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Is mobile phone banking safe?

Mobile phone banking is a relatively new way to manage your bank account remotely. You can assess your balance from your phone and make transfers to other accounts, as well as amend a variety of account options. However, some customers are often concerned that their bank account information won't be safe over a secured network.

In actual fact, the security put in place by banks is a lot higher for mobile phone banking than any other service. When providing a mobile banking service the provider is liable for all faults and security issues, so if anything should go wrong and your details are accessed through the software it's the banks fault, not yours. In a way, mobile phone banking software is more secure than online banking.

Cons

There's actually only one small problem with mobile phone banking. When using a mobile phone you're more likely to lose this on the street or wherever you are, compared to a computer which is only likely to be robbed from your home. Even if you did lose your phone, however, most mobile banking software has safeguards and security passwords before your account can be assessed, and even more safe guards for transferring money to a new account. The thief, therefore, would need a lot more than just your phone to steal money from your account.

Pros

There's more positive aspects of mobile phone banking than there are problems. For one, you can bank anytime, anywhere, from your phone. But this isn't just a good way to bank; because you're checking your account more often and don't have to wait for bank statements you can easily detect fraud.

Mobile phone platforms also differ considerably compared to computer platforms. In the hacker world it's easy to target Windows systems or Mac systems, but the diversity of mobile phone platforms makes it harder to hackers to target one particular carrier company - let alone one particular banking software.

Your mobile phone can't contract a virus or any malicious software, either, like a PC can. That means there's no chance of a Trojan virus or key logger running on the back of your mobile phone and waiting for you to input your bank details like they can on a PC.

Finally, security settings for mobile phone banking are in place to make sure no one can access your account. You can't set up a new account to send money to on your phone, for example; this has to be done in branch or through online banking. So, really, the worst a robber can do if they get hold of your phone is pay your electricity bill.

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