01 Aug 2023
In this fast-paced world, it is nearly impossible to live without a smartphone. There is nothing your smartphone can't do, from grocery shopping to flight booking to utility bill payment to finding new dinner recipes, and transferring funds back home from abroad. For all the OFWs who want to send money to Philippines, mobile banking apps are the best option for you. The introduction of mobile apps has altered the entire banking ecosystem and made a variety of banking activities possible from any location. In recent years, the world has quickly moved towards digitalisation.
Why should the banking sector lag behind when everything else is going digital? The use of mobile banking applications is quick and easy. But are they protected? Apps for mobile banking come with risks and advantages. How you continue to use mobile banking services without risking your hard-earned money is entirely up to you. The following guidelines can help you stay safe and securely transfer money to your loved ones from abroad.
Let's look at some risks and benefits of mobile banking apps for Filipino expats.
The introduction of mobile banking apps has altered the entire banking ecosystem and the way that banking functions are performed globally. Digital banking is no longer a fad; it is now a requirement. According to a study by the international market research company Forrester, digital banking apps are the most widely used banking methods in Asian nations.
Nearly 83% of urban Indians and 78% of urban Chinese who have bank accounts use mobile banking apps to carry out their daily banking tasks. Soon after demonetisation, these banking apps started to become more and more popular in India. The pandemic and the lockdowns, however, caused their popularity to soar. As many as 8 out of 10 users who reside in metro areas began using banking apps after the COVID-19 pandemic.
The term "mobile banking" describes using a bank's app to access your account. This isn't like online banking, which entails using your phone or the browser on your device to log onto the bank's website. Why is this difference important? Because using a bank's app gives them more control over your account's security than using a website does.
Scammers, for instance, can design phishing sites that mimic the login page for your bank or intercept your Wi-Fi network as you enter your credentials online. However, using an app makes it much more difficult for scammers to carry out those same tricks. However, using a mobile banking app does not guarantee your complete safety.
Your device and the bank's server exchange data when you use mobile banking apps. Your bank app needs to "verify" you using information from your account and your specific phone ID to do that without compromising the security of your account. This provides three potential entry points for hackers to access your data and account:
Hackers are able to risk the security of your mobile banking app even if they aren't in possession of your actual phone. Bank app attacks are caused by Trojans and other malicious software that hackers have created. Your mobile banking username and password can be taken if you allow malware to be tricked into downloading onto your phone, which allows a con artist to spy on you. It is crucial that businesses test mobile apps for security flaws because of this.
So, when making a money transfer to Philippines via an app, ensure you have used all the security measures.
An awful nightmare can result from a lost or stolen phone. However, if you use mobile banking, it's especially frightening. Most people keep their login information for services like email accounts on their phones or even save their account passwords there. The security features of your banking app are all circumvented if scammers steal your phone.
In order to get past the security of your multi-factor authentication code (MFA), which is sent to your phone, a scammer could request a new password for your bank app (and gain access to it through your email). If you store your passwords in a mobile browser (or notepad), don't lock your phone, and don't use biometric security like fingerprint ID, it will be even simpler for scammers to carry out this scheme.
The 2021 State of Mobile Finance App Security report states that 77% of mobile banking apps have at least one security flaw that could expose your private information. You run the risk of not only financial fraud but also identity theft if hackers get access to your banking information. On the Dark Web, con artists use identity theft to:
The following list of fascinating advantages of using a reputable mobile app to send money to Philippines online is provided for your perusal. Discover how mobile apps can make your life easier by reading on.
Convenience is a key factor in people choosing mobile apps for money transfers. You can send money to the Philippines from anywhere in Europe at any time using the mobile app. People with busy schedules or constantly moving will find this especially useful. Finding a physical location to send money from or standing in the queue at a bank or money transfer office are not issues when using a mobile app. You can instead complete the transaction using your smartphone or tablet.
You can calculate and keep track of your funds' transfers using mobile banking apps. Now within the app, you can access a history of your transactions. The sender and the recipient can both manage their finances with the help of this specific feature. Consider a scenario where a family member has set a specific objective, such as saving up for a down payment on a home or getting a new car.
Depending on how much you can afford or how quickly you need the money, you can keep track of how much you send home and adjust it accordingly. You can also learn here how to track your online money transfer.
Speed is another advantage of using a mobile app for money transfers. Wire transfers are a common form of sending money that can take several days to complete. The recipient in The Philippines can receive the money within minutes thanks to mobile apps, which frequently offer real-time or nearly real-time money transfers. This is especially helpful for those who have an urgent need to send money for an expense.
When sending money, mobile apps also provide a high level of security. Many mobile apps use encryption technology to safeguard customer and financial information when conducting transactions. This guarantees that your hard-earned money and sensitive information are secure and that there will be no technical issues with the transaction.
Compared to traditional methods, mobile apps frequently charge less and offer better exchange rates, saving you money on every transaction. Use the ACE Money Transfer Mobile app to send money to the Philippines online if you're in Europe. This app offers a fast, secure, cost-effective, and reliable money transfer service with zero to minimal fees and specialised customer support.
You can successfully achieve your goals of living abroad to earn better and send money home if you remain aware of the risks and benefits involved when making an online money transfer to Philippines from overseas. The above article has explained several risks as well as the benefits of online banking, which has become popular among worldwide expatriate workers. By ensuring the safety measures and choosing the most trusted remittance provider, you can reap the most benefits and avoid all types of risks. ACE Money Transfer mobile app and website are well-known for user-friendly experience and highly positive customer feedback. No other app offers a money transfer process as simple as the one with ACE's mobile app. The live currency calculator allows you to keep checking the rates and decide the best time for your transfer to ensure that your recipients get the most of your money. ACE is a well-liked choice for immigrants and expatriates who want to send money to Philippines or any of the 100+ nations on the globe.
What Are The Advantages Of Mobile Banking Apps For Ofws?
Mobile banking apps provide the ability to manage finances conveniently and remotely. Compared to conventional banking methods, they make it simple for OFWs to conduct transactions, access account information, and save time.
How Can An OFW Use Mobile Banking Apps Safely?
Use strong, one-of-a-kind passwords, enable two-factor authentication, and keep your mobile banking app up to date if you want to stay safe. Additionally, only use official sources for app downloads, stay away from public Wi-Fi, and keep a close eye on your account activity.
What Dangers Are There For An OFW Using Mobile Banking Apps?
The dangers include the possibility of security lapses like unauthorised access, phishing attempts, and malware threats. Additionally, there is a possibility of fraudulent transactions, necessitating careful monitoring of account activity.