Banking will become even simpler within the next month or so as Barclays are lunching a new App which will allow us to make payments, transfer money and check our bank balance all from the comfort of our smart-phones. However, how safe is this App and what happens if our data becomes compromised?
The new App promises to make our lives a lot easier. Although at first it will only be available to Barclays customers, within a month it will be available to anyone with a bank account and personal smart-phone. In hindsight, it’s a great idea! How many times have we eaten with our friends only for someone to pick up the tab while everyone re-pays the money back to the unlucky individual. Situations like these could disappear. Think about how you could instantly make a transfer to your friends account while they’re paying for the meal. Simple, but effective!
The bank’s head of current accounts, Dan Wass, said: ‘This is the first service of this type to be launched across Europe. It is like having a bank in your pocket all the time.
‘It allows you to send payments to anyone in the UK, simply by knowing their mobile number.
‘It makes sending and receiving money as easy, quick and convenient as sending a text.’
But let’s think about how this could be detrimental to our security. If we lose our phone or leave it behind somewhere, can unidentified users gain access to the account? According to to Richard Hurley of the Fraud prevention Service CIFAS, well only if we’re careless. He adds,
‘Users must ensure mobiles are password protected and locked at all times and should encrypt any stored data’
If you are planning on downloading the App or already have it, look into the CIFAS and check out their regulations on fraud prevention. You may just be thankful some day!
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