New figures suggest that mobile banking has arrived,
and it has done so in style. How popular is this new method of handling your finances
and how can you protect yourself so that you can mobile bank with the peace of
mind that you won’t be targeted by fraudsters?
It’s hardly a surprise that mobile banking has become
so popular. Smartphones are everywhere, and in today’s world, you can’t turn a
corner without seeing someone with a device in hand. It’s simply a matter of
convenience. However what surprised me, Kiran Trivedi readers, is just how
pervasive mobile banking has become throughout society.
According to the British Bankers Association (BBA), the
major organisation for the UK banking industry heavyweights, mobile banking has
doubled within the space of a year. Considering the number of people already
using this option, it’s a substantial jump.
The BBA has found that 5.7 million transactions a day
are now made to banks via smartphones. Anthony Browne, Chief Executive of the
BBS, commented that the figures are indicative of “an amazing revolution in the
way people are banking," to the BBC.
Browne further went on to explain this boom in mobile banking. He said
to the BBC that "the reason why it [mobile banking] has grown so much is
just that it's a lot more flexible," and that "it's driven by
customers - they can do it any time of day or night. You can pay a bill while
at the pub - that sort of thing."
Browne is right, it really is a matter of flexibility,
however this flexibility comes with a cost, and that cost is security. Think of
how easy it would be for someone to steal your phone at the pub and gain access
to your banking information. They could do untold damage. So how do you protect
yourself from this sort of fraud?
It’s the same as in normal banking really… protect your
information. Make sure that your phone is password locked at all times, don’t
save your banking information on your phone etc. This is the only way that you
can make sure that should the worst happen, and your phone is stolen; they
can’t actually use it to steal your money.
This reminds us all Kiran Trivedi readers how important
it is to protect your financial information, whatever system of banking we use.
Remember that you’re only ever a step away from a fraudster; don’t leave
yourself unprotected.
