5 Critical Things to Know About Mobile Banking

Photo by SFIO CRACHO / Shutterstock.com

Banks take your security seriously and spend millions every year safeguarding their sites, but that doesn’t mean your data couldn’t be vulnerable. To protect your online financial information, here are tips for smarter banking with your smartphone.

1. Avoid using public Wi-Fi

Roman Samborskyi / Shutterstock.com

Public Wi-Fi networks typically don’t require logons or passwords and are therefore more vulnerable to hackers who are ready to tap into your financial data.

This is less likely to happen if you’re using a secure home or work Wi-Fi network. Confirm that your connection is secure by looking for a little padlock symbol in the corner of your web browser’s URL window. This lock means the page is encrypted or has an extra layer of security to protect your financial information.

Using your carrier’s cellular network is also a better option than public Wi-Fi because your carrier’s network also uses encryption to protect your information.

2. Set a unique password

Denys Prykhodov / Shutterstock.com

Most of us set strong passwords — we avoid the obvious, we use the careful mix of symbols, numbers and letter — but fail to create unique passwords for all of our accounts.

Ask yourself how many passwords you really use. Most likely, your Facebook or email password is the same as your mobile banking one — which makes it easy for hackers to access all of your accounts.

Keep your banking password unique and update it regularly.

3. Avoid an obvious username

FotoCuisinette / Shutterstock.com

If your banking username is your home or email address, it’s time to change it. A good username is easy for you to remember but hard for others to guess so stay clear of the obvious and avoid family names — even your pet’s name that you may have shared with your Facebook buddies.

Usernames should be unique as well. Using the same username (and password) for more than one account risks multiple exposures if one site you use is hacked.

Also, as an extra layer of protection, do not opt to save your banking username. Yes, it’s one less step for you, but it’s also one less step for whoever happens to be rummaging around your phone if you lose it.

4. Keep your mobile banking app updated

sdecoret / Shutterstock.com

Most banks invest heavily in the security of their mobile applications so it’s important to keep them up-to-date. The latest update will offer the latest security.

Be sure also that you are using your financial institution’s official app and only download apps from reputable sources like iTunes or Google Play. Your bank’s site should have more information on how to access its mobile application and specific security information.

5. Never leave your device unlocked

Jaromir Urbanek / Shutterstock.com

To protect your financial information in case your phone is lost or stolen, be sure your phone is set to require a password to power on the device and to unlock it.

Also, whether you are using the bank website or the mobile banking app, do not let it automatically log you in to your bank account. If your phone is lost or stolen, call your bank immediately to deactivate your account.

Are you using mobile banking and if so, do you take any or all of the precautions listed above? Share your experience in comments below or on our Facebook page.

How to find cheaper car insurance in minutes

Getting a better deal on car insurance doesn't have to be hard. You can have The Zebra, an insurance comparison site compare quotes in just a few minutes and find you the best rates. Consumers save an average of $368 per year, according to the site, so if you're ready to secure your new rate, get started now.

Read Next
7 Reasons You Should Not Claim Social Security Early
7 Reasons You Should Not Claim Social Security Early

The sooner you claim your Social Security retirement benefits, the more you — and perhaps also your spouse — stand to lose. Here are the stakes.

3 Bank Accounts With Perks for Customers Age 55 and Older
3 Bank Accounts With Perks for Customers Age 55 and Older

These checking accounts offer exclusive discounts and other perks — including interest — to older customers.

20 Great Part-Time Jobs for Retirees
20 Great Part-Time Jobs for Retirees

Maybe you’re not ready to leave the workplace entirely.

8 Common and Costly Homebuying Myths
8 Common and Costly Homebuying Myths

Think you’re ready to buy a house? Don’t fall victim to these rookie mistakes.

13 Smart Tricks to Organize Every Room of Your Home
13 Smart Tricks to Organize Every Room of Your Home

Get your household organized with these brilliant and inexpensive tricks.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
Will I Get My Ex-Husband’s Social Security When He Dies?
Will I Get My Ex-Husband’s Social Security When He Dies?

Two factors determine how much money is coming to you.

7 Ways to Boost Your Credit Score Fast
7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

21 Things You Should Always Buy at a Dollar Store
21 Things You Should Always Buy at a Dollar Store

Dollar stores have great bargains on these familiar purchases. Yes, even pregnancy tests.

13 Brilliant Bulk-Buy Items on Amazon
13 Brilliant Bulk-Buy Items on Amazon

Every household should have these products on hand. Buying them in bulk on Amazon saves you cash.

6 Reasons I Will Never Trust Suze Orman
6 Reasons I Will Never Trust Suze Orman

Beware: The self-proclaimed personal finance expert has a track record that suggests more sizzle than steak.

5 Household Disinfectants That Can Destroy the Coronavirus
5 Household Disinfectants That Can Destroy the Coronavirus

You likely already have some of these products at home.

America’s Most Reliable Appliance Brand Is a Surprise
America’s Most Reliable Appliance Brand Is a Surprise

Have you heard of this appliance manufacturer?

This Type of Social Security Benefit Is Often Overlooked
This Type of Social Security Benefit Is Often Overlooked

The Social Security Administration is not helping certain people get money to which they are entitled, a report says.

Getting These 2 Shots Could Reduce Your Risk of Dementia
Getting These 2 Shots Could Reduce Your Risk of Dementia

These vaccines may lower the risk of Alzheimer’s disease by up to 40%.

9 Everyday Problems You Can Solve With Vaseline
9 Everyday Problems You Can Solve With Vaseline

Forget expensive specialty products. Good ol’ petroleum jelly can address many common annoyances.

16 Amazon Purchases That We Are Loving Right Now
16 Amazon Purchases That We Are Loving Right Now

These practical products make everyday life a little easier.

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

19 Purchases That Buyers Almost Always Regret
19 Purchases That Buyers Almost Always Regret

Think twice before buying these things.

7 Tips for Building an Emergency Stockpile
7 Tips for Building an Emergency Stockpile

A pandemic or natural disaster could leave you reliant on your existing food supply. Is your pantry prepared?

8 of the Worst Things to Buy at a Dollar Store
8 of the Worst Things to Buy at a Dollar Store

Not everything sold at dollar stores is a great bargain or a safe purchase. Here’s our list of products to avoid.

41 Things You Should Never Buy
41 Things You Should Never Buy

Some purchases are just plain dumb. Give yourself — and your budget — a break. Don’t spend money on this stuff.

Homeowners Say These 2 Kitchen Appliance Brands Are Best
Homeowners Say These 2 Kitchen Appliance Brands Are Best

One brand takes five of the top honors, while another ranks highest in three categories.

9 Indestructible Products That Are Worth the Price
9 Indestructible Products That Are Worth the Price

If you’re willing to pay a little more for these products, you may never have to shop for another again.

5 Ways to Get Amazon Prime for Free
5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.