Mobile banking has completely revolutionised the Indian banking ecosystem. With a mobile banking app, you can easily process transactions such as transferring money online, checking your account balance, requesting bank statements and cheque books, or things that would have otherwise required you to visit the bank branches.
There is no denying that a banking app saves your time and is convenient, but the most critical question is whether these apps are safe?
According to cybersecurity experts, mobile banking is safe. Still, at the same time, they urge consumers to take certain precautions, such as choosing a strong password or downloading only the official app. But before delving deeper into that, let’s first understand what measures banks take for their banking apps’ safety.
How do banks ensure the safety of mobile banking apps?
IDFC FIRST Bank and similar institutions take several measures to ensure their mobile banking apps are highly secure. Some of the steps include:
- Two-factor authentication
Generally, top banking apps like the IDFC FIRST Bank mobile banking app require two-factor authentication. First is the verification of the transaction you generate. Second, an SMS with an OTP (One-time Password) is sent to you, which you must enter to enable the transaction. Your data is encrypted and transmitted across the banking channels with maximum security.
Also, checks such as device authentication and six-digit PIN verification have been implemented by banks to prevent hackers and fraudsters from accessing your data.
- Using tools, apps, and people to monitor mobile banking apps
Banks carefully monitor mobile apps through tools and apps. Many apps on both iOS and Android platforms monitor the mobile apps. Moreover, banks use highly protected tools to encrypt files to keep hackers from decoding the files.
Besides that, banking apps are also tracked based on transaction volume and customer behaviour. Thus, your bank understands the nature and frequency of transactions occurring on a platform and takes appropriate steps if any suspicious activity arises.
- Restrict access to suspicious domains and IP addresses
Banks maintain a white and black list of domain names and IP addresses. So, when you try to use a bank mobile banking app on public WiFi, you often get a warning that you are not using a secure network.In most cases, banks may also restrict mobile banking access if the request comes from a blocked IP address. This is done to keep apps from talking to other suspicious domains.
These are a few steps IDFC FIRST Bank and similar institutions take to ensure a safe online banking app experience for their customers.
Are banking apps safe?
Banks take multiple measures and spend significant time and money to protect their banking apps and customers from fraud. So, are these apps safe? Yes, but it depends on how cautious and well-informed you are.
As a responsible customer, you also must practice safe mobile banking habits to make mobile banking safer. These habits include password protecting your device, not clicking on malicious links, avoiding public WiFi to log in, using only the official banking app, and most importantly, getting savvy about phishing and smishing.