We’re In the Money

5 WAYS TO PROTECT YOUR MOBILE BANKING

BY MIKE GARLAND

Gone are the days of driving to the bank to make a deposit or remembering to pay a friend back for lunch. Mobile banking capabilities have made it easier than ever to deposit twenty-four hours a day and make a cashless transfer to a friend on the spot. Though convenient, can mobile banking put your financial information at risk? Mobile banking is safe if you take the right precautions. Here are some tips that will help keep your financial information secure.

STRONG PASSWORDS MAKE A BIG DIFFERENCE

Create a unique password for each of your mobile banking accounts. Diversity of characters and avoiding anything too obvious (your dog’s name, birthdate, etc.) is also important. If you have your phone connected to financial accounts, keep your mobile device locked with a passcode.

MULTIFACTOR AUTHENTICATION NEEDS TO BE CONSIDERED MANDATORY

Multi-factor Authentication is one of the best ways to keep your personal information safe and secure. Using facial recognition is a secure option, or you can use your fingerprint or a numeric code. Some methods are better than others, but the important thing is to have some form of multi-factor enabled.

WATCH YOUR WI-FI NETWORKS

Free Wi-Fi at your favorite café or the airport may sound great to save on data, but public networks are often targets for criminals who want to collect personal information. If you’re on a public network, make sure to avoid activities that could involve personal data. Your password-protected Wi-Fi network at home is usually the safest network.

AVOID RESPONDING TO SUSPICIOUS EMAILS, TEXTS OR PHONE CALLS

Scammers can make emails, texts and phone calls look and sound a lot like the communication you may receive from your financial institution. If you feel a call or text message looks like it is coming from your financial institution, call to verify.

SIGN UP FOR FRAUD ALERTS

Most banks or financial institutions have the option to sign up to receive activity alerts. If a scammer does gain access to your mobile account, you will receive a text, email or phone call alerting you. You can also receive alerts regarding your credit or debit card transactions.

It’s more important than ever to have the ability to bank from home or on the go. Follow these tips and your financial and personal information will be more safe and secure while mobile banking.

MIKE GARLAND

You keep your family safe. Now keep your identity safe.

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