Is Mobile Banking Secure?

Should you be worried about using a banking app to manage your finances on your smartphone? It is a valid question. Many people know the value and convenience that using an app can offer especially when you are on the go. Like with accessing your information on any internet connection, be a vigilant consumer. There are steps you can take to increase your security.

Always Use a Private Connection

The biggest risk with using any mobile banking app is doing so on an open WiFi connection. If you are visiting a restaurant, retail location, or any other location, sign out of any open WiFi connection you may be linked to. Then, use your phone’s data to access any type of financial account. This can give you some of the security you need.

Know Your Bank

The security present on any mobile app comes back to your financial institution. Did they design it to be secure? Could they take additional steps to keep the tool more secure? If you are unsure what type of encryption or security they offer, ask. Get to know the bank and the maker of the mobile app. This can give you some insight into just how important the bank takes your personal information’s security.

Keep Your Phone Up to Date

Keeping your phone up to date, along with the mobile app you are using, is also important. Most Android and iOS users will be able to reduce their security risks by updating to the latest version of the software provided. And, there are times when your financial institution will also create updates. This is also an important way to reduce your risks.

Change Your Password Often

Even if your browser saves your password for you, make it a habit to change it frequently. This is something you should do for all of your financial institution accounts. Choose something hard to remember or guess. And, then, be sure to change it again in the next 30 days. This type of security minimizes the risk someone can hack into it.

Overall, mobile banking is secure as long as you do so on a private connect and through a mobile app you trust. Work closely with your financial institution to fully understand what your risks are. And, you will also want to invest wisely in checking your credit report and monitoring your accounts for any worrisome transactions. Report them right away to your bank if you find them.