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Mobile banking offers convenience, but there could be risks. Here’s how to avoid them

Worried about mobile banking? Here’s how to keep your account safe

Mobile banking has gone mainstream and banks are introducing new security measures that are making it safer and more convenient for customers. Here are some important precautions that you can take to keep your account secure. 

The use of mobile banking across Asia has surged in recent years and is expected to grow even further, with 1.8 billon people forecast to be using mobile banking services across Southeast Asia by 2019.

This surge has largely been driven by the at-your-fingertips convenience of mobile banking as financial institutions race to bring their services straight to your mobile devices via sophisticated mobile apps.

Standard Chartered Bank’s mobile banking app, for example, allows you to easily transfer funds to a third party, make instant credit card and bill payments, manage your investments and savings in real time, and access a range of exclusive services straight from your mobile device. That means no more standing in line at the bank, or risking losing cheques in the mail.

However, it’s understandable if you feel hesitant about switching to mobile banking and have doubts about its security. Rest easy knowing that you can take a few precautions to help make your mobile banking transactions more secure. 

1. Only use official bank apps or the bank’s official website to login to your account

Phishing scammers may send you to phony banking websites via fake links in order to steal your financial information. When visiting your bank website to login to your account, ensure that you directly type the URL into the browser, rather than clicking on links in emails.

Never open attachments or click on any links that you receive in suspicious emails.  If you receive an email from your bank claiming that your access has been disabled or locked and you need to click on a link to reactive your account, delete the email and don’t click on any such links. You can call Standard Chartered Bank’s 24-hour Client Contact Centre at +65 6747 7000 immediately if you receive such emails.”  

Further, only download official bank apps directly from official app stores such as Google Play or the Apple App Store.

2. Stick to private networks

You should avoid using mobile banking apps while connected to unsecured internet networks, such as Wi-Fi hotspots. Login to your banking app only when connected to a secure home network. These tend to have much better security measures in place than public Wi-Fi networks.

3. Beware of mobile malware

Avoid downloading apps from third-party source – some may contain keylogger software that hackers use to steal your private login information. Only download apps from the official Google or Apple app stores, never jailbreak your phone to circumvent built-in security features, and regularly update the operating systems on your mobile devices.

4. Don’t share your information

Never respond to any unsolicited requests or emails to share your PIN, OTP or passwords. These are critical credentials that validate your identity when accessing your bank account and should not be shared with anyone. Similarly, if you need to answer security questions to log into an account, don’t share the responses to these either. 

Financial institutions are working hard to make mobile banking as safe and secure as other forms of online banking. To enjoy all its conveniences while ensuring the security of your financial data, be sure to only use official bank apps and be smart about how and where you use them. 

Want to try the convenience of mobile banking for yourself? Download the Standard Chartered mobile banking app from the official Google or Apple app store today.