Credit Disaster? Yep, There's An App for That How You Can Improve Your Credit Score Here ph
Smartphones are fast becoming our “mobile wallets,” a Swiss-Army knife for your finances to bank, pay, buy, sell, and charge on the go. In fact, by December 2010 at least 1 in 10 Americans-roughly 30 million-accessed financial services accounts through their mobile device, reports The Financial Brand . That’s a 54% increase from just 12 months prior. It’s wonderfully convenient to have access to your credit card, bank, savings, brokerage, and other accounts packaged into one handy device. But losing your smartphone also puts your financial portfolio’s usernames and passwords in the wrong hands, which may result in a drained bank account, fraudulent charges, and damage to your credit score. An unsecured smartphone is a major security risk with disastrous financial implications.
If you bank or make mobile payments on your smartphone, keep these tips in mind to protect your credit, money, and identity. 1) Secure your password . The first defense in the event your smartphone is stolen is to password-protect important mobile data, such as your phone’s banking apps. Create complex passwords for your accounts, typically with at least eight characters using letters, numbers, and symbols. Don’t use obvious giveaways like your birthday, last name, or the word “password.” Also, make sure your accounts’ passwords aren’t saved on your phone and must be manually typed. 2) Be prepared for the worst. If your smartphone can access sensitive financial information, have a backup plan for a worst case scenario. iPhone users can get “Mobile Me” service and Android users have “Lookout Mobile Security”, an example of several services available to remotely lock your device and erase its data. You can even set your phone to automatically wipe your data if your phone’s password is incorrectly inputted several times. If your phone is lost or stolen, inform any financial institutions for which your data is compromised and deactivate mobile payment services. 3) Be cautious of apps . Go ahead and download Angry Birds, but when it comes to financial apps, do your research. Some malicious apps will access data on your phone without permission to do so or tricks you into entering sensitive data, like your credit card number. Take these precautions with every app you install: read comments and reviews for any user complaints, check the rating of the app, read the list of permissions the app is requesting (of what it can access and execute on your phone), and visit the developer’s website to see if it looks credible. 4) Watch out for malware . Smartphones are susceptible to the same kind of harmful
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programs that attack computers. Be cautious of anything you open or click using your smartphone; malware may access your phone’s financial and personal data. Watch out for “phishing” sites and apps pretending to be affiliated with your bank or payment service. If an email or program asks you to input financial information via your smartphone, look for logos, links, and other evidence to ensure it is credible. If a site or program you accessed makes your phone behave differently, delete it immediately. If you’re concerned your phone may have been attacked, contact your financial institution right away and request assistance. 5) Track your accounts . Regularly review account statements for your financial accounts to monitor any suspicious transactions or charges. If your bank provides it, set up text or email fraud alerts to report any unusual account activity such as major withdrawals or charges. Monitoring your accounts electronically can help consumers report fraud in near-real time, which means faster detection time and lower victim costs. If you suspect someone has been tampering with your financial accounts, report it to your financial institution immediately. As smartphones replace our wallets, the age-old problems will remain the same-your finances, credit, and identity are still very vulnerable to theft. Take these steps to protect your smartphone and yourself from potential financial hassle. Sources: “Mobile Banking Explodes, Fast Becoming a Basic Expectation,” The Financial Brand “How to be safe, find trusted apps, & avoid viruses – A guide for those new to Android,” Android Forums If you think of anything I left out of this post, please feel free to put that on the comment, and I'll send you a free gift.
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Do's and Dont's of the Credit Card Game Here pf Futhermore: Credit Disaster? Yep, There's An App for That
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