The banking sector is significantly transformed over the years. Now, a large number of customers prefer to perform basic financial transactions online, leading to the increased use of digital banking.
According to Federal Financial Institutions Examination Council (FFIEC), digital banking can be elaborated as the �automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels.�
Banks around the globe are acknowledging how digital transactions can assist their customer acquisition strategies and also enhance user satisfaction. Just have a look at some key advantages of digital banking.
Benefits of Digital Banking
- Saves time and effort, as the user can perform all banking operations (funds transfer, bill payment, etc.) at his/her convenience.
- Offers speedy and reliable cash flow.
- Reduces the risk of theft or manipulation of cheques.
- 24/7 accessibility to account(s) even on public holidays.
- Download or print account statements at any time.
In simple words, digital banking provides convenience for both customers and banks. Banks can reduce their operations and physical infrastructure costs. While customers can save their precious time and hassle through online banking transactions.
Why Should You Use UBL Digital Banking?
Digital banking in Pakistan has seen tremendous growth in the last few years. There are several banks which are offering online banking solutions to their customers. However, United Bank Limited (UBL) has significant value among them.
UBL has not only established its name as an innovative and progressive bank of the country but, is also the fastest-growing digital bank of Pakistan. In January 2020, the Bank crossed the benchmark of one million digital customers. A few months back, Asiamoney declared UBL as the Best Digital Bank for 2020, proving the Bank as a market leader in the digital banking sector.
The UBL Digital App offers advanced technology features such as QR Pay, Aas Pass (Augmented Reality) and Face ID. Presence of email authentication and One Time Passcode (OTP) ensure the protection of your account information.
The best thing about the App is the facility to open a new bank account without even visiting the branch. By following some simple steps, anyone can easily become a part of the constantly growing UBL family.
UBL Digital App is proficient and precise in branch identification as the location-based auto-selection allows customers to change or find their banking branch according to their convenience.
The 24/7 digital banking platform allows users to perform multiple banking services such as funds transfer, bill payment, voucher purchase & top-ups, QR code payments, debit card & cheque book issuance, etc. Customers can also schedule payments which means that they can set it up once and then never worry about missing payment dates ever again.
Digital Banking � Risks With Technology That Customers Should Be Aware Of
As we all know that each technology has its risks and the same thing applies to digital banking. The substantial growth of the e-commerce industry and online banking also creates opportunities for cybercriminals who utilize social engineering attempts to affect customer information security.
Social engineering is a set of psychological techniques utilized by cyber-crooks and criminals to manipulate users into providing confidential or sensitive information. The user�s security mistake eventually leads to the data leak that is further utilized to gain access to systems and also perform actions to cause damage to an organization or person whose data has been compromised.
Types of Social Engineering Attacks
Here are some examples of the social engineering attacks:
- Phishing – Cybercriminals misguide users and appear as they are coming through a verified source. If a user clicks on a false link, a malware is usually installed on their devices through which hackers do the harm.
- Vishing – It is phone-based phishing in which a fraudster claims that something is wrong with the user’s account and tricks him/her to provide confidential information.
- Smishing – It is an SMS phishing in which a scammer utilizes text messages to trick users to provide sensitive data.
Social Engineering Attacks in Pakistan
In Pakistan, incidents of social engineering attempts are also increasing. People with bank accounts are receiving calls from scammers who represent themselves as bank employees or customer care representatives. They ask users to share crucial information. They utilize the technique known as �Call Spoofing� in which a caller changes his/her caller ID to deliberately send wrong information. Normally, spoofing is done through IP phone or VoIP (Voice over Internet Protocol) service.
The caller ID spoofing allows scammers to change their caller ID to a different number other than the calling number. Eventually, customers believe that they are receiving a call from the bank and they share the confidential details such as ATM pin/password/user name/OTP, etc.
When users provide personal and crucial information to scammers, it becomes much easier for them to steal money from the account of victims.
How to Protect Your Account from Scammers?
The security of your account is in your own hands. It is your responsibility to not share your confidential information including User ID, ATM Pin, passwords, OTP with anyone. Do not give these details to a person even if he/she is claiming to be a bank employee or representative. It is noted that UBL will never ask you to share these details with anyone. UBL understands its moral and social responsibility and it is a reason that they are sending SMS and Emails in both English and Urdu languages. They are also running social media campaigns specifically targeted for their customers. The bank is also training its branch staff so they can effectively guide customers about their account security.
