Mobile banking has grown exponentially in popularity since it was first introduced—and fraudsters are taking notice.
“Mobile banking provides an unprecedented level of convenience for bank customers, and while it is a safe way to conduct banking transactions, customers need to remember that any device used to connect to the Internet is vulnerable,” says Frank Keating, president and CEO of the American Bankers Association (ABA).
If you use mobile banking to manage your finances, take the following precautions to protect the data on your device:
Be aware of shoulder surfers.
The most basic form of information theft is observation. Be aware of your surroundings, especially when you’re punching in sensitive information.
Use the pass code lock
on your smartphone and other devices. This will make it more difficult for thieves to access your email, texts and other information if your device is lost or stolen.
Log out completely
and close the app when you finish a mobile banking session.
Watch out for public Wi-Fi.
Public connections aren't very secure, so don’t perform banking transactions on a public network. If you need to access your account, try disabling the Wi-Fi and switching to your mobile network.
Use caution when downloading apps.
Apps can contain malicious software, worms, and viruses. Beware of apps that ask for unnecessary “permissions.”
Download the updates
for your phone and mobile apps.
Avoid storing sensitive information
like passwords or a Social Security number on your mobile device.
Beware of mobile phishing.
Avoid opening links and attachments in emails and texts, especially from senders you don’t know. Be wary of ads (not from your security provider) claiming your device is infected.
Wipe your mobile device
before you donate, sell or trade it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen.
Tell your financial institution
immediately if you change your phone number or lose your mobile device.
Protect your phone from viruses
and malicious software, or malware, just like you do for your computer by installing mobile security software.
Report any suspected fraud
to your bank immediately.
Published with permission from RISMedia.