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10 risks of mobile banking transactions

Risks are increasing with 55 times increase in such transactions over the past three years, says a Assocham-PwC report

As mobiles and smart phones proliferate, mobile banking is becoming one of the fastest growing segments in banking. A majority of the banks in India offer mobile banking services. According to RBI figures, 22 million of the 589 million bank account holders use mobile banking apps. The volume of mobile banking transactions has risen from around Rs 1,819 crore in 2011-12 to over Rs 1.01 lakh crore in 2014-15. Being an easy and convenient mode of transacting, there has been a 55 times rise in value usage of mobile banking and 5.5 times rise in the volume of transactions between FY12 and ...