Tips for safe mobile banking
As we increasingly turn to our mobile devices for online transactions, it’s crucial to keep security in mind. We’ve all misplaced our mobile phone at some stage and the last thing you want is for some random stranger to get direct access to your bank accounts and other personal details.
1. Use a strong password – This goes without saying.While it might not be as critical with your library pass, someone who cracks or guesses your online banking password can drain your account dry. If you memorise just one strong password, make it your online banking password.
2. Never store passwords on your smartphone – Many people still try to hide passwords or PIN numbers within the body of text or phone numbers. However, despite how cleverly you may think you've concealed them, criminals know what to look for and where. It's always best to commit these security details to memory and not record them anywhere. This includes not ticking "save password" on website and applications that offer to remember your login details. Also make sure you limit other personal information. Criminals are interested in more than just your internet banking details. Any kind of personal information can be used to steal your identity, which criminals can then use to apply for credit cards, personal loans, even mortgages.
3. Use a password manager – Okay, in the real world you probably have more than one online financial account. Rather than strain your brain memorising hard-to-crack passwords for each of them, look at enlisting the help of a password manager. There are plenty of apps available and the best ones not only store your passwords securely but also help you work through your collection of passwords and replace weak ones and duplicates.
4. Activate smartphone security settings and password protection – All smartphones have built-in security features such as auto-locking and password protection. While it may seem like a bit of an inconvenience at times, these physical security measures are your first line of defense in keeping your smartphone and your personal details safe. You can also install smartphone security software as well as remote data wiping software if you lose your phone or it gets stolen.
5. Connect through your data plan – If you're banking online on a mobile device, you have a degree of in-built protection available when you turn off wi-fi tethering and bluetooth and connect using your mobile data plan. It's a lot harder for criminals to sniff your mobile data stream than to snag passwords from network traffic. If you’re on wi-fi only use reputable hot spots that are password protected. If you connect to a shared wi-fi hotspot you are completely dependent on the security of the host network.
6. Don't be tempted to jailbreak your smartphone – If you crack the manufacturer's security on your smartphone, you not only make your warranty invalid but you make it much more vulnerable to attacks by cybercriminals.
7. Clear your phone when you replace it – If you sell or discard your smartphone, it's crucial you delete all personal information first. This includes SMS messages, emails, photographs, contact details and internet links.
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