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Security And Safety

Security features at mobile banks are on par with those of traditional banking enterprises. The safety of accounts is safeguarded by means of enhanced protection mechanisms including biometric authentication, 3D secure technology, smartphone pairing, privacy protocols, regular security updates, and full licensing and regulation, et al.

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It is worth pointing out that mobile banking confers many additional security benefits over and above those provided by traditional banks. With mobile banking, real-time notifications are possible direct from your handheld device. This makes it easier to send/receive funds and stay abreast of account balances.

With virtual cards, mobile banks provide additional layers of security when shopping online. Extra features such as facial ID biometric recognition, Apple Pay Touch ID, and other enhanced protection mechanisms boost the efficacy of mobile safety and security features. Both mobile banks and land-based thanks store client account information online, so it’s fair to say that equivalent security features are employed by both.

Against that backdrop, we turn our focus to the top 4 leading mobile banking brands and their security features.

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N26 safety and security features are on par with the top European banks. This mobile banking company has been operating with a European banking licence since 2016. Client funds are protected against loss up to a value of €100,000 by the German Deposit Protection Scheme. The 3-tier security protocols include biometric authentication via secure passwords, fingerprint ID and facial ID. Other measures include MasterCard SecureCode 3DS (3D Secure), and smartphone pairing to your account to ensure that only one device can access the account.

Other security options available on the N26 mobile banking application include discreet mode which blurs the account balance making it impossible for third parties to pry. Real-time push notifications are an effective way to stay up-to-date with debits and credits on the account, and enhanced security settings such as PIN resets, card locking/unlocking for unauthorised access or lost cards/phone cards, etc. Commonsense advice such as vigilance vis-a-vis username/password combinations, and safely storing PIN codes are sacrosanct.

Paysend subscribes to the highest standards of safety and security in the mobile banking arena. Paysend is a fully regulated financial institution, and is authorised in the United Kingdom by the Financial Conduct Authority (FCA). Client funds are safely stored in segregated accounts to protect clients against insolvency, bankruptcy, or claims against the company.

Transactions are processed by the proprietary Paysend platform which is certified by MasterCard. Stringent PCI DSS protocols are in place, with Fraud Prevention Systems and Anti-Money Laundering (AML) guidance too. Paysend is fully GDPR compliant in respect of retaining client data for security purposes. Personal data is not held for more than 5 years after the client/bank relationship is terminated.

Bunq places emphasis on safety and security above all else. This digital banking solution has multiple security systems in place to inspire confidence in Bunq’s services. In 2014, Bunq received the first European banking licence in almost four decades. Your funds are guaranteed safe and secure, courtesy of the Deposit Guarantee Scheme of the Dutch National Bank (up to €100,000). Foremost among the safety and security features offered by Bunq are privacy. Bunq allows you to blur out your balance so that other people cannot pry into your affairs.

A nifty feature available with Bunq is the ability to update your CVC security code on your card every 5 minutes, courtesy of the app. This ensures maximum security at all times. No PINs are needed for Bunq, since contactless protections are in place. Pay, Tap & Pay options are now fully supported. Bunq’s security is enhanced by way of 5 unique online cards in your Premium, Business, or SuperGreen account subscription. Virtual cards can be disposed of instantly if necessary. Hand-scan logins are another security feature to prevent data ending up somewhere that it shouldn’t.

Monese prioritises safety and security features for clientele. In fact, this mobile banking solution works diligently to protect clients from ID fraud, and third-party interception of banking information. That’s why government-issued IDs are required, in addition to a short video of the registered user.

Cutting-edge technology guarantees that personal information and finances are secure at all times. Among the many security features available through Monese are Touch ID, Face ID, Fingerprint Scanner. These biometric login systems utilise powerful multifactor encryption technology for authentication purposes. As a member of CIFAS, Monese actively fight against online banking fraud.

Additional security is available via 3D Secure for added peace of mind. This technology adds an extra layer of security to your mobile banking activities. Users are given a 1-time password, via SMS to protect against card fraud. Like other top-tier mobile banking solutions, single-phone access is put into place, to prevent hackers or criminals from accessing your account from other devices.

Real-time notifications with all debits and credits moving through your account are standard. With Monese, it is possible to lock/unlock cards if they become misplaced or stolen. Thanks to virtual 16-digit card numbers, it’s easier than ever to go shopping without having to worry about a physical card. All of these security features provide around-the-clock safety for your account.