Cyber safety is something everyone should be conscious of—especially if you’re contemplating joining the throngs who monitor and manage their finances on smartphones. Mobile banking may be popular, but is it secure? True, hackers are getting much more sophisticated, but if you practice common sense security protocols, mobile banking can be convenient and secure. Here are some safe banking tips:
Never send account or password information via text or e-mail. Banking apps are much more secure. Most financial institutions have safeguards in place to make sure data sent across a network via their proprietary app is encrypted. Make sure you’re not connected to a public network, and log on directly to your bank’s website. Never respond to a request for banking information or follow a suspicious text or e-mail link; it could lead you to a bogus website where your financial records could be hijacked.
Be cautious when downloading apps to your device. Some may contain malware that can compromise your information; keylogger software, for example, tracks your keystrokes and could be used to identify bank passwords and account information.
Finally, use your phone’s digital locking mechanism to minimize risk if your phone is lost or stolen. It may seem like a nuisance to swipe a fingerprint or enter a PIN every time you activate your phone, but that might be enough to keep a hacker at bay until you report your phone missing. Mobile banking can be convenient. But whether it’s sufficiently secure is up to you and the safety protocols you follow.