Mobile banking is convenient, but it can also be dangerous if you don't take precautions
Technology has improved our lives in ways our ancestors could never have imagined, but it has also made us vulnerable. For example, mobile banking is extremely convenient for most people, but it can also leave you wide open to hacking and identity theft if you aren't careful.
Follow these tips to keep yourself and your information safe when using mobile banking.
- Keep the App Up to Date
- Avoid Public Wi-Fi Networks
- Disable Automatic Log In
- Make Your Device Traceable
- Erase Your Data Once in a While
If your financial institution has a mobile banking app, make sure to keep it updated. This is necessary because the app's developers are constantly finding and fixing security flaws and adding new security features that are then released in new updates.
Public wi-fi networks are usually not secure, so it is much easier for your devices to be hacked when you use them. If you use a public wi-fi network, wait to do your banking until you can log on using a secure network.
It may be more convenient to let your app or browser save your passwords so you can log in automatically next time, but it's best not to. If a third party somehow gets ahold of your phone, they will be able to access all of your accounts—and your money—without issue.
Device manufacturers now offer different features allowing users to track their devices or remotely make them unusable if the device is lost or stolen. Examples of such features include fingerprint recognition, auto-locking, and data erasure.
Banks often send users information about financial transactions, including text messages with one-time passwords in the event the user forgets their original password. Such messages should be erased periodically to make sure that sensitive information never falls into the wrong hands.
Personal finance technology—also known as "fintech"—is an exploding industry right now. For this reason, it is more important than ever for consumers to keep their information safe.