Kotak Bank - Money Transfer App

Money Transfer App: Banking was considered to be quite a tiresome task a few years ago. However, these days, things are changing for the better. With banks providing their customers with the convenience of mobile banking, customers have never been happier. There are many who prefer to opt for online banking or simply using a money transfer app to manage their accounts.

While this method of banking is definitely quicker and convenient, is it really safe? This is a genuine question that a few customers have in mind before they start depending on such apps. Well, the answer is yes, if you take all the right steps.

To elaborate more on this, let us take a look at 5 safety tips you should know about before using a money transfer app:

  1. Download the bank’s app from its official site

There are many banks that provide links on their websites that will take you to the App Store where you can download their app. Before you do this, you can read information about the app which should be available on the bank’s website itself. Doing this will ensure that you are using an authentic money transfer app.

  1. Make sure to use a strong password

Quite a few safety breach cases are due to one common reason – weak passwords. By weak passwords, we do not mean short ones; we mean simple and predictable ones. A good way of protecting your identity while using a money transfer app is to use a strong password. A good password would include random lower- and upper-case letters, symbols, and numbers. Of course, make a note of such passwords so you do not forget them. This will significantly reduce your risk of being targeted by cybercriminals.

  1. Check whether the bank uses a two-factor authentication

Safety should be ensured not only from the bank’s end but yours too. Any good bank would use a two-factor authentication process wherein the users would require to use not only their passwords but even an OTP that is sent to their phones. This method of logging in is a good way to confirm identity and any good digital India banking app should have this authentication process in place.

  1. Steer clear of a public Wi-Fi

If you have used public Wi-Fi before, you might remember receiving a message stating that you are not using a secure network. Paying heed to this message, it is advisable to not engage in any important business of yours online while being connected to a public network, especially when it comes to financial business.

  1. Set instant alerts via text and email for any fraudulent activity

Many users prefer to set alerts and notifications when they are using a money transfer app. This helps them in staying updated on any good deals or discounts. Not just that, but setting alerts is also important from the aspect of safety, as you will immediately receive a notification in case the app notices any unusual activity.

We hope that this article helps you find a good money transfer app that you can rely upon. All the best!

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