Information Madness

Now ICICI bank has introduced its mobile banking application called iMobile. Using this application you can do all your banking transactions via your mobile phones. You can transfer funds to ICICI and Non ICICI Bank accounts. This application covers Savings bank, Demat, Credit Card and Loan accounts. 

You can download this application from ICICI Bank Website. There is a demo available for this application here. But here are some sensitive issues that we are not considering.

Practically speaking, using applications like this, all your bank and personal information is right there in your phone. We know that thousands of cell phones gets stolen everyday. I get so Lost your mobile? Find it here for lost mobiles and people ask if there is a way it can be found. If the mobile is stolen, things can go real bad. What kind of safety features have been considered by ICICI bank in this mobile application? 

We know that India is known for hacking. We have people in India who can unlock any mobile phone and have hacked the most locked down phone iPhone. So how difficult it would be for hackers to hack your bank account information from your lost/stolen mobile phone?

I would say, mobile banking applications are still not safe in India unless we have some sort of security feature available for mobile phones.