You can do virtually anything on your iPhone or other handheld device, including banking. You no longer have to leave your home or office to stand in line at the bank in order to make a deposit or transfer funds. Online banking carries numerous advantages, provided that one practices internet safety with up-to-date security safeguards. Financial institutions are developing their internet services and expanding the capabilities of mobile access with revamped websites and cutting edge apps. Online banking can be time-saving and involves you directly in the process of managing your money.
Is It Safe?
Security breaches at big box retailers, such as Target, made headlines, if there are worries about using credit cards at stores, how much greater is the concern about banking information being manipulated online. The sobering fact is that there are internet crooks who make it their business to develop new ways to get their virtual fingers on personal information. Security technology is being improved rapidly, but the threats are evolving along with the protection. It is justifiable to be concerned about internet security.
The good news is, on the other hand, that precisely because the threats are real, quality banks take responsibility for security and will compensate customers for losses due to security breaches. They have learned that having their customers lose substantial funds because of lack of security on their website is terrible for business, and just as banks compete for customers, they may also strive to provide the best security guarantees. Some credit card companies will cover all unauthorized charges, while some banks will release a customer from for charges if the fraudulent activity is reported promptly.
Internet Services Are Expanding
Having to rush to the bank before it closes may be a thing of the past. Now, you perform basic financial transactions during a coffee break with your handheld device. More banks are allowing customers to open accounts remotely and are encouraging online use. People who have made the switch to online banking may feel they are more aware of what the bank is doing than in the past, since they are often updated on changes through SMS messages right to their phones.
Some financial institutions have internet banks that not only allow you to make transactions and exchange currency online, but let you open an account without having to show up at a physical bank. It is important to keep in mind safety measures when using an online bank, such as using strong passwords, checking activity often, never giving out your password or pin number, and not checking your account activity on public computer. A bank online should take responsibility for the information you type in, but you should also ensure you have anti-virus software installed, and that it is up-to-date.Using Banking Apps
Using Banking Apps
A number of banks are jumping on to the mobile app bandwagon to provide more convenience to their customers. With an app, it is possible to transfer money, pay bills, get cash without using a card, and receive update on activity. There are some advantages to using mobile apps for online banking, including, in some cases, heightened security. Malware can hide on a computer download when you are not expecting it. It is harder for malware to download on a mobile device than on a PC. The other concern may be about untested application that may be fraudulent or damaging. An effective way to enhance your peace of mind about your banking app is to receive it from Apple or Google, which vets its apps for security. This is one reason financial institutions, such as ABLV bank offers apps on iTunes.
To improve customer service and security, Apple and Google have refined their standards for accepting apps. This prevents unscrupulous, fake app developers from exploiting users. One way to feel more secure about banking using an app is to make sure it has the Apple or Google seal of approval. Alternatively, you may receive your app from another source, as long as it is trusted. A number of banks offer app on their websites with no added fee for use. They will also notify users of upgrades and provide assistance for gaining access to the newest version of a banking app.
Banking in the Palm of Your Hand
Many people have been slow to adopt technology in banking and prefer to make transactions in an actual bank. However, the number of people who are tech shy when it comes to managing their finances is dwindling as more customers feel their bank has their back when it comes to protecting their information. Enhanced security software as well as increased tech savvy among the average user has led to a growth in online banking. In addition, the convenience is almost irresistible, since banking in the palm of one’s hand eliminates time-consuming and annoying trips to the bank during a busy workday. The development of apps and their increased availability provides more options for banking online, and security features are developed alongside technical capabilities.