BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mobile Banking uses device binding concept and will stop working if device is changed.
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Two factor authentication for every financial transaction
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Three tier architecture
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All of the above
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Detailed explanation-1: -Makes the system secure: The banking system becomes more secure with biometric security features such as face id, fingerprint lock and voice recognition. This prevents illegal access to the system so that only authorized bank holders can access their accounts.
Detailed explanation-2: -However, mobile banking is a little safer when it comes to security, mainly because this type of banking does not store any data. It’s also more convenient as we take our smartphones with us everywhere we go. Follow your bank’s guidelines regarding mobile and online banking, and your funds should always be safe.
Detailed explanation-3: -In every transaction, an SMS with an OTP (One Time Password) is sent to the user, i.e., you, which you must then enter and confirm that the transaction is good to go. So that your information is protected from all malware attacks, your data is encrypted and transmitted across the banking channels with high security.