SEOUL, July 14 (Korea Bizwire) — “Alert Apps” of banks have become popular among smartphone users. The apps allow users to receive text message alerts whenever they make banking transactions. In addition, the apps can prevent banking fraud such as smishing.
For example, the subscriber number of “One Touch Alert” provided by Woori Bank has recently broken the 2 million level. Launched in October last year, the number of its members has rapidly increased to 1 million in February this year.
The app sends alerts on banking transaction information, with phishing alert service, at no charge. The same service was provided by banks at 900 won a month. It also permits the user to check account balance, due dates for loans, and expiration dates for automatic balance transfers. Any user with a Woori Bank account is eligible to apply for the service through the Internet or in person.
A similar service called “IBK One Alert” offered by Industrial Bank of Korea is popular among users, with the subscriber number surpassing the 1 million mark last month. Shinhan Bank‘s “Shinhan Smail” also provide a variety of useful features including deposit and withdrawal information, advance notices on expiration dates and automatic balance transfer dates.
A banking industry official commented, “Even though the alert apps of the banks were designed to improve convenience of banking users, they are proven effective tools to prevent smishing and other bank fraud cases. That’s why the number of users is rising astronomically.”
Written by Sean Chung (firstname.lastname@example.org)
Technology (Follow us @Technews_Korea)