People are increasingly turning to their phones for their banking needs, including managing checking accounts, moving money and even paying for items at checkout. Mobile banking is convenient, but experts also warn about security risks. Here are some dangers to avoid when interacting with your bank through your handheld device.
Watch out for public Wi-Fi networks.
Smartphones and tablets are like tiny computers, so users need to take cautions similar to those used when transmitting private information on a computer. “Mobile banking apps are connected to wireless networks, and these networks are inherently insecure as they broadcast their messages into the open air,” says Ron Vetter , a computer science professor at the University of North Carolina Wilmington and co-founder of the technology company Mobile Education LLC.
You can adjust your settings so your phone doesn’t automatically connect to available Wi-Fi networks when you’re out in public, and try to avoid accessing the networks of coffee shops, airports and other public spaces. You can’t control who else is accessing the network and potentially snooping on any information you are passing through the Internet.
Protect with a password, or risk passing along your bank account.
Many people forgo the option to password protect their phone, which means that if they lose it, anyone who finds it could log into the apps and potentially access your funds. Also, your password should be more complicated than, say, 1-2-3-4, to further protect your device and bank account.
Auto-saved passwords are not secure protection.
If you use your mobile banking app often, chances are you’ve told it to “remember you” upon each visit. But, for optimal security, experts advise against saving those passwords. Auto-saving your mobile banking passwords gives anyone with physical access to your mobile device access to your money.
Shared devices could share problems.
If you do banking on a shared mobile device, make sure you are aware of what each user is using the device for. If others are visiting websites that aren’t secure, they could potentially be downloading key-logging software or even viruses without realizing it, and that could in turn put your banking details at risk.
Instant might not always be “instant.”
Depositing a check remotely using just a camera and banking app is becoming increasingly popular, but users should be aware that they may not receive their funds immediately. Sometimes, banks take longer to process the mobile checks because they have to confirm their legitimacy to reduce the risk of fraud.
Beware of rogue apps.
Just because an app is sold by Apple or Google doesn’t mean the operators of it have been vetted. If you are allowing the app to access your information, you might not know all the ways it’s being used. Steer clear of unfamiliar apps and when it comes to money management apps, stick with those that come from the financial institutions you already work with, or at least check up on the security of them before sharing your information.
Some devices are safer than others.
Hackers can strike against anyone, but sometimes they zero in on favored targets; in the past, Android apps have been prime targets. But no brands are immune to viruses, so stay attuned to news about new viruses or hacking plots to avoid.
Old, unused phones still store your information.
Be sure to delete all apps before discarding or selling a mobile device. The cleaner your device, the less likely someone can dig out your personal information. Some programs make it easy to completely wipe your phone clean of details before you trade it in.
Outdated apps often mean out-of-date security.
If your device notifies you of an update for your mobile banking app, make sure you install it promptly. Those updates are often related to security and patching any holes. You can also adjust your settings so updates download automatically.
Beware of poor reception.
4G and 3G data networks are safely set by universal standards across carriers, but if your device drops into a lower service range, banking transaction security could be compromised. Because mobile apps broadcast data into the open air for transactions, the odds of the message getting intercepted or lost in transit are much greater when the operating network connectivity is low.
Avoid tweeting personal information.
While there’s nothing wrong with interacting with your bank on social media, you do want to avoid sharing any details such as your account number or, of course, your password. Take those types of customer service conversations offline or into a direct message.
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What to Watch for When Banking on Your Phone originally appeared on usnews.com
