Safety Tips When Using Mobile Banking

Written by: MoneyPrime Staff
08/12/2019

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Due to growth in technology, most business activities have been made easy like banking, shopping, communication, among others. Today, most people prefer using mobile banking as it is easy and very convenient. With mobile banking, you can easily deposit your cash as well as withdraw your money anywhere, at any time without you having to queue at the bank. However, as much using mobile banking is convenient, you need to be extra careful by protecting both your banking information and your phone. There are many cases of identity theft, and online hackers are stealing money from peoples bank accounts, which is why one needs to be careful. Here are some safety tips that you can use to protect yourself from being a victim of mobile banking theft cases.

1. Avoid Sharing Your Password With Anyone

Your password information is very important, and you should keep it a secret no matter the situation. Today, criminals tend to contact people via messages, emails claiming to be from the bank, and they start asking for your password. Others may send fake links to your phone asking you to confirm account password for them to access your banking information. You must avoid responding to such fraudsters as you may end up losing your money thinking they are legit. If it gets worse, ensure that you inform your bank about the strange emails and texts. Also, ensure that you use a complex password that cannot be accessed by anyone. To create a strong password, you need to use a mixture of special characters, numbers as well as letters. It’s also advisable to have a password for your mobile phone as it is a good way of keeping your private information safe.

2. Avoid Using Public Wi-Fi When Login In Into Your Mobile Banking App

Most people enjoy connecting their phones to public Wi-Fi as it is cheaper than using their data. However, its much safer to access your bank with your phone while connected to a secured Wi-Fi network or your mobile data network. Public Wi-Fi is good but lacks high levels of security, making it easy for hackers to access your mobile banking information. You should access your mobile banking website or app over a secured network /Wi-Fi.

3. Always Delete Your Browsing History

When using mobile banking, you have to be very cautious during logins, logouts, regardless of the browser you are using. Some browsers will give you the option of saving your password and username, which is always the wrong choice to make. That is, immediately you save your information on a browser, someone can easily access your bank account details if you happen to lose your phone. Apart from not saving your details to any browser, you need to ensure that you log out of your account after every financial transaction. Also, you can avoid using a browser and download the app of the financial institution your using as it is much safer. Financial institution apps offer an added layer of security as it requires you to use a fingerprint when logging in to your account.

4. Ensure That You Delete Your Personal Information And Your Banking App When Changing Your Phone

Nowadays it’s very rarer for someone to stay with one phone for years without upgrading. When upgrading your phone, there is a high chance of you exposing your personal banking information, that is why you should ensure that you delete everything. Every time that you change your phone, it’s important that you get rid of any sensitive information, including your mobile banking details. In case you leave any details, the person who will be using your old phone may get to know the financial institution your using and end up interfering with your financial transactions.

5. Keep Your Financial App Updated

Due to the gradual advancement of modern technology, mobile banking apps keep changing every single year. You need to keep up with the trend when using mobile banking for you to get better financial services and security measures on your phone. Keep checking for updates so that you can enjoy up to date mobile banking app settings as well keep your financial transactions safe.

6. Always Inform Your Bank In Case You Lose Your Mobile Phone

Phone theft cases are on the rise, and it may lead to lots of damage if it happens when you have not logged out of your mobile banking app. That is why you should immediately inform your bank. You must let your financial institution know when you have lost your mobile phone. The bank will help you not lose your money via your mobile banking app by disabling the service. By doing this, you will have peace of mind knowing that your money, as well as your financial information, is protected.

7. Install A Security Software In Your Mobile Device

Today there are much digital security software being introduced to the world for all mobile users. With a smartphone and internet, you can install security software that suits your security needs. Security software includes anti-malware and anti-virus, to help you protect your mobile apps, including your mobile banking app. Also, you can sign up for protection services online to help you prevent fraudulent activity on your account as well monitor any doubtful activities. For instance, whenever someone tries to access your bank account, the software or the monitoring system will be able to alert you, and you can take immediate action. By using such software and monitoring systems, it becomes easy to prevent any fraudulent activities on bank accounts.

Modern technology has changed a lot of things, including banking, making it possible for one to access their bank accounts using their mobile phones unlike before. Mobile banking is one of the most used ways of banking as it is very convenient. However, it comes with risks; that is why one should apply available security measures whenever they are using mobile banking apps. These and many other safety tips are what you should apply for you to enjoy your mobile banking without fear of fraud.


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