Safe Mobile Banking Practices

Do you need help getting your finances in order? Learn tips and ideas for money management and working with a financial advisor.

Safe Mobile Banking Practices

12 October 2018
 Categories: Finance & Money, Blog


Thanks to the prevalence of smartphones and tablets, banking has become easier than ever before. You no longer need to make a trip to your local branch to deposit a check or move money from one account to another. These simple transactions can be completed using your phone or tablet.

However, it's important that you practice safe banking habits when you are using mobile banking services. Safe mobile banking will keep your financial information safe from would-be scammers looking to take money from your account.

Download your financial institution's official app.

The safest way to complete your banking transactions on a mobile platform is to utilize your financial institution's official app. These apps can be downloaded from either the Android or Apple marketplaces.

Scammers will sometimes create apps that look similar to a bank's app in the hope that users will download the fake app instead. To avoid this mobile banking pitfall, check your bank's website for a section on mobile banking. Follow the link from your bank's website to download the app, that way you will know you are getting the official app on your phone or tablet.

Never bank while connected to a public network.

A lot of consumers will check for public wireless networks while out and about. Connecting to a public network allows you to reduce your data usage, but it can also compromise the safety of your mobile banking activities.

A lot of the information that is sent via a public network is not encrypted. This means that hackers can gain access to the information you provide while on public WiFi, including your bank account numbers and mobile banking passwords.

It's best to switch to cellular data to complete your banking transactions, then reconnect to the public network once your mobile banking is complete.

Be aware of your surroundings.

One of the easiest things you can do to increase the security of your mobile banking transactions is to be aware of your surroundings. Make sure that no one is looking over your shoulder while you enter your username and password.

Keep track of your mobile device, and protect your device with a PIN that will prevent a passerby from accessing the information stored on your phone or tablet. Mobile banking can offer a safe and convenient way to handle your financial affairs—just be sure that you are practicing safe behavior while engaged in mobile banking.