SMS banking: what it is and how safe it is to use

Functions of SMS banking

Notifying users about funds deposited to or withdrawn from a card or bank account is not the primary task of the service. Its functionality is much broader.

• Account monitoring. Thanks to this service, the client of a credit institution will be aware of all banking transactions. They will be able to track expenses incurred at the supermarket and cash withdrawals at the ATM.
• Bank card protection is another task assigned to SMS banking. The client receives a message about any transactions carried out on the card (account). If the cardholder did not make any purchases or payments, they can block the card.
• Service convenience. If you have credit agreements (whether it is a loan or a microloan), you will not miss a payment. A notification like this will arrive on your phone number: "Sberbank reminds you of the date of the next payment under credit agreement No. 12567980765430 (sample number). Amount — 4,000 RUB as of the scheduled date 12.12.2020. For additional information, please contact a bank branch."
• The ability to check personal account status. You can also receive information in the form of a statement regarding recent account transactions by sending a request to the bank.

SMS banking is a service that allows you to transfer money to any organization, and pay for mobile communications or the internet.

SMS banking should notify you about a PIN change or incorrect entry. Two or three incorrect entries signal that the card has fallen into the hands of third parties and fraudsters are trying to guess the correct combination of digits.

The service significantly simplifies people's lives. You don't need to leave home, waste time traveling to the bank, stand in long lines, and listen to unnecessary conversations.

Please note! Many banks have developed a special "SMS Banking" app on the App Store and Google Play. By installing it on your phone, you won't have to send SMS commands manually every time. The program allows you to send requests in one click. You can also create templates like "Send money to son" or "Top up phone balance."

Activation methods

Activating the service does not require new software or additional financial expenses.

SMS banking is activated using one of the following methods:

• contacting the credit institution (you need to fill out an application);

This can be done either when receiving the card or on another day.

• the official website of the bank where you are a customer;
• payment terminals or ATMs;
• via the support service (contact center).

Through the contact center, the service can only be activated for the phone number that was specified when applying for the card. Call the specified phone number of the credit institution (they are available on the banks' official websites) and answer the manager's questions.

Note! Activation methods depend on the banks. There are credit institutions where the service can only be activated at the branch. There are banks that allow you to activate SMS banking by any method.

If you decide to activate the service yourself, the connection procedure will consist of several stages:

• Prepare your card and mobile phone.
• Go to the bank's official website.

If you have not registered in online banking, complete this procedure. Provide the required details and confirm your desire to register on the website by entering the code sent via SMS into the special field.

• Go to the online banking menu and select the "SMS Banking" service.
• Enter your phone number.
• Click the "Connect" button.
• To complete the operation, enter the secret code sent by the system as a short text message.

Note! The SMS banking service can be paid or free — it all depends on the bank where you are serviced. The price ranges from 30 to 60 RUB per month. In most cases, it is included in a service package, so it is difficult to find out the real price — everything is hidden inside the package tariff.

After activating the service, the bank assumes certain obligations

• The bank undertakes to process SMS requests and send replies to them.
• The institution must send messages regarding transactions made using cards or accounts to the phone number specified by the client.

You can deactivate the service yourself or by contacting a bank employee. From the moment the service is deactivated, the credit institution stops accepting all SMS requests from the client.

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Pros and cons

Bank clients who have a mobile phone can activate SMS banking.

Such a service has maximum advantages:

• making payments using a smartphone;
• additional monitoring of all transactions carried out on the account or card;
• ability to prevent unauthorized debiting of funds;

By the way, experts advise setting daily limits. Even if a fraudster manages to gain access to bank cards, they will not be able to withdraw an amount exceeding the set limit.

• option to activate the service via the contact center;
• loyalty;

E-mail newsletters annoy users. Nothing of the sort will happen if you enable SMS banking. There is no spam here.

• ease of sending a message;

There is no need to write many words. For example, to check the balance on all active cards in OTP Bank, it is enough to send the command BAL. The command BLOCK with the last 4 digits of the card or account number allows you to temporarily block the payment instrument. If you have a deposit, send the command DEPOSIT to find out the balance on your active savings account.

• simplicity and reading speed;

All information is provided in a concise format without extra details.

• low price for the service;
• valid anywhere in the world within the mobile operator's coverage area;
• the service is available at almost all banks: Sberbank, VTB, OTP Bank, and others.

SMS banking is the ability to get the necessary information in a matter of minutes.

Along with all its advantages, the service has some disadvantages. The main drawback is the inability to protect customer information 100%. A fee is charged for the service, which users dislike.

Leonid writes that he had not used his card for almost year and decided to close it because he no longer needed it. He visited a bank branch, but was told to pay about 500 RUB because a paid SMS notification service was connected to the card. This is another drawback of the system. Therefore, if you are not using a payment instrument, disable all paid services.

In some cases, an SMS from the bank can cause serious anxiety.

Alina received a notification about a debit, but the payment did not go through the POS terminal. The young woman got worried and called the bank. She was explained that the money in the account is blocked first (the message is sent to the customer at this exact moment) and is only debited after the SMS is sent.

Another disadvantage is that two, and sometimes three, SMS messages are received for the same transaction.

Trouble arises when traveling abroad. Problems with roaming frequently occur, and SMS notifications fail to deliver. Unfortunately, it is difficult for banks to control the quality of the service when a customer's cell phone is in roaming.

Security of use

If you do not follow basic security rules, you can lose all the money in your account. Therefore, before using SMS banking, follow these tips.

• If you activate the service yourself via your Personal Account, make sure that a secure connection with your bank's server is established. The address must start with https.

Be careful, because fraudsters create fake pages that are difficult to distinguish from real ones. Official companies monitor these pages and block them, but before they are detected, a fraudster can withdraw money from accounts (bank cards).

• Regularly check your account statements. If you see an unrecognized debit, block the card.

You can block accounts yourself or by calling support.

• When installing antivirus software, use only licensed programs. This will help protect your account from hacking.
• If possible, do not use the SMS banking service while connected to public internet access points.
• Do not leave your PC or smartphone unattended with the banking page open.
• Do not share the login and password you use to access the system with anyone. This is confidential information and should remain with the owner of the bank account (cards).

By following 6 simple rules, you will protect your money and cut off all access to your account for fraudsters.

Summary: SMS banking is a convenient and inexpensive service. It allows you to monitor account balances and block cards if there is a suspicion that third parties have access to them. By connecting banking, you can perform a number of operations from anywhere. The main condition for connecting the service is a working cell phone. The service has pros and cons, but the advantages outweigh the disadvantages. SMS notifications can be set up in various ways within a few minutes and do not require special knowledge.