Disadvantages Of Mobile Banking

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Telephone banking is a service which is provided by a financial institution, to enable customers of the financial institution performig financial transactions over the telephone, without the need to visit a bank branch or automated teller machine. Telephone banking times can be longer than branch opening times, and some financial institutions offer the service on a 24 hour basis. From the bank’s point of view, telephone banking reduces the cost of handling transactions by diminishing the need for customers to visit a bank branch for non-cash withdrawal and deposit transactions. INTERNET BANKING
Online banking is a system allowing individuals to perform banking activities at home, via the internet. Some online banks are traditional banks which
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The earliest mobile banking services were offered over SMS, but with the introduction of smartphones and the Apple iOS and Google Android operating systems, mobile banking is now primarily offered through applications as opposed to through text messages or even a mobile…show more content…
MBanking also offers enhanced security with SMS transaction notifications and the ability to turn card accounts on or off; the development of new technologies like mobile check deposit (where you simply take a picture of the check using your smartphone's built-in camera) is contributing to the increasing popularity of mobile banking. Eventually, mobile phones may even replace automated teller machines (ATMs) and credit cards.

However, studies show that many Americans are still uncomfortable with mobile banking, citing security as a top concern. According to Javelin Strategy and Research, "Between 2009 and 2010, the number of consumers who rated mobile banking as 'unsafe' or 'very unsafe' increased by a shocking 54 percent."

While banks are working to do their part, users have to take additional steps to make sure their mobile data is protected. Here are some tips for mobile bankers of all ages to help keep you safe while banking on the go:
Download your bank's mobile application so you can be sure you are visiting the real bank every time and not a copycat
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