One should immediately change his/her password and destroy the password mailer after doing so. Disclosing your password to someone (including bank staff) and using obvious passwords like name, date of birth, etc., is the biggest folly.

Never store mobile banking PIN (m-pin) in your cell phone memory and also delete all messages that have your m-pin information. If possible, disable the temporary storage. The bank accounts of mobile banking users can be manipulated very easily if they lose their phone or change their phone number or hand-set. Tampering of any kind with phone or the number should be immediately reported to the bank; get mobile banking services blocked and request for a new m-pin.

Use the phone-lock function on your mobile device when it is not in use. Choose passwords which are difficult to crack and keep them safe. Strong passwords have eight characters or more and use a combination of letters, numerals and symbols.

Never disclose via text message any personal information such as account numbers, passwords or any combination of sensitive information like your PAN card, birth date, etc., that could be used for identity theft.

Make sure your phone is configured securely, especially when it comes to configuring the web-browser and e-mail software. Security and privacy settings can be configured without any special expertise, simply by using the 'Help' feature of the software, or visiting the vendor's website.

Protect the phone with security software, including a software firewall and antivirus protection. Download files only from a trusted source. Also, make sure the Bluetooth is switched off while not in use to avoid viruses.

Before letting someone else have access to your device (lending it to another person, discarding, or selling your mobile device), ensure that you have deleted all personal account information. Keep the device always up-to-date with the latest patches and updates including antivirus updates.

It is true that mobile banking saves you from those bank trips for every small little thing. But before you get lured by the convenience and the ease that mobile banking services provide, make sure that you know everything about the service. Mobile banking is available through many modes. Which one is compatible with your hand-set is the first thing that one should know as a mobile banking user. A user must know what his bank is charging for the service and also the rates that telecom companies levy for connectivity and messaging.

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Dr. Gursharan Singh Kainth started his career as Lecturer at Post Graduate Dept. of Economics, Government College, Gurdaspur, and later at Khalsa College; Amritsar, specializes in Quantitative & Development Economics. Has the distinction of serving Punjab Agricultural Univ, Ludhiana, for more than 2 decades and remained Director-Principal of Saint Soldier Management & Technical Institute, Jalandhar. Currently, heading GAD Institute of Development Studies, Amritsar, a self-financed research institute. Has been honoured with various awards, including Guru Draunacharya Samman, Vijay Rattan Award, etc.
Article posted on December 1, 2008.