6 Ways to Keep Safe When Using Mobile Banking

For the most part, smartphones are your lifeline to the world. You connect with friends and family, shop and update your status on social media. However, you also store all your personal information on them and, these days, use them to do your banking. That’s why you need to take precautions. Here are a few critical things to do to make sure your information isn’t compromised.

Protect Your Smartphone

Your desktop and laptop are secure with anti-virus software and firewalls; the same should go for your phone. Here are five basic things you need to do ASAP: 1) Use a 4-digit PIN to lock your screen. If your phone is stolen, it’s harder for a thief to unlock it. Also, check to see if your phone has a feature that allows you to locate and remotely lock or erase data, should you lose it. This is called a “kill switch.” 2) Back up your data. Kind of basic, but it’s always important to be reminded. 3) Use location-based software to find your lost phone. 4) Install an antivirus app and software to erase the contents of a lost phone. And finally, 5) Update your apps to the latest versions and when downloading them, only choose those from publishers you trust.

Create a Strong Password

This is a no-brainer, but it’s imperative. Don’t use any part of your name or numbers from your birthday, or anything remotely personal. Make your password as complex and obscure as you can. Thieves can be smart. Don’t give them any chance to wreak havoc in your life.

Don’t Use Public Wi-Fi to Access Your Bank

Public Wi-Fi doesn’t have heightened levels of security, so make sure you use your phone’s data network or a secured Wi-Fi network when accessing sensitive information. If you don’t do this, you become vulnerable to hackers. You can never be too careful.

Don’t Save Usernames and Passwords in Your Browser

Sometimes, browsers give you the option to save your username and password. As convenient as this is, don’t do this. It could be easy for someone to gain direct access to your bank account if your phone is lost or stolen.

Don’t Follow Links

If you get an email or text from your bank, don’t click. It could be a phishing scam and could lead you to a “spoofed” website, which is a fake site created to look just like your bank’s official site. Always go to your bank’s site directly. Enter your bank’s web address into your phone and bookmark it. This way, you’ll avoid bogus sites and keep your money safe.

Log Out After Use

Even if you haven’t saved your credentials, it’s always important to do this when you’re finished banking. While this is convenient for the next time you do your banking, it’s leaving thieves an easy way in to steal all your assets should you leave your phone unattended, or worse, if it’s lost or stolen.

In a world that’s getting more and more digitized every day, shoring up your personal banking information just makes good sense. No one wants to put all that they’ve worked so hard for in jeopardy.

Sources

https://www.discover.com/online-banking/banking-topics/how-to-stay-safe-with-mobile-banking/

https://money.howstuffworks.com/personal-finance/online-banking/5-mobile-banking-security-tips.htm

https://en.wikipedia.org/wiki/Phishing

https://www.indiatoday.in/technology/tech-tips/story/tech-tips-wifi-can-be-used-to-hack-your-phone-here-s-how-to-prevent-it-1397211-2018-11-27

https://us.norton.com/internetsecurity-wifi-why-hackers-love-public-wifi.html

These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.

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