Importance of GSM in Banking!
Introduction
In today's business environment, with so many activities going on simultaneously, the bank’s customers are hard pressed for time. They have appointments to keep, meetings to attend, etc. Many customers wish they could also do other activities while traveling from one meeting to another. Here comes the use of mobile phones.
The Mobile Banking service gives your customer account information and real-time
transaction capabilities from the mobile phone at a true "anywhere, anytime, anyhow" convenience.
It also allows you to send messages on the Bank's services and products to your customers.
Mobile Banking with the regular mobile phones enables the following transactions:
• Get account balance details
• Obtain last 3/5 transaction details depending on the Bank's Implementation.
• Request an account statement
• Request a cheque book
• Stop a cheque payment
• Enquire the status of a cheque
• Get bill payment details for electricity, and telephone services
• Get bill payment details for mobile phone
Here are a few tips to ensure easy and secure SMS banking.
*User manual :-
Never forget to go through the user manual provided on the bank’s site and in branches. This will solve your operational problems and will save you from making wrong transactions.
*Origin of the SMS :-
Always ensure the origin of the SMS before replying. Confirm that the SMS has come from the bank concerned.
*Always delete ‘sent’ items:- Please don't forget to delete the ‘sent’ items related to SMS banking because they may contain your PIN.
*Transaction reference :-
Every time you do a transaction, don't forget to note the transaction number and always keep it for future reference. This can be used as a proof of the transaction.
*Block SMS banking service :-
In case your phone is lost or misplaced, immediately inform your bank to stop the SMS banking service.
MOBILE BANKING SERVICES SECURITY
Risks of Mobile Banking
While Mobile Banking can bring you more convenience in terms of faster and easier access to your bank account(s), there are inherent risks that you need to be aware of. Due to the open nature of the mobile network, web-based systems such as Financial Mobile Banking are inherently subject to risks such as those related to virus attacks, hacking, unauthorized access and fraudulent transactions. While Banks have put in place the necessary security practices and measures to safeguard against these risks, The Banks are still unable to fully guarantee the complete security of your transactions against such malicious attacks. As the end-user, you also play a key role in safeguarding your account information.
Your Obligations, Responsibilities and Rights
Under the Terms and Conditions, you will be responsible for all transactions made through the use of your SIM card and password/PIN, regardless of whether such transactions are in fact entered into, or authorized, by you. You should therefore read carefully and adhere to the recommended security practices described below under What You Do. The Bank is not responsible for any loss or damage in connection with your use of the Mobile Banking Service unless such loss is attributable to the Bank’s negligence or willful default.
You should note in particular that the Bank would not be responsible for your losses which arise as a result of any of the following events:
•Your failure to abide by the Bank’s Terms and Conditions and recommended security practices
•Your failure to promptly report any unauthorized access and/or fraudulent transactions on your account
•Your failure to report loss or stolen password
•Negligent handling, disclosure and/or sharing, of password, with third parties
•Input errors in mobile banking transactions
•Unavailability of SMS banking service due to system maintenance, breakdown, or non-availability of any network or any other event beyond their control
You will have the right to:
•Request the Bank to suspend access to your Mobile Banking account should you suspect any unusual activity, compromise of PIN and/or unauthorized access
•Request the Bank to terminate your Mobile Banking access should you wish to discontinue the service
•Inquire the Bank regarding your mobile transactions back
PRACTICE - WHAT YOU SHOULD DO
Protect your mobile phone
Set up password of your mobile phone
Usually your mobile phone allows you to set up a password or a PIN, which will be asked when you switch on your mobile phone or make some configuration changes. This can restrict the use of your mobile phone from others in case it has been stolen or lost.
Avoid sharing your mobile phone
Exercise care in using your mobile phone used to access SMS Banking if it is likely to be shared with others or provided for maintenance.
*Note: Some tips below apply to Mobile phones with Internet access, which are use for both Sms banking $ e-banking!
•Remove the temporary files and the cache that were stored in the memory of the phone during usage of SMS Banking, as the temporary files and the cache may contain some of your sensitive information such as account numbers.
•Clear the browsing history regularly.
•Alert your Bank immediately if you lose your mobile phone or SIM card, or suspect any unauthorized access to your mobile phone, SIM card or your Bank account.
Your mobile phone, especially if it is a Smart Phone, may be exposed to virus infection just as your computer. The viruses may harm your mobile phone connected to the Internet. It may also give hackers the opportunity to have access to your mobile phone to retrieve or alter any of your information.
•Install anti-virus software in your mobile phone if there is such software available.
•Check latest security information regularly from your Banks and Mobile service provider to protect your mobile phones from viruses and malicious programs if available
•Delete junk or chain messages.
•Do NOT follow any URL in messages, which you are not sure about.
•Do NOT download any file from sites (e.g. applications, games, pictures, music) or people (e.g. email attachment), which you are not sure about.
•Do NOT use features in your programs that automatically get or preview files.
Be alert to Spyware
I will strongly advise you to exercise caution when using any third party software, which claims to speed up your internet connections or otherwise.
Such software or services may redirect your internet session through their own server, which give them the ability to store and analyze your Internet activities. This may include activities conducted during your secure sessions with your Bank or any other secure internet service and even information such as your passwords/PINs, credit card numbers, bank and other transactions.
•Do NOT visit your Banks’ site while any software that monitors or redirects your internet session is present on your mobile phone.
•If you install any software that claims to speed up your internet connection, you may be using software that has the ability to track your internet sessions. I recommend that you uninstall such software before using Mobile Banking.
•Educate yourself on "Spyware". Be alert to any Spyware-like activities on your mobile phone. Be suspicious if you get lots of unsolicited e-mails/messages that appear to "know you too well".
*Note: - Below information applies to mobile banking both (Handled and PCs) with I-banking facilities.
Your Bank should exercise blocking traffics to their website that has passed through redirector/Spyware services. If you have, at any time, been denied access to your Banks’ website, you may be either intentionally or inadvertently running redirector/Spyware software on your mobile phone/PCs. In such cases, I urge you to uninstall such software.
Make sure you have the latest software updates of your mobile phone
From time to time your mobile phone's manufacturer or dealer may provide updated software for your mobile phone. You should check the availability of software update and perform the update on a regular basis. You may contact the manufacturer's customer support for information.
Be aware of fraudulent messages
Phone message that is sent or received through SMS, MMS, or email is not secure or encrypted to protect the content. Therefore, any personal information you include in a phone message is at risk of being intercepted by unauthorized individuals.
•Do NOT answer any unexpected phone message requesting personal information.
•Do NOT access your Banks’Mobile Banking nor provide your password via hyperlinks embedded in any messages or e-mails.
Protect your personal information
-Keep your confidential information safe
•Do NOT share your password with anyone other than yourself.
•Do NOT supply personal information to anyone especially over the phone or to a web site unless you have satisfactorily verified the recipient's identity; likely your Bank would never ask for passwords over the phone.
•Memorise your passwords; do not keep any record of them without disguising them.
Read your statements
•Review your bank and credit card statements and notify the Bank immediately if you find any unusual transactions or withdrawals.
-Keep your statements and documents safe
•Take extra care when discarding any personal information. Wherever possible, destroy receipts, statements and any bills that contain personal information.
-Update your bank in case of changes on your personal details
•Keep them updated for any changes in your personal details (e.g. address change, phone number change, etc etc).
Protect your password
Please observe the following measures to optimize your password confidentiality.
Choose a good password
•Password must consist of 6 to 8 numeric digits.
•Do NOT use 3 or more consecutive identical characters. e.g. "333" and "888"
•Do NOT use 3 or more consecutive sequential characters. e.g. "123" and "987"
•Do NOT use obvious passwords, such as your birthdays, telephone number or other numbers that could be guessed or insecure?
•Do NOT use the same password for other Internet sites or financial services.
•Wherever possible the customers should think of a password that means something to them, but not to others.
Handle your password
•Do NOT disclose your password to anyone, including your Banks’ staff.
•Do NOT allow anyone else to use your password.
•Do NOT write down or record the password without disguising it, as this can easily lead to discovery and compromise.
•Change your password periodically, e.g. within 90 days or 3 months, and the new password should be different from the previous passwords.
•Report to your Bank immediately any actual or suspected misuse of your password and ensure that such a password is changed without delay.
•Beware of common social engineering attacks, e.g. people pretending to be a member of the police or Bank staff to ask you to tell them your password.
•Make sure that no one is looking over your shoulder as you are typing your password/PIN.
Protect your mobile phone
Set up password of your mobile phone
Usually your mobile phone allows you to set up a password or a PIN, which will be asked when you switch on your mobile phone or make some configuration changes. This can restrict the use of your mobile phone from others in case it has been stolen or lost.
Avoid sharing your mobile phone
Exercise care in using your mobile phone used to access Mobile Banking if it is likely to be shared with others or provided for maintenance.
•Remove the temporary files and the cache that were stored in the memory of the phone during usage of your Mobile Banking, as the temporary files and the cache may contain some of your sensitive information such as account numbers.
•Clear the browsing history regularly.
•Do NOT allow access to your mobile phones by others without logging off your Mobile Banking Account.
•Alert your Bank immediately if you lose your mobile phone or SIM card, or suspect any unauthorized access to your mobile phone, SIM card or your Mobile Banking account.
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