Mobile Banking (also known as M-Banking or SMS Banking) is a very common way to pay bills, manage Bank accounts, make online purchases, check your Demat account status etc. using a mobile phone without having to visit a bank. It is very easy to use and time-saving as it can be done anywhere at any time – at your convenience.
People use Mobile Banking by three popular means: SMS, Client apps and Mobile Web. Specialists say that mobile banking is more secure than Net banking. It is because you can get the mobile banking service on a certain mobile number only and it can be used by a single user ID with an MPIN. Transaction can’t be made till these two things match (User ID and MPIN). In case, you lost your mobile, you need to apply to register another number.
A number is given just after the registration of mobile number, which is also known as MMID (Mobile Money Identifier). Money sender and receiver, both should have MMID to make a transaction. The thing to be noticed is that your phone must be GPRS and Java enabled to do so.
Note: If you performed a transaction by mistake, it may take 10-15 days to be corrected.
If you are an active Mobile banking user, you must be enjoying different handy facilities from your Bank like mobile shopping, gift services, tour & travel offers etc. Although there are lots of benefits of Mobile Banking as it saves time and minimizes hassle, however you should be aware of some important security measures before taking its advantage.
7 Important tips for Safe and Secure Mobile Banking
- Do not share the PIN number of your Credit or Debit card with anyone.
- Download your banks mobile app so you can be sure you are connecting to your bank and not a fake site to avoid phishing. Download regular updates whenever they are available.
- Do inform you bank immediately in a condition of lost mobile and register a new number to link it to your bank account.
- Do not use public Wi-Fi when banking and make sure you are connecting to the bank via a secure connection. Disable the automatically Wi-Fi connect option in your the Network Settings of your Mobile device.
- Banks never ask for details through SMSs or calls. Avoid such messages and calls.
- Password protect you mobile phone for extra security.
- Install an anti-theft app that wipes down the device all clean so that no information can be accessed in case if it is lost or stolen. Read more How to kill or wipe your phone remotely.