If you’re trying to manage your finances, mobile banking may help you make it easier. Because of the ease of access and convenience, it’s no wonder many people are often tuning into mobile banking.
But of course, since it involves finances, you may wonder if it’s secure. Luckily for you, we’re here to answer that question. We will give you some tips on how to stay safe with mobile banking. But first, what is mobile banking, and is it safe?
What is Mobile Banking?
Mobile banking involves making financial transactions on mobile devices like mobile phones, tablets, apple watches, etc. This activity can range from looking at your bank accounts, transferring money online or paying utility bills. Also, if you get cash with CreditNinja, mobile banking allows you to make repayments.
Some advantages of mobile banking include being able to do banking activity anywhere and at any time and having access to your bank account online. Disadvantages include security concerns and the limited range of activities you can do online.
Is It Safe?
We all know that just because it’s popular doesn’t mean it’s safe. You might think mobile banking is new, but it’s quite old. It first started back in 1999 but through SMS. Nowadays, mobile banking is mostly done through your bank’s mobile apps.
However, not all banks have mobile banking apps yet, and some of these mobile apps aren’t even available on all platforms. And since it’s relatively new, some legitimate security concerns exist, especially regarding hackers.
And while hackers being able to access bank accounts is rare, they’re still a looming threat in the mobile banking industry. So is mobile banking safe? For the most part, yes. Most mobile banking apps have top-notch security features.
However, it doesn’t mean you can depend solely on them to keep your bank account safe. Safety comes first from you, and there are several things you can do to make your bank account and mobile banking activities safe. Here are some of them.
Create a Unique Password
Your passwords are your first line of defense, so make sure your passwords are unique and hard to guess. Mostly, experts recommend people have passwords complete with capitalization, numbers, and symbols.
A mixture of these items will be harder to guess for hackers. Passwords like “qwerty123” or birthdays like “May091998” will only take hackers weeks to guess. Remember that the more complex your password is, the harder it will be for hackers to guess it.
Stay Away from Repackaged Apps
When trying out mobile banking apps, make sure you’re directly downloading them from their official sites. For example, if you’re trying out a mobile banking app from Bank A, make sure you’re downloading the app from BankA.com or official app stores like Google Play store or Apple store.
Luckily, most official banking apps can be found on these sites. However, if you come across a mobile banking app from your bank that’s not from the stores mentioned above, you might have found mobile malware. Mobile malware is usually disguised as a popular app and repackaged to look like one. If you install these apps, not only will your bank account be in danger, but your other accounts, like your social media accounts, game accounts, etc., are in danger as well.
Keep Your Device Secure
Not all threats come from the internet itself. Sometimes, it can also be a real threat, like stealing your phone. You should always keep your mobile devices, especially from breaches.
However tight your bank’s security feature is, it will never contact you to ask for your bank account details. If you suddenly get a message like that, you can be sure it’s a phishing scam. Hackers often send emails that ask for your bank details to trick people into giving that information out.
Usually, they give out excuses like security purposes, missing bank account details, and even pretending you have trouble with the IRS. They even go as far as creating fake websites and convincing you to click bad links. It’s easy to fall for scams when you don’t know about them. However, the more information you have on these scams, the more likely you will identify one.
Mobile banking is all the rage right now because they’re convenient, easy to use, and very accessible anytime and anywhere. However, there are still some legitimate security concerns surrounding mobile banking apps. If you want your mobile banking activity to be safe, follow the tips we discussed above. Most mobile banking apps are secure, but your first line of defense is still yourself.