Simplicitylabs

Mobile banking apps have become very popular in recent years for their convenience and speed. Especially with banking apps like Opay, there’s an apparent revolution taking place in the finance sector. However, despite their popularity, questions are often raised about the safety of these mobile banking apps. Many mobile banking apps claim that they are safe to use, but can we really trust them? We can’t say for sure, but here are seven tips to keep in mind while using a mobile banking app to ensure that your money is safe.

1. Regularly change your password: You must have heard this multiple times, keep your passwords as unique as possible and keep changing them on a regular basis. This is by far the best way to ensure your money is safe. While setting a password for your mobile banking app, you must include numbers, symbols, and lowercase and uppercase letters. If your mobile banking app is compatible with it, you must use two-factor authentication, fingerprinting, and face ID.

2. Don’t use the app on public Wi-Fi: By using your mobile banking app on public Wi-Fi, you could give a hacker access to all of your bank account information via the network. Always work on secure Wi-Fi, such as your home Wi-Fi. If you need to access your mobile banking app outside your house, switch to mobile data.

3. Research about the app before you install it: When we install any app, we agree to the terms and conditions without giving it a second thought. This is a bad practice, especially when downloading a mobile fast pay app. Before you even open the Play Store to download the app, read about it online and ask people who have used the app about its features. Once you have a good understanding of the app, then review the terms and conditions carefully. Even after installing the app, watch out for any suspicious activity. 

4. Keep bank information private: This is another basic and simple rule to follow when you are on a mobile cash app. Mobile banking apps don’t require you to share your banking pins, login IDs, or passwords via call or text. Mobile banking users, while using the app, ignore this warning and reveal sensitive information to hackers. Another point to note is don’t keep your passwords on the notes app where people can access them. Keep them in a safe place where only you have access to them and nobody else.

5. Monitor your account: Make it a habit to regularly check your account activity—deposit, credit cards, and debit cards. If you see any suspicious activity, report it to the bank. Don’t depend only on mobile banking apps to do this; use your online banking portal. 

6. Watch out for ‘shoulder surfing: The term’ shoulder surfing’ was coined to describe a person who looks at a phone screen in public places like parks, cafes, public transport, or other public place. Be aware of these people while accessing your mobile instant money app in public. 

7. Set up transactions alerts via text or email: Finally, it is a good practice to set up transaction alerts that you receive directly from your bank. You cannot completely depend on your mobile banking app to keep a record of your bank transactions. This practice will help you detect any fraudulent activity on your bank account and will be able to resolve the issue, saving you from a huge scam.

In conclusion, while mobile bill payment apps have undeniably transformed the way we manage our finances, their safety remains a point of concern. By following these simple seven tips, you can significantly reduce the risks associated with mobile banking. Regularly updating your passwords with a combination of characters, avoiding using public Wi-Fi, thoroughly researching apps before installing them, keeping your bank details safe, diligently monitoring account activity, staying vigilant against shoulder surfing are all crucial steps, and finally, setting up transaction alerts is also crucial. 

These measures can better the security of mobile banking transactions, ensuring that you enjoy the convenience of these apps without compromising your financial safety. Remember, the responsibility of safeguarding your financial information ultimately lies on you, the user. By being informed, you can make the most of mobile banking app’s benefits while keeping your money secure.