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.

Silver Asked on October 23, 2018 in Business & Finance.
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    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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