4 Security Features that every Money Transfer App has

Banking in old times meant one had to visit the nearest bank office to transfer money to their parents’ bank account. But since mobile banking apps gained prominence, one could transfer oney to their beneficiaries from their bank account using their smartphones. Today, banking is easier, smoother, and faster than it used to be. You can search a phrase like “Digital india banking app” on Google to know more about such apps. On the contrary, though, people have concerns about the security features of mobile banking facilities. Let us look at the different security features that are part of every mobile banking app.




1.OTP to activate a money transfer app

When one downloads a mobile banking app and attempts to register it on their smartphone, they get a One Time Password or OTP to successfully register it on their device. Without the OTP, the mobile banking app cannot be registered. This method ensures that the person installing the app is authentic and unique. Such apps are free to download and use. Remember that banks do not ask one to pay money to install and use the app on their device.

2.Two-factor authentication method

Two-factor authentication or dual-factor authentication, as it is sometimes called, provides two layers of authentication methods to minimize the risks of security breaches. This method protects one’s digital identity and the resources they use to send or pay money. This security measure has evolved into an even better facility where biometric authentication is one of the factors of authentication. In many cases, it either runs a fingerprint or face-ID verification or both to allow access to banking services.

3.MPIN for transaction

This is the final security measure put in a money transfer app to authenticate the transfer of money from one’s bank account to a beneficiary. Every transaction channel has its own MPIN to transfer money. It can be used to send money from one peer to another, or from one person to a merchant, using a regular transfer method or the scan and pay method, whichever is more comfortable to the sender.

4.Encrypted transaction channel

Any mobile banking system uses the HTTPS protocol method to help the mobile banking app and the mobile banking server communicate with each other. HTTP, in this case, stands for Hyper Text Transfer Protocol — a basic way of communication between two entities on the internet. The ‘S’ in HTTPS stands for secure. Why? Because HTTPS encrypts the information sent and received through it. Every mobile banking server is issued with an SSL certificate — Secure Sockets Layer, which is the ‘S’ in HTTPS. The protocol creates a highly secure environment to transact money.

So, these are the 4 security measures adopted in any money transfer app. Before downloading a mobile banking app, ensure that it uses most of these security measures because your banking data and your bank balance should be completely privy to you. Have a nice day!

Read More:- A Quick look at the 6 Benefits of an E-banking Mobile App






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