Today saw the launch of a new service that allows people to transfer money just using their mobile phone numbers – without needing to exchange bank account details. Barclays are pioneering the service, with other banks expected to follow suit. Although the app to send money is only available on smartphone platforms, anyone with a mobile number can register to receive money via the new Pingit Service. Notification of transactions on the Pingit service will be sent by SMS (text message).
This is undoubtedly an exciting development and the banks are hoping it will revolutionise the way we handle our money in the future. The new service is as secure as any other online banking transaction and is protected by a user specified 5 digit passcode on the application itself.
Our recommendations for using this service are:
- Ensure that your passcode for the Pingit application cannot be easily guessed, so avoid birthdays and anniversaries!
- Don’t store your passcode on your mobile phone, even in your contacts.
- Protect your mobile phone with a secure unlock feature (like a PIN code or Pattern Lock)
- Double check you have entered the correct phone number before you confirm a transaction
- Take extra care not to mislay your phone. Physical security is important too.
- Be wary of imitation apps from non-reputable sites
- Be aware that fraudsters are likely to try and send SMS phishing attempts
- If your phone is lost or stolen inform the bank as soon as possible.
Make the most of the new technology by using it safely and responsibly.
