How safe are banking apps?

Cellular devices are a quintessential part of our lives, so much so that we use it daily for various activities such as calls, SMSes, emails, etc. However, with the advancement in technology, today, we also use mobile devices to shop online or even make payments and other transactions. And to help customers with banking on the go, most major banks have a mobile-friendly application for their users that can be transacted easily through the cellular device. For this reason, mobile banking applications have put in place adequate security measures to keep your transactions safe.

Safety of Mobile Banking Applications- What are the parameters?

The safety and security of any mobile banking application depends upon-

  • The bank’s fundamental data security feature for your bank account details.
  • The telecom service provider.

Most of the banking applications use the two-factor authentication, i.e., verification of the transaction they generate. In every transaction, an SMS with an OTP (One Time Password) is sent to the user, i.e., you, which you must then enter and confirm that the transaction is good to go. So that your information is protected from all malware attacks, your data is encrypted and transmitted across the banking channels with high security.

Banks also put in place checks such as Device authentication and six digits PIN verification. This blocks fraudsters from accessing your data by duplicating your details. Banks also keep a close eye on fake applications posing as real ones on the Android platform to ensure that your data does not fall prey to wrong usage and fraud.

Mostly, banking applications are tracked based on the volume of transaction and customer behaviour. Your bank is thus, well aware of the nature and frequency of transactions taking place on the platform and take appropriate steps if anything out of ordinary arises.

At HDFC Bank, great care is taken to ensure that our customer gets a good, safe and hassle-free online banking experience. With all the necessary checks of authentication and security in place, you can be rest assured of a secure online banking experience.

For more details on Mobile Banking Security, click here.