessary for the app purpose. Do not download remote sharing apps, e.g., Anydesk. 

19.Choose a strong password to keep your account and data safe. Ensure that access to the device is protected via password/ PIN/ any security feature provided in the device. Keep the maximum number of attempts to 3 or less.

20. Review your bank account statements frequently to check for any unauthorized transactions. 

21. Change your password and 4 Digit Login Pin regularly. Make it a personal habit. In case of more than one NetBanking or mobile banking user ID, use different passwords for each of them. 

DONT’s 

1. Never give your PIN or confidential information over the phone or internet. Never share these details with anyone including Bank Staff. Always remember that the bank or its employees/representatives will never ask for your personal account information. 

2. Don’t click on links in emails/social networking sites claiming to be from the bank. 

3. Don’t transfer funds without due validation of the recipient, as funds once transferred cannot be reversed. 

4. Don’t store sensitive information such as credit card details, mobile banking password, and User ID on your phone. 

5. Don’t forget to inform the bank of changes in your mobile number to ensure that SMS notifications are not sent to someone else. 

6. Never reveal or write down PINs or retain any email or paper communication from the bank with regard to the PIN or password. 7. Be cautious with offers from caller tunes or dial tunes or email attachments from known/unknown sources and do not download anything suspicious.

8. Be cautious while using Bluetooth in public places as someone may access your confidential data/information. 

9. Be careful about the websites you are browsing, if it does not look authentic, do not download anything from it. 

10.Do not leave your smartphone unattended. 

11.Do not share confidential information via SMS/WhatsApp or any other means with anyone including your family members. 

12.Do not use a public or unsecured Wi-Fi to login or transact with your banking app. Turn off wireless services like Wi-Fi, GPS, Bluetooth, etc. when not in use. Use Bluetooth, if required, in invisible mode. 

13.Do not force close the Mobile Banking App during an active session. Logout properly and then close the app. 

14.Do not open spam mails. Be especially cautious of e-mails that come from unrecognized senders and ask you to confirm personal or financial information over the Internet and/or make urgent requests for this confidential information. Be wary of emails that are not personalized and be cautious of such emails which try to upset you into acting quickly by threatening you with frightening information. 

15.Do not click on links, download files or open attachments in e-mails from unknown senders. Be cautious even if the e-mail appears to come from an enterprise, you do business with. It is a good practice to call up the concerned to confirm in case the e-mail is unexpected. 

16.Do not save confidential information such as your debit/credit card numbers, CVV numbers or PIN's on your mobile phone. 

17.Your card is for your own personal use. Do not share your PIN or card with anyone, not even your friends or family. 

18."Shoulder surfer" can peep at your PIN as you enter it in your mobile phone. So, use your body and hand to shield the keypad as you enter the PIN in crowded places.

19.Don't "Save Password" for your credentials or automatic login for your online banking account. Turn off your browser's auto-complete settings to avoid storing your card number, passwords or any other  

personal/sensitive information. 

20.Don't reveal your banking credentials or OTP to anyone, especially through Email/SMS/Phone calls (your bank will never ask for these details) 

21.Don't perform bank transactions using public Wi-Fi 

22.Prevent unauthorized access to your laptop & mobile devices 23.Don't access your bank accounts on shared device 

24.Don't write your credentials in plain text on paper or on your devices 25.Don't share your transaction receipts on social media 

26.Don’t use your smartphone password as your mobile banking password or vice versa – come up with a unique password for each one. That way, even if your phone is lost or stolen, it won’t be easy to get to your sensitive information. 

27. DON’T ignore your bank’s app updates. The latest version may contain important security updates! Therefore, download the latest version of your bank’s app.  

28.Do not use ‘jailbroken’ or ‘rooted’ devices for any banking service or transaction. 

The best piece of advice in today’s world of digital age of superfast internet connectivity and availability of high-end smartphones is that precaution is better than cure. 

Mobile banking has surely revolutionized our lives and it is assumed to be a safer, faster and secure experience to have 24 by 7 easy access to our money and indulge in financial transactions at own personal speed and choice of time. 

 However, at the same time, it is imperative to observe and follow the above Do’s and Don’ts of mobile banking in order to prevent ourselves from becoming a victim of cyber fraudsters.