RE: Why is mobile banking safer than online banking?

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Why is mobile banking safer than online banking?,Name a few advantages and disadvantages of Mobile banking.

aj Gold Asked on October 23, 2018 in Business & Finance.
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1 Answers
Best answer

Usually online banking is done via an
encrypted connection so that no
hackers will be able to read the data
that is transmitted, but just think what
will happen when you lose your
phone. All the bank applications need
the users to enter password or a PIN
number. Many people save passwords
in their phones or use easy to guess
passwords. This way hackers can easy
lay their hands on your account
details.
Compatibility
Every device does not have the facility
for mobile banking. Some banks even
do not provide users the facility of
mobile banking. Of the banks that
allow mobile banking, some banks
require users to use a custom
application for mobile banking that is
available only on a few phones like
Apple’s iPhone and Blackberry phones.
Software from third parties for mobile
banking is not supported.
If a user does not have a smart phone,
mobile banking is limited. You can
check your bank account balance
through text messages, but advanced
features like account transfers are not
available on regular phones.
Cost
If you have a compatible device then
the cost of mobile banking might not
matter much to you, but if you have to
pay for the data and the texting fee
then it might cost you some amount of
money. Some banks will charge users
an extra fee for the service and also
users have to pay a fee for the
software too. If you use mobile
banking regularly then all the extra
charges might make a significant
amount that you will have to pay.Security experts opine that mobile
banking is more secure than computer
banking since there are very few
viruses, Trojans etc on mobile than on
computer. However, it does not mean
that mobile banking does not have any
security threats. Users of mobile
banking can be prone to scam similar
to phishing termed “smashing”. It
happens when a user receives a fake
message asking their bank account
details from hackers who disguise as
people from financial institutes. Many
people were caught with this trick and
lost their money because of this scam.

Star Answered on October 23, 2018.
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