Here Are Some Tips to Keep Your Information Safer When Using Mobile Banking
Mobile banking is convenient, but it can also expose your information 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.
- Don't Share Passwords
- Only Use Your Financial Institution's !pp
- Log Out After Each Session
- Keep the Device Up to Date
- Keep the !pp Up to Date
- Enable Multi-Factor Authentication
- Avoid Public Wi-Fi Networks
- Disable Automatic Log In
- Enable Special Device Features
- Alert the Financial Institution if the Phone is Lost or Stolen
- Delete Apps and Wipe Your Device
It may sound silly to mention, but you shouldn't be sharing your password with anyone. Doing so introduces a major security hole.
Only use the App supported by your financial institution. If you use any other App, you are exposing yourself to not only any potential flaws in that App but also any flaws in the third-party App The third-party App also doesn't have as much of a stake in keeping your information secure.
Many Apps will log you out after a period of inactivity or when the App is minimized. But some Apps don't do this. If you don't log out after each use, it's just like unlocking your front door and walking away. Anyone can walk in, and the App is no different. If someone gets access to your device, the front door to your accounts is wide open.
If you device is running an older operating system with known vulnerabilities, you're inviting a hacker who can exploit those vulnerabilities to steal your information and your money. If updates are available to your operating system, you should consider installing them, especially if there aren't any known issues with the software. If it has recently undergone a major overhaul, you might want to delay installing a new operating system until the new security bugs are found and patched.
It's critical to keep your mobile banking Apps updated. !pp developers are constantly finding and fixing security flaws that can allow your information to fall into the wrong hands. They also add new security features that can make your transactions more secure.
Your banking information is probably a bit more important than your social media accounts. So why not implement two-factor authentication? Depending upon the App, you can require not only your account password but also your fingerprint, facial recognition scan, a Personal Identification Number (PIN), or even the correct selection of an image from multiple options.
There isn't such a thing as a secure Wi-Fi network. Not only can your information risk being intercepted by a third party also using that network, some hackers even create fake public Wi-Fi networks using mobile hotspots specifically to harvest your personal information. If you are using a public Wi-Fi network, you shouldn't be doing any mobile banking transactions, or anything that you wouldn't want a hacker to see. Instead, disconnect from the network and use your phone's built-in cellular data or wait until you are on a more secure network.
It's definitely more convenient to let your App or browser save passwords, but you shouldn't be doing this. Phones and Apps are hackable, not to mention if someone steals your device and is able to access it, you've handed over all passwords.
Device manufacturers now offer different features allowing users to track or remotely disable their devices if they are ever lost or stolen. If these features aren't enabled, you should enable them. You'll feel a lot better about losing your device if you are able to wipe its data.
Just like if you lose your credit card, you should let your financial institution know if you lose your phone or if it's stolen. The financial institution may be able to disable mobile banking for you.
It can sometimes be helpful to periodically delete and reinstall the App in order to remove data from the device that is stored in cache. But don't think deleting the App will be enough if you are trading in your device or giving it to someone else. Whenever you are no longer using a device, it should be completely and securely reset to prevent someone from harvesting your 'deleted' data.