Mobile Billing is the newest way of using your phone to make a payment. It is easy and convenient and people are wondering if this might replace ATM machines in the future. However, users are still a bit concerned about their financial safety when using this method.
Sure, there are problems you can potentially encounter when paying with your phone. But it is no more (or less) risky than using internet banking, swiping your credit card or withdrawing cash at an ATM. The good news is that you can do a few things to keep safe and prevent fraudsters from getting their hands on your banking details.
Also, providers have their own security measures in place to protect consumers. Examples are:
- Tokenization: and target removal: sensitive info like usernames and pins are removed during the payment process.
- Two factor authentication: The user is asked to provide two pins/ passwords in order to proceed with the payment.
What can I do to protect myself?
Keep your mobile device safe: Prevent people from physically using your phone, even if you lose it. Have a start-up password on your phone as well as one to log into the Internet or any applications you are using. The trick is not to make it something obvious like your birthday or your child’s name.
Stay away from dodgy sites: Don’t get fooled by a fraudulent site – make sure they are authentic. Look for reviews and complaints on the web before you do any Mobile Billing transaction. People are sure to make a ruckus on the web if they feel the have been treated unfairly by a company.
Don’t use unsecure connections: If you transfer data over an unsecure connection, you can easily become a victim of identity theft. So, when you land on the page where you have to submit your personal details, make sure that page is secure. If the page doesn’t have “https” or a padlock icon in the URL, don’t enter your details!
Be vigilant, just like you are with any other payment method, and you won’t have to stress about using Mobile billing at all!