How to Play It Safe When Banking on Your Phone

We are in the age of convenience and banking is no exception. Being able to check your balance, deposit checks with a photo, transfer money between accounts, and pay your bills online is a hallmark of modern banking and has made it easier than ever before. All you need these days to avoid a lengthy trip to the bank is a smartphone with a halfway decent camera.

But with that convenience comes risk. Taking precautions to protect your account information on your phone or computer is just as important as protecting your physical debit or credit cards, if not more so, and while there’s seemingly a billion tips for protecting your online bank accounts, a very easy way is through using an official-licensed mobile banking app.

Why are Mobile Banking Apps Safer? Apps, as opposed to sites on a browser, are vetted by and downloaded from secure online stores such as Google Play or the Apple App Store, and run using sandboxes, security features for running multiple programs that keep system failures from happening over and over. For more information, TechTarget has a bigger description of what a sandbox is and how it is used in these contexts. Conversely, browsers have far more variables that may make them more vulnerable than mobile apps depending on how your computer is setup as well as the browser itself.

If you are going to download a mobile banking app, the first step towards security is verifying that you are downloading your financial institution’s official app. One way to ensure you’re getting a verified app is by downloading it from Google Play Store or the Apple Store, or direct from the bank’s website such as these pages offered by PNC Bank and Genisys Credit Union. Notice the links to both app stores on the pages for members to navigate and download their apps. Some sites such as Bank of America even walk you through the downloading process and takes the member to whichever app store that suits your device.

3 More Rules to Increase Security with Mobile Banking

First, never follow links from emails or text messages. Many phishing schemes use fake links sent to you via email or text message, pretending to be representing an official source like PayPal or your individual bank. This article from Microsoft explains how to detect these bogus tactics. To guard against these efforts, only use the app or the bookmarked site on your computer on a secure network.

To prevent the more common phishing scams, It’s always a good idea to bookmark your financial institution’s website on your computer or smartphone and only use that to access the site. This will help to keep you from following phishing scam links directing you to a fake website that mirrors your bank or credit union’s site. Once you are on the site and login to your account, your credentials are taken and used to withdraw money from your account. The security specialists at Global Sign break down how phishing scams are using fake websites to steal identities.

Second, do not bank (no pun intended) on public networks. Although free things are always enticing and it’ll help save on cellular data, avoid accessing your bank account on free wifi networks (i.e. cafes, restaurants, etc.). It’s an easy fix, just switch your cellular device to the cellular network or only access bank accounts from a secure network like the one you have at home. Personal money management experts at the The Balance give insight to the risks that public wifi networks present when banking from mobile devices.

Third, as old-fashioned as it sounds, you should take extra precautions with your mobile devices and keep them secure to prevent losing them. In addition to making sure your phone is on you at all times, you should take advantage of any security features your phone offers such as thumbprint scans, PINs and passwords, and the like. While having extra steps to using your smartphones or mobile devices is a bit time-consuming, it could be the difference to keep others from accessing your bank account if your phone is lost and found or stolen. Computer World makes a further convincing argument for why you should take the time to set these up.

Mobile banking is a great way to save time and cut down on errands, but you must take the extra steps to be secure with your mobile banking in order to take full advantage of the available technology.