What is mobile banking?

Mobile banking is a way to carry out bank actions on their mobile phone or other mobile device. It is quite a popular method of banking that is well suited to a busy technologically oriented lifestyle. It can also be referred to as m-banking or SMS banking.

The amount of banking you can do on your mobile phone varies depending on the banking institution you use. Some banks only offer text alerts, which are messages sent to your mobile phone that will notify you of your account activity such as deposits, withdrawals and use of ATM or credit card. This is the most basic type of mobile banking. This banking should be more convenient for consumers than physically going to the bank, sign in from home computer or call. Although all this is true, some are afraid of securing mobile banking.

Most experts recommend to make any large transactions compared to mobile banking, which is a good advice. However, it is equally important to use alphanumeric slogan and keep the PIN safe. Change your password often and don't use your pet's names, your child's name or birthday. This advice applies to all passwords, not just those used for mobile banking. Although you log in to a secure server in the bank via a mobile phone, you need to make your part to protect your information. For this reason, many banks now send one -off passwords for the next step in security.

One -time password use can be sent to Cell Phone or other device when you want to sign in to your account. Then you will usually need to enter both passwords you have already set, along with a one -time use of use over a period of time. Single use of a password expires of course after being used once or after expirationthe time limit. The use of two passwords increases account security, which is an important problem with mobile banking.