Ever since the demonetisation, mobile fraud in India has escalated. As per Associated Chambers of Commerce and Industry in India's report, it is expected to increase by 60-65% in 2017. The reason being Data theft.
Due to India moving towards Digital economy, digital transactions have grown manifold in comparison to the past years, leading to more risk of data theft. The more people use Mobile for bank transactions, more the risk of data theft increases.
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People can save themselves from mobile fraud by keeping few simple details in mind. Here are few hacks to secure your Mobile banking experience:
- App Origins
Many third-party applications are available on the internet which, if used while banking might lead to high risk of data theft. Banking apps should be downloaded either directly or from a reliable source, most preferably bank's official website. Always check for additional security built-in details of the app before using it.
- Secured Wi-Fi Network
Make sure to use a virtual private network (VPN) while net banking to avoid data theft. Using public Wi-Fi might result in hackers gaining access to confidential information including your bank details.
- App Updates
Update your apps to the latest version once in a while. Bank's official apps are generally updated for better security protection from time to time. Make sure that your mobile installs the updates automatically to avoid security threads.
- Automatic Login
Never resort to automatic login when offered. Auto-saving your login details might seem convenient but could easily be misused if a wrong person gets his hands on your phone.
- Connect to high reception Network
Always resort to high reception networks while banking. If mobile service range drops while banking, there are high chances of loss in the transaction.