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Keep Mobile Banking Secure

February 26th 2016 by
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Mobile Banking

In the ever evolving world of mobile devices, mobile banking is becoming more widely used. As a result, everyone who uses mobile banking is putting themselves more at risk for having information stolen; however, there are ways to prevent becoming a victim.

A high number of people who use smartphones are also using mobile banking due to its ease and convenience. Just like banking on a computer, this puts consumers at risk to having personal information stolen along with their money. However, an article posted to foxbusiness.com explains that mobile banking is more secure than banking from a computer because app developers have made improvements based on security risks they found to come along with computer banking.

Regardless of what you are logged into your account to do, hackers can come between the user and the bank by getting into the account and transferring money. In order to keep information safe, users need to be conscious of where they are logging into their mobile banking accounts because defense on mobile phones is not as effective as anti-virus software on a computer. The biggest security risk is logging into public Wi-Fi such as in coffee shops and airports since anyone can be monitoring the network to intercept the data that is transferred to the bank. For that reason, it is safer to conduct mobile banking through a secure carrier network or a trusted hot spot.

Most people using a smartphone are using a mobile browser instead of using the financial institution’s mobile app. However, logging into your account through a mobile browser puts users more at risk for having information stolen because a mobile browser is less secure than apps that are well written. When downloading banking apps, it is crucial to ensure that apps are legitimate due to hackers creating false apps that look like the actual bank’s app in order to trick users into giving out their login information.

A very common way that personal information is stolen is when a smartphone is either lost or stolen. In the event that your phone is no longer in your possession, you should never allow for automatic logins and ensure that when logging into the account, a password is always required. Along with manually logging in, be sure to log out of your account when you have completed your transactions. Users should also check their phones to make sure all apps are legitimate and not sending out texts that reveal personal information. It is also helpful to secure your phone with a pass code and ensure location services are enabled so you can remotely wipe your device so none of you information can be compromised.

Be careful of where you are logging into mobile banking and take steps now to ensure the security of your account.

For more information, visit: http://www.foxbusiness.com/features/2013/09/30/how-to-stay-safe-banking-on-your-phone.html

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