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5 Tips for a Secure Mobile Banking Experience

Oct 10, 2017 | 2 minute read

Secure Mobile Banking | Protecting Finances

OCT 2017 Mobile banking is a secure, convenient way to manage your finances. Accessing your accounts on mobile devices can actually be safer than using computers because they are more secure against malicious software or viruses. Protecting yourself is more important than ever as scams and cyberattacks become more common. Take these tips into consideration if you plan to bank with your mobile device.

Use the approved, updated app.

According to a Mobile Ecosystem Forum study, 61% of people use their mobile device for banking with only 48% using a dedicated mobile banking app. Apps are more secure than browsing on your mobile phone’s internet because they are harder for hackers to access. Any app available for download on the Apple or Android store must pass through a verification process to confirm it’s correct and secure. Downloading apps from other sources is not advised.

Keep your app up-to-date for a better user experience and the most secure option for banking. Financial institutions update their app periodically to add new features or improve any issues.

Take advantage of alternate login options.

Many financial institutions have additional features to protect your app and accounts. Take advantage of alternate login options including Touch ID/Fingerprint ID to keep your accounts safe. The use of biometrics (metrics related to human characteristics) will continue to grow as it’s more secure than even the most complex of passwords.

Tip: Keep in mind if you have Touch ID/Fingerprint ID enabled on your phone, any fingerprint saved in the phone can be used to access your accounts through the mobile apps. Delete any fingerprints of someone you wouldn’t want to access your accounts.

Keep your device up-to-date.

Apple and Android operating system upgrades often include security updates to protect your mobile device from the latest malware attacks. This is particularly important to Android systems as they tend to be more open to developers. Phones not updated with the latest operating system or phones that are “jailbroken” are at risk as they’re less protected from malicious software.

Avoid public Wi-Fi.

There are risks associated with using public Wi-Fi. Weakened protection of free Wi-Fi means it’s easier for hackers to gain access to these public airwaves and steal your private information. To better protect yourself, avoid accessing your financial information through public Wi-Fi. If you need to use your mobile banking app, turn off your Wi-Fi and use your data.

Use smart mobile phone practices.

If your mobile device has personal information including access to your financial accounts, it’s important to take the necessary security steps to protect yourself, including:

  • Add a password for your lock screen (and control who knows it).
  • Limit the number of people who have Touch ID/Fingerprint ID access to your phone.
  • Use a “find my phone” app.
  • Be suspicious or emails or texts from unknown senders.

Managing your finances from a mobile device is a convenient option for those always on-the-go. As technology continues to improve, it’s important to protect yourself and always be vigilant. Taking these tips into considerations and continuously monitoring accounts will help keep your money safe.