5 rules for safe banking via mobile phones
Advances in mobile banking mean you can now pay bills, transfer funds and access important financial information with the swipe of a finger. But with this simplicity comes risk. This expert’s guide to mobile banking contains five important rules everyone banking on their phone should follow, so you can enjoy the convenience without sending $10,000 to the wrong account.
1. Be aware of your surroundings
Saving time by banking on public transport or as you wait for your cappuccino in a café sure is convenient, but you never know who’s looking over your shoulder. Exercise care when you’re on your mobile banking app and be aware of your surroundings. Caution should also be shown when connecting to unsecure wifi networks, although this is generally okay as banks use secure data.
2. Treat your phone as you would your wallet
If you’re using your phone for mobile banking, ultimately it’s your responsibility to ensure it is secure. Treat your phone as you would a wallet and never leave it laying around. Make sure it is locked at all times and has a pin that only you have access to. Never write down passwords for banking apps and be cautious when sending information around, especially via text messaging.
3. Update, update, update!
Updating mobile apps can be a bit of a chore, particularly when you’re confronted with pages of Ts and Cs. But when it comes to mobile banking this is critically important. Updates for banking apps generally involve firming up the security functions, so if you’re not banking with the most up-to-date app, you’re putting your money at risk. Update as often as you can to ensure you stay secure.
4. Don’t follow the links
Sometimes you may receive a text message or email from what looks like a legitimate source. But when you open the link you realise it’s anything but. Be cautious of how you act when receiving this information and even if it does come from a legitimate source it’s a good idea to go through the steps and address the message manually. You never really know where a link is taking you.
5. Be careful what you download
While there isn’t as much malware floating out on mobile devices as there is on conventional computers it is still out there and it’s critical you exercise caution. Be careful when you download apps and make sure the developer has a good reputation. Sometimes keyloggers (a program that records your keystrokes) may be hidden in an app and your data may be compromised.
Mobile banking is a convenience that is here to stay, but that doesn’t mean there aren’t any risks involved. By the same token though, as long as you remain vigilant and proactive in addressing these risks you can continue to bank on the go and be confident about the security of your funds.
Related links:
4 great apps to manage your money and help you save
How to take your money overseas
Why you need to treat money just like you do health and fitness