For all of the good things that technology has helped facilitate, we can all agree that one of the most detrimental things about technological advances is the threat of a cyber attack. And while any cyber attack is a bad thing, having your financial information hacked is among the worst types of confidential data that can be taken from you.
That’s a big part of the reason why mobile banking has recently made headlines, as hackers are continuously coming up with ways to trick consumers into divulging their baking information over their mobile phones.
If you ask the experts, they’ll tell you that for the most part, mobile banking is safe and secure, and that the risk of being hacked is relatively low. But, they’ll also tell you that if you bank from your phone, via your financial institution’s mobile app, then you could be putting yourself at risk. That’s largely because phones these days are a lot like computers – they run on operating systems, which also handle mobile security. And these mobile operating systems, like computers, are susceptible to attacks. When you couple this increased risk with the fact that banks generally don’t do a very good job of educating consumers on how to safely and securely bank from their mobile phones, it complicates the matter even more.
One of the most prominent risks today is mobile banking malware that’s infected as many as 10 percent of all consumer phones. Complicating things is the fact that these malware scams are extremely professional looking, so they’re often able to trick even the most savvy consumers into releasing their banking information.
So just how can you mobile bank in a safe and secure manner? Here’s a look at some tips:
Beware of Odd Text Messages/E-Mails
One of the ways that scammers are attempting to gain access into a consumer’s cell phone operating system is by sending a text message posing as a delivery service. It could say something like “your package is on the way, click here to track it.” If you do click the link, then your phone’s operating system is now susceptible to being hacked. Phishing e-mails are another thing to look out for, but these are usually easier to sniff out.
Download Anti-Virus Software
There’s a good chance that you have some sort of anti-virus program installed on your home computer, yet many consumers don’t know that such software is also available for mobile phone operating systems as well. Better yet, many of these programs are free of charge. Look for one using whichever program you use to download apps.
Update Your Operating System
We know, we know – it’s annoying to have to update your phone seemingly every two weeks. But, there are plenty of good reasons not to put this off. That’s because when an operating system is updated, usually its security is also enhanced. You should always strive to keep your phone’s operating system updated in a timely manner. After all, if you don’t, you could be more vulnerable to hackers.
Avoid Using Public Wi-Fi
Public wireless internet is widely available these days, but you should be weary of using it to perform things like online shopping and mobile banking. That’s because public Wi-Fi is often less secure than your home or office’s Wi-Fi settings, so you never know who could be spying on you as you make transactions.
Download Apps Wisely
We shouldn’t need to tell you that you should only be downloading apps from either the Google Play, Apple App Store or any other “official” app store. In other words, stay away from downloading apps from any site that is unofficial. Yet, even with the official app download sites, things can slip through the cracks. Be sure to check key stats like how many total app downloads there are, user reviews and more when it comes to making sure the app you’re acquiring is credible.
Always Log Out
After you’re done mobile banking, be sure to always log out of the app. We also strongly recommend that you password protect your phone. This way, if you lose it or if someone steals it, they’ll have a much more difficult time accessing the information that you have on it.
Regards,
Ethan Warrick
Editor
Wealth Authority
