Have you ever used mobile banking?

According to “Mobile Banking on the Rise in Pakistan since Launch” blog by Tahir on March 17, 2011, Pakistan has 40,000 mobile banking accounts, 10 million transactions and 14,000 agents just after 18 months of mobile banking. 53 million users will use mobile banking applications by 2013 estimated by financial services firm Tower Group. 80% of people are using this service so I can bet that you people have also used it. Recently I conduct a survey on what people think of this service and how they feel while using.  I poll my friends on face book and found that people have different comfort levels while using mobile banking. Some people did not know how to make their mobile banking secure and have pleasing experience. Majority people answered resounding yes!* on this question: either they think that mobile banking is safe?

Javelin Strategy study in 2010 reveals that 47% of the people that uses mobile banking does not have any antivirus in their systems. I am going to make it sure that if anyone wants to use this service they must have some complete security suite, otherwise they do not come to know that their credentials are being stolen by key loggers, computer has been hacked or transaction has been done correctly or not.

Dave Marcus of McAfee Labs observed that most of the security cases of mobile banking are not due to inefficient technology but unintentionally giving their personal information through phishing, vague sites and social engineering techniques or through malware from which their computer is infected.

Considering this issue, McAfee launched guiding tips for safe virtual banking that help people to utilize mobile banking service in a secure manner and also provide tips to help people at technical level.

According to these guidelines there are three main categories of consumers which are as follows:
• Competent and a little careless (18-24 yrs old)
• Confident and casual (25-45 yrs old)
• Conservative and careful ( above 45 yrs)

Within next few weeks, I am planning to write posts and provide tips to each of the category.

 Also I want you people to learn how to make virtual banking safe and to share these tips and guidelines with your fellows. You can also use reminder after sometime.

I hope that you will feel free to comment and ask questions if you have any queries. Stay safe!

By: Ume Ghazia