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5 Tips For Secure Mobile Banking

Mobile banking may be less than five years old, but it has already brought tremendous changes to our banking behavior and experience.

Mobile banking may be less than five years old, but it has already brought tremendous changes to our banking behavior and experience.

Mobile banking may be less than five years old, but it has already brought tremendous changes to our banking behavior and experience. Gone are the days of having to line up in physical bank branches for depositing a cheque or making transfers.

No wonder consumers are increasingly relying on banking applications to manage their money. According to data from the British Bankers Association, nearly 40% of adults used mobile banking apps in 2016. Yet, another study published by EY shows that 48% of UK banking customers are still not comfortable managing their finances solely online or by mobile.

One of the biggest concerns is around security – Is it safe to make financial transactions using an app? Could my bank account details get hacked via my phone?

The good news is, your bank should be diligently keeping its official mobile app secure. In addition, these apps often require two-step authentication through codes or a token, and  limits are set on the maximum amount of money you can transfer to minimise risks.

However, with new techniques such as “overlay” attacks and others for mobile devices it pays to remain cautious and diligent when banking with your mobile. Here are a few easy tips to keep your mobile banking secure.

Keep the app updated

This piece of advice is relevant for any app you download, but with banking apps it is even more important. With each update, the company may include the latest security defenses and fixes, which if you haven’t downloaded, could leave you vulnerable.

Related: Identity theft is at an all time high, here’s what you should do

Verify message sender

Always check that email or text message you’ve received regarding your account is actually from your bank. Phishing is one of the most common ways that hackers use to gain access to your personal data, by directly requesting or sending you a link to obtain your personal and bank details. Remember, most banks wouldn’t ask for your bank account details and password via email, so it’s always worth verifying with your bank if you are unsure.

Avoid Public Wi-Fi networks

You might be tempted to check your balance or make some transfers while you grab a quick drink at a coffee shop. However, public connections aren’t very secure – in fact, most places that offer public Wi-Fi hotspot warn users not to share sensitive information over the network. If you do find you need to access your bank account on-the-go, consider setting up a virtual private network (VPN) to secure your connection and encrypt your data.

Install security software

For the moment, mobile devices are less prone to virus attacks than computers, but you should still be careful, especially if you’ve jailbroken an iPhone or you are using unapproved apps.

DynaRisk users can add their mobile phone to the list of monitored devices on their dashboard for any vulnerabilities.

Keep track of your phone

Using a phone tracker app is an efficient way of remotely deleting information from your device in case you lose it or it is stolen. Last but not the least, make sure you know the right contact info for your bank if you lose your phone.

Check Your Risk: You can also use our free scan to see if you could be vulnerable to hacking.

With the growth of digital first, mobile-only banks, such as Atom, Monzo, Starling and Tandem, it will be interesting to watch what these innovative banks will add to digital banking security. Atom, founded in 2015, is one of the first banks to offer biometric security – logging in via face, voice or fingerprint recognition.

Whether you bank with a traditional bank or a new comer, it’s worth being careful and vigilant while using mobile banking apps.