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Mobile Banking Requires Vigilance

According to a Federal Reserve Board study, over the course of a year, 43% of mobile phone owners with a bank account used mobile banking. Of smartphone owners, 53% used mobile banking. At the same time, 24% of all mobile phone users believed personal information was “somewhat unsafe” when using mobile banking. If you’re one of them, you understand that no system is perfect, and you’re wise to be vigilant. How can you protect yourself against mobile banking fraud? Here are tips.

Secure your device. Don’t provide an opportunity for thieves. Aside from physical safeguards to keep your phone or tablet safe, use password protection that prevents access to the device itself. Customize your privacy preferences and set your keypad to lock when you’re not using your phone. Consider restricting location-tracking apps.

Beware of bogus apps. Before downloading and installing a banking application to your smartphone, make sure it’s genuine. Confirm that the developer’s name matches the name of your financial institution. Beware of unauthorized third party applications.

Make use of defensive measures. Update and use your anti-virus software. Install a security app so you can locate, disable, and erase a phone that’s stolen. Make secure backups of your phone’s data to online storage or your home computer.

Protect your logins. Don’t share user IDs, passwords, or banking account numbers. Keep such information in a secure place. Don’t respond to text messages or emails asking you to provide or confirm confidential data.

Monitor your accounts. Review all mobile banking transactions on a regular basis to detect suspicious activity. If something seems amiss, give your financial institution a call. And if your smartphone is lost or stolen, have the device’s number removed from your mobile banking profile.

Need more fraud prevention suggestions? Contact us for assistance.