Lesson 4: Using alerts and notifications to manage your money - AARP Foundation Fintech (2024)

FAQs

What are some examples of alerts you can receive from the bank? ›

Setting up mobile phone text or email alerts makes it easy to know where your account stands—so you can take action to access new deposits or guard against low balance, unusual activity and fraud.

What Is Mobile Banking? Mobile banking is the act of making financial transactions on a mobile device (cell phone, tablet, etc.). This activity can be as simple as a bank sending fraud or usage activity to a client's cell phone or as complex as a client paying bills or sending money abroad.

Account alerts let you know via text or email about account activity based on your customized choices. You can set up notifications for payments or purchases, bill pay reminders, profile settings changes, and more. You may get account alerts multiple times a day, typically when the activity occurs.

To set up your alerts, sign into your online banking portal and go to your accounts or account services. Click on "manage alerts" (your bank's instructions may be slightly different) and choose the alerts you'd like to receive.

Even if you don't download a fraudulent banking app, scammers can still gain access to your accounts through other malware-infected apps. Hackers use a type of malware called “keyloggers” that record all the information you type into your phone — including bank accounts and passwords.

The first is to notify you if your account balance is nearing a low number or at risk of an overdraft. The second is to set a high balance alert, which is useful if you are expecting a large deposit or transfer to come through.

Instead, banks run a lot of software in the background to make sure you're really you. Among several factors considered during logins are: the time of day, location, device IP address, mobile carrier, and if any links prompted users to open the app.

Financial technology (better known as fintech) is used to describe new technology that seeks to improve and automate the delivery and use of financial services. ​​​At its core, fintech is utilized to help companies, business owners, and consumers better manage their financial operations, processes, and lives.

Risks of mobile banking

The 2021 Nokia Threat Intelligence Report indicated that 50% of banking malware is targeted toward Android users, because Androids run on a fully open-source operating system. Cyberattacks triggered by hackers, unexpected glitches, and user mistakes can all undermine an app's security.

What's the difference between mobile banking and Internet banking? ›

The biggest difference between the two is their functionality. Internet Banking allows you to conduct online transactions through your PC or laptop and an internet connection. On the other hand, mobile banking can be done with or without internet. Many banks nowadays have their mobile apps for mobile banking.

Types of alerts include:

A withdrawal, deposit or check posts to your account. Your online statement is ready for viewing. A change has been made to your account information or settings within digital banking.

Alerts you can potential receive include: Extreme Weather Warnings, Local emergencies requiring evacuation or immediate action, AMBER Alerts, and Presidential Alerts during a national emergency.

Alert messaging (or alert notification) is machine-to-person communication that is important or time-sensitive. An alert may be a calendar reminder or a notification of a new message.

Insta Alerts help you keep a track of your banking transactions. With Insta Alerts, you do not need to pay a visit to your bank but can get all details immediately on your mobile phone or email ID.