Mobile Banking Security Tips

The U.S. is one of the largest markets for smartphones. With that, the number of people using mobile banking is increasing year after year.

It is predicted that 88% of consumer-bank interactions will happen through smartphones by 2022.

Are mobile banking apps secure?
Yes! Not only is mobile banking secure it is very convenient and can save you a lot of time from going to traditional branches and using ATMs.

It’s always good practice to follow these tips to help you keep your information safe while using a mobile banking app.

Keep your password private
Scammers try to get you to give them your private information, such as your password to access your accounts. Often they will contact you through an email or text claiming to be from a financial institution. They will request your password directly or provide a fraudulent link to a site where you enter your password. This is fraud. Reputable financial institutions will not send you an email asking for your mobile account password or other sensitive data. Do not reply to anyone with this information. Also, do not submit your username or PIN.

Be sure you have a secure Internet connection
Public Wi-Fi connections are very convenient when you do not want to use up your data. However, entering your credentials (username, password, PIN), through a public Wi-Fi leaves you vulnerable for a possible hack.

Use your financial institution's app to connect
For best practices, download your financial institution’s app instead of using a browser to get to the site and log in. Apps are designed with greater security than a browser. Some apps offer enhanced security tools, such as Touch ID, use these beneficial tools for added safety.

Stay up to date
Make sure you have the latest updates of your apps. Updates often contain components that improve security.

Be sure to log out after every session
Regardless of how you entered the banking site, be sure to log out and close the browser or exit the app. This will sever the connection and also protect you if your device is lost or are later connected to a public Wi-Fi service.

Download additional security tools
Since your financial data is of such importance, you will want to install any barriers to protect your information and keep unwanted people out of your mobile device. Many devices have Touch ID or facial recognition tools as options to install. Set up these features if they are available. This will create another obstacle between your data and others gaining access to your phone.

Delete apps and information before you retire or hand over your unneeded phone
If you are upgrading your phone or giving it to someone else, be sure to delete your personal information. This includes deleting any apps that connect to your financial institutions or private data.

If you lose your phone – contact your financial institution(s)
If you were to lose your credit or debit card, you would call your financial institution to let them know. The same applies if you lose your phone. Contact the financial institution and follow their steps on how to disable mobile banking.