Suits Me® Simplified: Banking 101
Whether you choose mobile banking or online banking, you can be confident that your bank has invested in the security of these services.
The digital era is well and truly an integral part of our lives, and it seems everything we do is connected to our smartphones or computers. Unfortunately, this technology is all about convenience, and when it comes to banking, almost everyone under the age of 50 is accessing their bank accounts digitally nowadays. But how safe are they both? And is mobile banking safer to use than online banking?
Safety and security are always a concern as it seems hackers are always lurking, just waiting for the opportunity to catch the unwary person off guard so they can get into their online accounts and gain access to the funds. This is a severe crime, and it is estimated that banks and their banking customers in the UK lost £159.7 million in 2020, with over 25,000 cases of fraud recorded.
The good news is that banking providers dedicate a considerable amount of time and money to protecting the integrity of their online security. As a result, even though fraud cases are on the rise, it is still quite safe to use mobile banking and online banking services. Here’s why.
Mobile Banking Safety & Security
We use our smartphones for communication, entertainment, business, and, yes, banking. By having a mobile banking app on your phone, you are essentially taking your bank account with you anywhere you go. Anywhere in the world, as long as you can connect to Wi-Fi or have an internet connection on your phone, you can access your funds, check your balance, or transfer funds from one account to another. Best of all, you can do this any time of the day or night.
Mobile banking apps are considered safe as these devices tend not to store information, and that includes your banking habits.
Online Banking has High-Security Features
The days of waiting in long queues to pay your bills are gone, thanks to online banking. This service means you can sit in the comfort of your home or office and transfer funds and pay your bills during your coffee break. Most online banking services use high-security features such as firewalls but also make use of other security features.
Security Features for Digital Banking
Connecting to your bank accounts, banking apps, or visiting online stores can now include security features such as:
Two-Factor Authentication
Every time you connect to your mobile banking app or make an online purchase, you may be sent a unique code via SMS. The transaction will not be completed until this code is entered. You can also register with your accounts, and these apps issue a unique code that will unlock your accounts. These codes constantly change, so there is no fear of anyone memorizing your codes and passwords.
Biometrics
Most newer phones are capable of reading things like a finger or thumbprint. This technology can then be incorporated into your mobile banking app, not to be opened without that print. Many online shopping apps will also ask for this finger or thumbprint to confirm a purchase to ensure that no one else goes on an unauthorized shopping spree.
So, is Mobile Banking Safer than Online Banking?
Whether you choose mobile banking or online banking, you can be confident that your bank has invested in the security of these services. However, mobile banking is a little safer when it comes to security, mainly because this type of banking does not store any data. It’s also more convenient as we take our smartphones with us everywhere we go.
Follow your bank’s guidelines regarding mobile and online banking, and your funds should always be safe.
