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Is mobile banking just as secure as classic e-banking?

More than half of all Swiss cit­i­zens handle their finan­cial trans­ac­tions via a mobile device. But is it sound prac­tice to use mobile banking? It is, as long as you observe a few basic rules.

A cur­rent study by the Lucerne Uni­ver­sity of Applied Sci­ences and Arts  has shown: Bank cus­tomers fre­quently and readily avail them­selves of the advan­tages offered by a mobile banking solu­tion. Still they don’t quite trust the tech­nology involved fully. Classic e-banking from a PC at home or at the office is still con­sid­ered more com­fort­able and above all, more secure.

From a tech­nical point of view, this per­cep­tion is not really jus­ti­fied. Although over the past few years, there has been a marked increase of attacks on mobile devices, the same goes for sta­tionary com­puters, too.

As far as secu­rity is con­cerned, a mobile banking app actu­ally offers one deci­sive advan­tage: Unlike with classic e-banking using a browser, cus­tomers receive a ready-made bit of soft­ware which is specif­i­cally adapted to elec­tronic banking by their finan­cial insti­tu­tion and is thus effec­tively secured. Users there­fore no longer have to man­u­ally enter the bank address and check that a con­nec­tion is secure - a banking app does that for them, auto­mat­i­cally in the back­ground, thus min­imising the risk of any typing errors or phishing.

Just like with classic e-banking, the pre­req­ui­site for using mobile banking securely is that you comply with some basic prin­ci­ples. Device pro­tec­tion thus plays a deci­sive role here, the same as the need to observe cer­tain rules of con­duct. You can find out more in our article on How to use a mobile banking app in a secure manner.

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