Banks across the world have gradually improved the functionality of mobile banking so that consumers can transfer funds, pay bills or check balances whenever and wherever they may be. Most of us now have at least one mobile banking app on our phone for convenience sake. However, it’s important to be aware of the one major downfall of mobile banking apps – a lapse in security.
Here are the top ways your financial security can be compromised through your mobile banking app, and how you can secure yourself:
1. Interceptions
Using a text message to receive updates or communicate with your bank is more susceptible to interception as text messages are not encrypted. If your phone is ever stolen, hackers can retrieve text messages, even if you have deleted individual messages. Where possible, refrain from transmitting financial details via SMS.
2. Unauthorised Access
Mobile banking apps are particularly vulnerable to fraudsters, who repeatedly change their identities. To safeguard against unauthorised access, you should set up the password-protect option on your phone and when it’s not in use, lock it.
3. Password Theft
If someone has found out your banking password, there isn’t much you can do unfortunately! Protect yourself in advance by installing remote-wipe options, which allow you to erase the information on your phone without physically having it in your possession.
4. Fraudulent Apps
If you download a fraudulent application, mimicking the look and feel of a standard banking app, it could be used lift account and other sensitive information from your mobile device. To protect your security, don’t click on pop-ups that advertise apps. You can also check with your bank about the validity of any financial app you are considering, or if possible, download the application directly from your financial institution’s website.
Navigating the world of mobile banking apps can be scary, but the best defence is to keep your eyes and ears open – always keep track of your bank account and watch for atypical or suspicious activity. Setting up automatic electronic alerts from your bank may also help you stay on top of monitoring your money.