Mobile Banking-Protection Tips

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The trend for doing everything on your mobile phone is growing fast, one of these fastest areas of growth is MOBILE BANKING. We can now do virtually everything we need to do with our finances directly on our mobiles, including mobile check deposits plus much more.

Banks are now ‘stripping down’ their in-branch services, and concentrating more on expanding their online banking services, which saves them time and money and makes it less necessary for customers to go the branch.

The big question we are all asking, is this a safe option when dealing with the extremely important and vital part of our everyday living?

Here are a few things we should know about mobile Banking.

Many of us are sceptical about the safety of this type of banking, partly due to the daily media coverage of accounts being hacked etc. where the cybercriminals have infiltrated wireless signals and gained access to our accounts. Wireless signals are easier to hack than any type of traditional, wired transaction. (this is also true when doing most online shopping!)

If you feel uncomfortable about mobile banking and have a ‘hard wired’ desktop device (harder for hackers to infiltrate), then use that when accessing your account. You don’t HAVE to use your mobile if that’s the case.

However, here’s some tips to protect your mobile banking transactions, should you wish to use a mobile account.:

  1. Make Sure You Use Encryption

When you go online to do your banking, most of your transactions are protected by high-level encryption. Encryption uses complex mathematical methods to protect your data by making it impossible for hackers to read it while it’s “in transit.” Most modern browsers have built-in support for encryption. Make sure your Android operating system has the latest updates and that you are using the most up-to-date version of your bank’s mobile app. Don’t visit your bank using the built-in browser on your phone, which can be less safe.

  1. Use Your 3G or 4G Connection, Not Wi-Fi, for Banking.

Know the difference, Wi-Fi access generally requires you to connect with a password and is area dependant. Once your leave the building you lose the signal. Whereas 3G/4G is supported by your smartphone and is more difficult for hackers to gain access. Never use online banking while you’re connected to public Wi-Fi

  1. Only Access Your Bank Directly through the App, Not Through Email or Other Messages

Many of us have messages/emails sent from out banks on a monthly basis. Even if you feel sure that it has come from your bank, never click on any links that may be in the message, as these messages could be Phishing/scams. Hackers often send out fake email messages warning that your account has been compromised and your password needs to be changed to get you to act before you think. Always visit your bank through its approved mobile app and contact customer service through the app to verify the authenticity of any email messages.

  1. Use your banks Mobile App which, if updated regularly, will have good encryption.
  2. Use a good reliable Antivirus security software that includes Mobile security protection. For example, the Norton 360 range with the Norton Mobile Security, offering you the best security software, you receive protection against viruses, ransomware, phishing and other online threats as you bank.

Protecting your money is in your hands to a very large extent when it comes to mobile banking, so be sure to follow the above tips.


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