Regulated banks and their digital apps will all do everything possible to make their apps secure. This includes familiar features such as security passwords and pins, but also newer technologies such as facial, speech and fingerprint recognition. This is captured during the set-up of your digital app using your mobile’s camera – simply put you are taking a selfie. If your mobile has Touch ID or Fingerprint scan, then this can also be used to securely verify you against the banking data held on your mobile. You will also be asked to take picture of your photo ID.
A lot of digital banking apps will notify you almost immediately after you have made a payment. This means you can quickly spot a fraudulent transaction.
If you forget your pin and passcode, then it is likely you can reset these by taking a new video of yourself. This is analysed immediately to your original set-up video to confirm your identity.
And, exactly like a traditional bank, using your common sense is essential, so don’t share your passcodes or leave these written down and be careful people do not see your login information. You can read more in our guide Seven rules to keep online banking safe.