One of the fastest developments in the banking sector is the use of mobile banking, which is more reliable and helps the person at any time to access his or her bank account and perform any transactions without necessarily going to the bank. In an era of technology, the protection of mobile banking transactions is significant as it creates trustworthiness and convenience for users. Security of the operations might be the reason for its collapse and lack of trust from the customers. The following are methods on how to secure mobile transactions;
Security of the mobile device
It's essential to understand that all mobile purchases start when we possess a mobile phone. Ensuring the mobile phone is secured is the first step of mobile banking transaction security. The phone must have security measures to prevent a thief or unauthorized person from getting into your phone and access your free account and contact list. The security measures can be a pattern or a Personal Identification Number (PIN).
Provision of an alert system when transactions and direct deposits can be made
Banks may require a long time to work on your trade, and you might take a long time to wait for your transaction to can be completed. The creation of an alert system that notifies the person that his or her purchase is complete is one of the ways to speed up service but also ensure security. The system will inform the user whenever there are withdrawals or deposits.
Account balance warnings
Recent studies have shown that with a debit card, a person can spend more, and the money in the account can get too low. The banks create the system, which enables a person to accept the service of being notified when the bank account gets too low. The user sets a certain amount of money that whenever that amount reaches in his statement, he is told.
Reminder about dates
As human beings, our memories are limited, and it's hard to remember everything. The owner of the mobile account sets times, which are essential to transfer or deposit the money. For instance, notification on the date that a person has to pay the bills.
Understanding changes to your account
This system enables the person to get notified whenever there are changes in details of his or her mind. For instance, if there is a change in your birthday year or changes in your password. Though you are the one who starts but the system notifies you back in case a hacker or unauthorized person takes control of your account.
Understanding irregular activities
One of the right ways to secure transaction is a notification to the owner in case there is improper activity. For instance, a massive amount of money has been transferred to another account, or someone has purchased in a distant location from you.