On my way to the office, I met an old friend on the train today. During the course of our conversation, I learnt that despite owning a smartphone, she does not carry out banking transactions through it. She doubts if her bank has made mobile transactions completely safe and is biding her time, waiting for the day when mobile banking becomes foolproof.
Most of us believe that it is the sole responsibility of financial institutions to safeguard mobile banking transactions from fraud and phishing attacks. But the truth is that customers must share that responsibility by taking proactive measures to help reduce the risk. Some basic precautions while using the mobile phone can go a long way in reducing incidence of fraud.
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