A victim of burglary was able to track down the man who stole his wallet. Karl Armitage discovered that his wallet was missing after he declined the offer of a man trying to sell him fishing gear. The wallet contained bank cards and cash. The victim logged on to his banking app to check where the debit card was being used by the thief.
Mobile banking is a fast and convenient way to manage money. However, only two-thirds of bank customers use the banking app to transfer money, check their balance or pay bills online. Most of the older customers do not trust technology and they are scared on using a banking app ion their smartphones.
Financial institutions can convince their customers to take advantage of mobile banking by ensuring app security. A defence system that will enhance security is the submission of a single password before being granted access to the bank account. This must be a requirement for all customers. Another layer of security for customers is the multi-factor authentication feature like the generated one-time password or fingerprint.
Customers are usually unreceptive of security options even if the bank suggests it. An NFC-embedded SIM card allows bank customers to safely download credit card information. Account information is protected because the customer does not have to carry the actual card and swipe it. It lessens the risk of compromising credit card information.
Many entities like payment cards, card brands, merchants and issuing banks exchange an enormous amount of sensitive data involving billions of dollars. Online hackers are very interested with online transactions. The solution to make sure that data exchange is safe and secure is end-to-end encryption.
Another security feature has been added to mobile banking app through fingerprinting. The mobile app can be developed so that it will be compatible with most fingerprinting devices.
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