Mobile Banking

Until not that long ago, every account deposit, withdrawal or transfer required a personal visit to the bank to complete the transaction. Banking was time-consuming, inconvenient...

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Mobile Banking

Mobile Banking Security Tips

How Secure is Mobile Banking?

Until not that long ago, every account deposit, withdrawal or transfer required a personal visit to the bank to complete the transaction. Banking was time-consuming, inconvenient and involved unnecessary frustrations but today, there are so many more options to facilitate our day-to-day banking that we can pretty much do all we want to do whilst on the move, 24/7.

But just how secure is mobile banking? How easy could a thief sniff out your bank details? Is making a transfer via an app or text safe?

Thankfully, very sophisticated systems do make mobile banking pretty secure but still, there are certain rules you should follow to make sure your banking info remains safe.

Keep track of your device

Our mobile devices go where we go but always keep a close track of the whereabouts of your phone. They contain passwords, contact lists, calendar appointments and more, so you certainly don’t want it falling into the wrong hands. Keep it in your bag or a pocket when not in use and make use of PIN numbers and any other digital locking features.

Don’t follow links

Heard of the term phishing? Phishing refers to the practice of tricking someone into revealing private information. This may be done via a simple text or e-mail or via more complex means like a fake website designed to mimic your bank’s official site (this is referred to as spoofing). Avoid being a victim by never follow a banking link sent to you in a text message or e-mail. Instead, always navigate to a website directly. Enter your bank’s web address into your phone and bookmark it. Also, never send your account information or password via text message or e-mail.

Avoid banking on mobile devices

Many mobile devices allow you to connect to different types of networks, including wifi networks. Be wary however of checking your balance or making a transfer whilst sipping a latte in a coffee shop. Make sure you’re not connected to the public network and these aren’t considered very secure. Better to disable the wifi connection and switch to a cellular network.

Use official banking sites

Many banks now offer official apps for mobile banking which tend to be more secure than sending any info by text or email. Banks go to great lengths to build their apps with maximum security measures and all information sent across a network by an app is encrypted. Note that most mobile devices allow you to store passwords so that when you activate an app, it launches directly into the program without the need for authentication. This makes accessing the app faster, but it’s not as secure as entering your username and password each time.

Be careful what you download

Remember that mobile devices are just essentially specialised computers. That means it’s possible for someone to design an app that could try to access your information – a concept known as malware. One way this could happen is if the app hides a keylogger which is a program that records or logs your keystrokes. For the moment, mobile devices are less prone to malware attacks than computers but you should still be careful when downloading apps – that goes for all apps not just banking ones. Do some research before you download apps to ensure the developer has a good reputation and if using iTunes, be in touch with system support immediately if you think your information may have fallen into the wrong hands.