Banking has come a long way since the days of regular visits to tellers. Banking has taken advantage of technological advancements and enabled their customers to access various banking services via the internet (also called online banking) and over their mobile phones.
Today, online and mobile banking is now becoming a common way and means through which Kenyans access their banking services. Banks are also investing heavily in software that is able to support the changing technological space in the country.
Online banking refers to any financial transaction or service that is conducted over the internet through the banks website over a private profile. Mobile banking on the other hand allows you to access many of the banking services allowed in online banking using your mobile or smart phone.
Some of the banking services one is able to access include:
- Access to bank statements
- Access to loan statements
- Access to card statements
- Transfer of funds
- Keeping track of account activities
- Paying of bills
The benefit of online and mobile banking is that they reduce the cost of handling transactions by reducing the need for customers to visit a bank branch for non-cash withdrawal and deposit transactions. The convenience and effectiveness of online and mobile banking has led to its increased popularity over the years.
However, financial institutions and consumers are becoming acutely aware of cyber security issues. Therefore, the banking industry has invested heavily in the security behind the online and mobile banking platforms. A customers account information is kept behind institutional firewalls and encrypted to strong standards. It is therefore safe, provided you are cautious in handling your private information.
In order to guarantee maximum security as you use online and mobile banking services, here are some tips to follow.
- Ensure you password protect your profiles. It is recommended to set the maximum number of incorrect password submissions to no more than three.
- Review your account statements frequently to check for any unauthorized transactions.
- Change your PIN regularly. In addition to this, never give your PIN or confidential information over the phone or internet.
- Report lost or stolen laptops and phones immediately to your service provider and law enforcement authorities. Ensure you inform the bank as well.
- Do not transfer funds without due validation of the recipient, as funds once transferred cannot be reversed.
- Never reveal or write down your PIN or retain any email or paper communication from the bank with regard to the PIN or password.
- Be cautious while using Bluetooth in public places, as someone may access your confidential data/information.
Despite all this, banks are still vulnerable to security risks and one must be extremely vigilant as they use the services. That said, online and mobile banking still remains a great and convenient way to bank.