Over the last decade, we have witnessed a full-blown expansion of the use of mobile banking.
When it was first introduced, mobile finance, or mobile banking, represented a digitalized salvation from tiring waiting times and complex transactions. Three main ways of conducting a financial transaction (apps, USSD, and SMS Banking) shortened the processes and simplified the way we handle our finances.
It also helped the frauds.
Fraudulent behaviors in finance have been in existence since the beginning of finance. That is not just a generalization based solely on presumptions and subjective opinions, it’s a fact. In that sense, it’s nothing new for customers.
On the other hand, what is new is the increase in the number of such frauds in mobile finance. Over the years, we worked hard to optimize our mobile finance apps, but what we overlooked is the simplification of use for fraudsters. In a sense, we became even more vulnerable to such attacks. Fortunately, we quickly realized the potential threat, so we rushed to seal the holes in the cyber realm of finance. Here is how you can protect yourself against cyber-attacks on your mobile finance services.
Superintelligence Beats Intelligence
The main question for cybersecurity experts was how to eliminate the risks of synthetic identity theft and boost security for users that opt for remote financial management. The internet is not a safe place, but even the most perfect machine can sometimes make a mistake.
That is why Artificial Intelligence was introduced to the story. AI is there to phase out the potential threats even before they become threats. Phony applicants and phony transactions are flagged the moment they are spotted, sometimes even before the service is initiated.
Nowadays, transactions are verified and processed almost instantly. That gives no time to security experts to protect both companies and individuals from harm. AI cannot stop time, but it cannot grasp massive chunks of data in seconds. Furthermore, it has a better system for spotting unusual patterns in customer activity. That means that, through AI, we have more control over the applications and transactions. Artificial intelligence poses a greater challenge to fraudsters and is generally more difficult to trick, fool, and deceive.
Mobile Means Everywhere and Always
Mobile finance apps are getting more and more recognition from companies and services throughout the world. Using your smartphones, you can now access your bank accounts in just seconds. Access involves not only an overview of your balance and previous transactions. You can initiate any type of service and transaction in real-time. And you do not have to go anywhere as it’s all in the palm of your hand.
Today, we use mobile finance apps and services for all sorts of engagements and chores. From paying bills to initiating transactions in our favorite mobile casinos – the possibilities are endless. Even the auto finance industry is expanding in the virtual realm as more and more customers are choosing mobile finance apps for making their payments.
That leads us to the conclusion that making payments in land-based shops or funding your accounts in virtual ones is the same. The only thing you need is a stable internet connection and you are all set.
Protection Starts with You
Now, we talked about what services and companies are doing to put a stop to fraud. That is just one side of the story. You, as a customer, also have a responsibility to protect yourself from cyber harm.
The first step that you can do is place a strong password in combination with a PIN. You wouldn’t believe how many frauds and breaches happened because of weak passwords. The next step is to allow e-mail confirmations for all transfers and payments. That way, you can always keep track of suspicious or unauthorized activities that you can report.
Another useful way to stay safe is to use the payment service sponsored by your bank. Most banks work with only a handful of approved services, and they are almost always recommended by your bank. If you are not sure which service is provided by your bank, contact your bank to find out.