​Key security features you should check   in a good mobile banking app

Mobile banking apps in India have revolutionised how you conduct your banking transactions. With mobile banking apps for Android and iOS, you can perform money transfers and other banking activities, including credit card payments, FASTag recharge, loan repayments, and utility payments from anywhere.

However, while a bank app saves time and is highly convenient, security questions remain. Safety was a considerable problem for customers when mobile banking apps were introduced. But with time and using technology, banks have upgraded the security features of their apps, delivering a smooth customer experience. Below are a few crucial security measures or features incorporated by IDFC FIRST Bank and other leading banks in India.

  1. Login details

You must provide login details to open a mobile banking app. While setting a passcode, you must select an alphanumerical code that must include special characters. This feature prevents anyone from accessing your bank data through a mobile app.

  1. Encrypted data

The bank app’s data is encrypted so that your bank may understand and read the same while it is transferred using the internet network. The cypher strength used by most banks is complex, making it tough for hackers to crack easily.

  1. Serious account management

All banks ensure extra checks; for instance, in case you want to include a new payee or beneficiary or change your passcode or address. Hence, hackers cannot easily log into your bank account to transfer the funds to get a new credit or debit card or perform any other financial transaction.

  1. Logout

To use your net banking app, you must log into your bank’s net banking from just one device or electronic mode at a time, meaning multiple logins into your net banking are not allowed by the bank. Also, note that your account is closed instantly when you log out from the app or window. Every time you look to make a financial transaction using your mobile app, you must log in again.

  1. Two-factor verification

Two-factor verification assists in identifying if you are a genuine app user. Besides this, banks may even use the listed ways to verify your account:

  • Passcode protection features, OTP verification, ATM authentication, and pre-enrolment with signature authentication.
  • Email alert or confirmation.

The above are the general guidelines most banks follow. However, only some banks may further elevate digital banking security through infrastructure and technology. These security features may include the following:

  • IPIN security

IPIN is system generated and delivered to you via a tamperproof medium. This cannot be accessed by anyone except you, the user.

  • Session timeout

If your mobile app is idle for a predetermined time, it will log out automatically.

  • Insta alerts

You will get instant email and SMS after a defined bank transaction and on adding a beneficiary.

  • Online spending limit

Most banks today may permit you to set a higher limit on transactions. ​This feature helps reduce risk in the case of any breach.

Most banks, including IDFC FIRST Bank, provide secure banking services to protect your account details. You can use their apps and web portals without worrying about data breaches. Most banks use robust security features to offer a smooth and secure banking experience.