The technological advances that allowed for us to use the internet and our mobile phones as the easier and faster means of managing money has revolutionized the money transfer service industry. Today, with the immense popularity that smartphones are experiencing, it is slowly becoming a standard for phones to be used in about everything: messaging, conducting business, playing games, writing a document, watching movies, reading novels and news, carrying out basic functions such as calculating and keeping time, and now, managing money.
However, as amazing as fitting all these functions in handy compact smartphone, money matters are different. What makes
1) Prone to hacking
One of the biggest advantages of mobile banking is that it is just that, mobile. It means you can go ahead and transact money anytime, anywhere through using your phone in online platforms. However, its biggest advantage is also its biggest disadvantage. Mobile internet is a complex and open network system which anybody may access with the right skills and hacking prowess. Unlike tangible security tools like locks, walls, and fences, mobile internet has other things. Instead of locks, they only have passwords that may be hacked through logic if it’s not complex enough. Instead of concrete walls, the cyberworld only has firewalls that may bypassed through by using simple hacking techniques such as proxies and remote access. Unlike it’s PC counterparts, accessing the internet in your mobile phone poses a greater threat as it cannot handle the level of security that PCs can manage with its more advanced processors and bigger memory.
2) Mobile Dependent
Another posing problem is that mobile banking depends on a mobile phone. If, for any unfortunate reason, your mobile phone is somehow rendered useless due to, for example, robbery or accidents, then you would have to go through all the trouble of retrieving the information lost.
3) Reception Reliant
The condition set by having a mobile phone is that it must have reception. This means that if you need to any money transfer service and it happens to be that there is no signal where you are, you won’t be able to access your account.
While these threats do exist, mobile banking is still part of the modernization of our would. Hopefully, in the future, online securities and data limitations will be overcome by our still ongoing technological advances. Still, take extra care in handling money online so that you won’t be regretting jumping in the bandwagon of a mobile revolution that is still being perfected.