In the past, you may have grown anxious when you left home without checking your account balance or mailing a bill, but today you can just grab your phone.
Mobile banking is becoming a popular feature for busy "on-the-go" people, but for many the number one concern is issues relating to security.
Mobile banking should be no less secure than typical online banking, and there should be no cause for concern. Banks invest heavily in the security of their customers’ data and many offer zero liability for fraud. Find out what your bank will cover if something happens.
In many ways the functions of mobile banking are limited. Your account information should not be visible and as one analyst put it, “the worst someone could do is log on and pay your electricity bill”. Plus, no known viruses or malware exist that’s a threat to the safety of mobile banking.
Far and away the biggest risk is the fact that we carry around these devices, so they could more easily get lost or stolen. Our phones now contain so many facets of our personal and financial lives that we need to be more cautious than ever about who uses it and where we keep it.
Phishing schemes, where criminals pose as legitimate companies, continue to be a cause for concern. Anytime you are contacted with a request for personal information, such as your PIN – it’s almost certainly identity theft.
Precautions and Safeguards
Use the same protection strategies with your mobile device as you would with your home computer.
Password-protect your phone
Erase all banking messages
Don’t allow automatic login
Download applications directly from banks
Avoid lending your phone to strangers
Mobile banking can add more convenience to your busy lifestyle, but make sure you are taking the necessary precautions to protect yourself from identity theft.