Security Tips For Mobile Banking
People love the ease of online banking, but how much of your information is really protected online? Mobile banking security has been a trending topic recently due to the large number of big data breaches, and this means that you all need to pay more attention to online security. One thing is for sure: you can never be too safe, especially when online.
As mobile banking usage increases, the risk of being targeted by mobile malware also increases. In the mid-year trend report, it has been reported that cyberattacks on smartphones have increased by 50% in the first half of 2019, compared to the same period last year, and mentioned the main reason for this spike is the increased use of mobile banking apps. .
But how safe is mobile banking online? Can thieves digitally sniff your bank account information? So, is it safe to make financial transactions using an app or text message, or by visiting a mobile website?
Mobile banking is safe and convenient, some cyber security experts say, but of course customers need to take certain precautions. If you download the mobile app from a secure authorized store, it is as safe as visiting a bank branch. The best place to download an app is from your bank's official website, which provides the exact link to the institution's app. The bank uses high-end encryption technology which is very secure. They would like to say that having a banking mobile app is like having a bank branch in your pocket.
What You Can Do About Online Banking Security?
Most transactions can be made online or via your financial institution's mobile app on your smartphone.
You can view pending deposits and charges, meaning those that have not been sent to your account. Please note that for pending debit card transactions, the amount you see may not equal the final amount posted to your account. Be sure to check your bank or credit union's availability policy before assuming that a pending deposit is available to make a payment or withdrawal.
Most banks allow you to set up automatic notifications, to help you manage your account, and to alert you when any of the following happens:
- direct deposit received,
- large payments are charged,
- your balance under a certain amount,
- your account in overdraft, and more.
Often, online bank portals and credit unions offer you the ability to register for these alerts by text message, email, or both. These alerts can help ensure that you stay informed without having to log into your account several times a day.
Check your account balance online at any time. You can now catch errors such as previous unauthorized activity – without waiting for your paper report. You can usually notify your bank or credit union account of the error via an online, or mobile banking application.
Consider whether you wish to continue receiving paper versions of the newsletter and other documents. Your bank or credit union may require you to avoid paper when setting up online banking.
Should You Use a Mobile Banking App?
If you are worried about using mobile banking apps, you should know that security threats are everywhere, including in bank lobbies. There is a risk that bank employees will do something illegal, like steal your banking information – this is known as an insider threat.
With mobile applications, there are potential vulnerabilities related to the security posture of the application itself, vulnerabilities in code, encryption methods, etc. – as well as potential vulnerabilities associated with information transmission. This is good news. In both scenarios, the bank invests heavily in 'installing' the security. Financial institutions monitor the behavior of their employees, and also look for vulnerabilities in their apps that can be patched before they can be exploited by criminals. There are also precautions you can take to reduce risks.
Best Practices For Online Banking Security
This list of tips will protect you against almost all threats. And they'll also help you practice safe browsing all the time, whether on your mobile network, or your home internet connection
Don't Follow Link
There is a word for phishing. Phishing is the practice of deceiving someone to reveal personal information. There's a bait involved with both. With phishing schemes, this may be as complex as a fake website designed to impersonate your bank's official website, which is called spoofing.
Never follow banking links that are sent to you in text messages or emails. These links could potentially redirect you to a fake website. If you enter your information on such a site, you are simply handing that data over to thieves. It's a good idea to navigate to the web site directly. Enter the Web address of your bank into your phone, and mark it. This will help you prevent logging into the fake bank website.
A Strong Password
Most mobile banking sites require that when you create your account you create a strong password. But you still need to know the rules: Use a combination of numbers, upper and lower case letters, and special characters. Never use a password you already use on another site. There are dedicated tools to help you generate strong passwords.
If you need to carry your online banking passwords with you, keep them in a pocket or bag separate from your cell phone. And don't leave clues.
Notify your financial institution.
Notify your bank if you have changed your phone number, have lost your mobile device, or suspect fraud on your mobile device. You can deactivate your mobile device by logging into your FBOT online account and selecting Administration Tab, Manage Contact Information, and selecting the Mobile Banking link.
Avoid Banking Access on Public Networks
Many devices automatically connect to public Wi-Fi networks – but this is not secure. If you want to check your mobile account while you're sitting in a coffee shop, make sure to disconnect from any public networks before doing so.
Update your mobile banking application
Make sure you download banking apps and other apps only from authorized manufacturer stores (like App Store or Play Store). Beware of new unknown applications. They could contain malware and facilitate access to sensitive details.
Complete End-to-End Encryption
In digital transactions, different entities such as merchants, card brands, and different banks have different roles to play! Every year billions of sensitive data is exchanged. It is not wrong to say that transactions conducted online have become a hotspot for cybercrimes and criminals. As we all know, end-to-end encryption makes transactions much more secure, it is one of the best solutions to avoid such cyber threats. End-to-end encryption is basically doing major checks and tests, and taking security measures to the next level.
Don't let your browser automatically save passwords or bank details
Make sure your phone's web browser doesn't automatically save bank account passwords, usernames, or credit card details, especially if you share your device with others.
Poor facial scan
The most recent trend in mobile user verification technology is fingerprint scanning. From the standpoint of protecting the phone, this is a very effective technology. Moreover, it is much easier and more convenient to apply a finger than entering a pin code.
This method is imperfect. Equipped with this sophisticated system, flagship smartphones can be easily deceived.
Turn on your alert
Most of the mobile banking applications offer text or email alerts. You can be notified if your card makes a purchase in a certain amount, or is used in a location you don't visit. This type of notification can easily notify the account holder that their information has been compromised, and they need to notify their bank of this activity.
Pay attention to text & email alerts
Setting up email and text alerts is the best way to keep your banking account safe from falling prey to hackers. And nowadays, nearly all banks offer banking alerts to their customers, to set up alerts for everything from cash debits or checks to credit transfers.
Delete banking messages after they are read
Delete emails and text messages from your bank when you no longer need them, so your bank information isn't stored in your inbox.
Keep informed
Follow mobile security issues in the news, and browse the online resources listed on the official website under the Cyber Security and Financial Education tab.
Summary
Most financial transactions are carried out via mobile devices, so it is important to keep your information protected. Follow these simple tips to protect your online wallet from thieves. The more you know about online safety, the more secure your bank account will be. With precautions such as strong passwords and a strong VPN, you can give yourself an extra layer of security, and learn to spot threats.
These tips help you start safe mobile banking activities. And as long as you stay vigilant, you'll be more comfortable with the convenience of mobile banking.
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