Securing Mobile Banking on Your Smartphone

The advancement in technology for smartphones provides us the access to our bank accounts whenever and wherever we are, but opening ourselves to fraud and tragic loss is something unforgivable.

Standard mobile banking applications allow you to view account balances, mini statements and transfer cash between bank accounts. Some mobile banking apps additionally allow you to send cash to existing recipients, which are founded using the banks on-line banking service.

The most essential function of mobile banking is its ease of use from anywhere as several IT security experts mentioned that mobile banking is really more secure than doing online banking from your PC. But how to ensure that mobile banking on your smartphone is secure? Let’s see some of the tips.

Never store passwords on your smartphone

You might keep forgetting your account and PIN number but storing those passwords on your smartphone is not a wise idea. It’s always best to commit these security details to memory and not record them anywhere. This includes ticking applications that remember them automatically. Imagining someone read those information and you might regret forever.

Only use safe and protected Wi-Fi hot spots

Wi-Fi hotspots are everywhere nowadays and yes – it is so easy to connect your smartphone to the hotspots. But beware as the connection can be hijacked by fraudsters. Choose wisely before you connect to any Wi-Fi hot spots. Always prefer password protected Wi-Fi hotspots or if you really want to, ensure that you don’t reveal or key-in your PIN number/key while surfing using public or non-protected hot spots.

Switch off functions of tethering, Wi-Fi & Bluetooth when not in use

You might feel it’s time consuming to switch off these functions when you are not using it but keep in mind that this step might save your banking information from being stolen as malware can make it way into your smartphone via these connections – without you realizing it.

Installation of smartphone security software

Same as PC, smartphone also vulnerable to viruses and malwares thus it is wise to install security software on your smartphone so you will comfortable to use mobile banking on your phone. Several programs can steal your banking information silently while you are surfing thus security software can help you to avoid this kind of problems.

Mobile banking on smartphone makes our life a lot easier but remember – precaution is always wise rather than regretting after it’s too late.

P.S: You can read more on how technology can change the future of financial services from Bank 2.0: How Customer Behavior and Technology Will Change the Future of Financial Services by Brett King.