Points to Keep in Mind While Using Your Credit Card via a Mobile Banking App
Nowadays, most of us manage our money through handy banking apps on our phones. It’s so easy to pay bills, check balances, and track spending – all at the tap of a finger. This includes making credit card payments and keeping tabs on rewards points or statements.
But there’s a downside, too. As mobile banking grows more popular, fraudsters also find new ways to steal your money or data. So, you must take basic precautions with your banking app to avoid identity theft or hacking.
In the section below, we’ll learn some useful safety tips when using your credit card on a mobile banking application.
Understanding the Basics of Mobile Banking Apps
Mobile banking apps allow account access and financial transactions through smartphones or tablets. Features offered include:
- Monitoring account balances and transaction history
- Transferring money between accounts
- Paying utility and credit card bills
- Depositing checks by taking images through the phone camera
- Managing credit card details and rewards
To use these apps, you need to download the official app of your bank or credit card company. Registration involves entering personal information like name, contact number, account details, etc. Verification is done using an OTP or ATM pin.
Once registered, you can add multiple accounts like savings accounts, credit cards, insurance policies, and more under one username for a consolidated view. The app homepage displays balances and transactions from all linked accounts, making it easy to perform a credit card balance check and manage your finances efficiently.
Security Measures to Follow
While mobile apps make money management easier, you must take precautions to prevent fraud and data theft.
1. Keep Your App Updated
Install app updates regularly. Updates include patches for detected vulnerabilities. This keeps the app secure from new hacking techniques.
2. Enable Two-Factor Authentication (2FA)
Two-factor authentication provides an extra layer of security along with your username and password. Common examples include entering a code received as an SMS when logging in or using your fingerprint. Enable 2FA if available.
3. Use Strong Passwords
Create a unique and strong app password—a mix of letters, numbers, and symbols. Don’t use birthdays, anniversaries, or phone numbers.
4. Biometric Authentication
If the app supports biometric sign-ins, use your fingerprint or face ID. This is safer than using passwords that can be guessed.
5. Avoid Using Public Wi-Fi
Public Wi-Fi in airports, cafes, etc., is unsecured. Cybercriminals can intercept traffic and steal data. Avoid accessing your mobile banking app over public Wi-Fi.
Managing Credit Card Limits and Payments
While mobile apps make managing credit cards convenient, some measures will enhance security.
1. Set Transaction Limits
Most banking apps allow setting a daily transaction value cap. Enable this credit card net banking and set a limit that meets daily requirements while limiting fraud.
2. Timely Payments
Set up automatic payments to avoid missing due dates and taking debt. This also maintains a healthy credit score.
3. Check Available Credit
Keep track of your available credit limit before making large purchases to avoid over-limit charges. Apps provide real-time data on utilisation.
4. Disable Card for Online Transactions When Not in Use
Temporarily deactivating the card for online activities can prevent misuse of card data. Re-enable it only when required to make online payments.
5. Avoid Storing Card Information on Devices
Refrain from storing credit card information on your mobile device. This minimises data access if your phone is stolen.
Conclusion
While mobile banking apps provide unmatched flexibility in money management, you need to be vigilant. Follow the tips discussed to use your credit card securely via mobile apps. Monitor account activity closely and report unauthorised transactions immediately. Exercising caution ensures you avail the benefits of mobile banking without risking loss of funds or data.
