Do you fear to bank via a mobile phone? Well, you needn’t…

 Today the virtual space is heavily attacked by cyber criminals who in general target users of online financial services to as through having stolen their credentials get to their accounts and seize their funds. This lead some people think that as it is the case with online transactions mobile payment services may also feature high risks of security breaches. PCWorld posted an entry where it cited several reasons to the favor of mobile banking and its higher security when compared to online financial practices.

The magazine points to the fact that any mobile options offered today for banking are much safer than those on PCs. Today there are three most common options offered by major part of the banks which includes dedicated application, mobile Internet access and SMS texting.

Most innovative in mobile applications is USAA whose qualified users can use iPhone banking software to make deposits by scanning an image of the paper check which then is immediately torn and tossed. The application allows users to send money to predefined payee but there is no option to add new users except going to the website and do it there. This was a deliberate decision so as to prevent anyone who may pick up the user’s phone from sending money to themselves.

While downloadable applications and mobile browsing implies encryption during all the transactions and information transfers this is not the case with SMS texting. That is why the latter is considered less secure and banks try to limit their service via SMS messaging. Banks just send responds on balance inquiry and some alerts via text messages.

Thus, the magazine says that if a user is vigilant enough and careful mobile banking experience may be as safe for him/her as it is convenient. But even if you lose your mobile phone there are numerous solutions to still prevent fraud. Using MobileMe service or some programs such as Kaspersky Mobile Security users can remote-wipe BlackBerrys and iPhones.