With technology increasingly being involved with banking, managing your money has never been easy. You can now be able to easily conduct a number of banking activities on the comfort of your home. For instance, you can check your account balance as well as pay your electricity bill while seating at home on your comfortable sofa. There are some disadvantages which have come about with technology being involved with banking, in particular, mobile banking, such as fraudsters getting access to your personal information. The best way to protect yourself is to know how your information gets stolen as well as the risks that are involved.
Wireless Networks Are Hacker-Friendly
Unlike other websites mobile applications do not encrypt your information properly and, as a result, your information can easily be accessed. That said its not a good idea to access your bank information via a mobile app especially if you are using unsecured Wi-Fi network to access the internet.
There’s More At Stake In an Event You Lose Your Phone
Studies have shown that at least 40% of smartphone users do not password protect their devices. In an event, that these people lose their phone, anyone who picks it up can easily access their banking applications and access their money. Even if you password protect your phone you can still be putting yourself at risk if you are used to auto-saving your password.
You Might End Up Waiting Too Long So As To access Your Newly Deposited Funds
Although you have the ability to deposit your funds to your account instantly it might end up taking a long time before you can be able to access it. This is usually due to the fact that banks tend to use the delay so as to protect themselves against fraud.