Great post @tarazkp.
Thanks for raising up such important issue that is happening globally, but has being neglected due to the fact that only the common masses get rob of hard earn income.

The usage of SMS in banking is commonly use in my country, and lots of people keeps falling for its scam. Its has a very bad side, when transaction funds get lost, without delivering to the suppose recipient.

Though, i have stopped using my bank for any transaction, due to its poor service. I choose to use a financial application(OPAY), which has a better security features.

And i think authentication applications are also good protective apps.