Cellphone Banking | Mobile Banking | Capitec Bank (2024)

FAQs

Is it safe to do online banking on cell phone? ›

In general, android phones are safe for online banking. Android, like other cellphone models, can be used for online banking as long as it is secure in both password, and in your possession at all times. However, there are people who are unfamiliar with online banking and what the benefits are in utilizing it.

The general consensus is that while the risk is low when it comes to banking, security does depend to some extent on consumers—many of whom don't do what they should be doing to keep their phones safe from attack. As a result, experts say, banks could do a better job educating consumers about cybersecurity issues.

Go to the app store (Google Play Store or Apple App Store) and search for the mobile banking app from your bank. Download the app from the authorized app store. Once the app is installed, open it and log in using your account number or registration number. Create a password and re-enter it to confirm.

Hacking your data: Hackers can steal your money remotely

Hackers have created malicious software (known as malware or Trojans) that attack bank apps. If you're tricked into downloading malware onto your phone, a scammer can spy on you and steal your mobile banking username and password.

Kyle Marchini, a fraud management expert, told Burnette that it's easier to download malware using a browser than it is with apps. However, it's possible to unknowingly download a false version of your financial institution's banking app through a platform like Google Play or the App Store.

What are the advantages and disadvantages of mobile banking. The advantages of mobile banking include 24/7 access to funds, convenient way of paying bills, taxes, and loans. The top disadvantage of mobile banking is potential security risks, tech issues, and extra charges for services.

There is also risk of malware and virus attack which might lead to third party accessing an individual's private data and details such as their usernames, passwords etc. There is also risk in mobile banking through SMS. SMS services do provide end to end encryption of messages being exchanged.

To make a transfer via telephone, you can call your bank's telephone banking service. The bank's customer service representatives will be able to guide you through the process. There are some cases wherein an automated recording will guide you instead.

Telephone transfers

Call your bank's telephone banking service. The bank's customer services representative will guide you through the process. In some cases, you might be guided through by an automated recording.

Can I transfer money via phone banking? ›

Telephone banking is a quick and easy way to: check your account balances and transaction history. transfer funds between your linked accounts, including credit cards.

Thanks to 24/7 access to accounts and the ability to make transactions with the tap of a button, consumers have more control over their money management — making trips to the local bank — for many — a thing of the past.

With mobile banking, you're able to check your balance, track your spending, review your account history, locate ATMs, deposit checks, transfer funds, pay bills and receive text message notifications or alerts about your account.

A bank account freeze means you can't take or transfer money out of the account. Bank accounts are typically frozen for suspected illegal activity, a creditor seeking payment, or by government request. A frozen account may also be a sign that you've been a victim of identity theft.

A bank app may be safer than your bank's website -- but you'll still need to take security precautions. Dashia is a staff writer for CNET Money who covers all angles of personal finance, including credit cards and banking.

Is it safe to use mobile banking apps? Yes. Download the official banking app, update it constantly, use a VPN with a public Wi-Fi, and keep your phone close by! However, that doesn't make you completely safe from scams, malware attacks, and hacking.