How Safe is Mobile Banking?
In a society where most people live their life on-the-go, mobile banking applications have become very valuable tools for consumers who want to manager their bank accounts and perform a wide variety of tools without stopping by their local branches. Customers can do everything from check their balances to send payments all from their mobile device at their convenience. But just like all technologies, customers can be vulnerable when accessing their accounts from a mobile banking app. Read on and find out what types of safety issues exist in terms of mobile banking and how you can keep your confidential banking information safe and still use mobile banking solutions.
The idea of using a secured phone to access the Internet and view your account info might seem scary to you. After all, more and more hackers are learning how to access systems remotely these days. But are hackers or smartphone thieves really a threat? Some say yes, others say not so much.
According to Javelin Strategy & Research reports, about 29 percent of all of the mobile users in the United States are using mobile banking apps and Internet browsers to manage their bank accounts. This figure is low because more than half of the mobile users with bank accounts are concerned about security issues that might exist within this newer technology. While the concerns are valid, mobile banking apps are safer than most people think. As long as you know the risks and you know how to mitigate these risks, you should never have to worry about your banking information being compromised.
Knowing the Risks and How to Reduce the Vulnerabilities
Is a Remote Hack Really Possible?
While it is possible for a hacker to remotely hack into your smartphone or your tablet, it is not as likely as you might think. There are several different channels that users can use to access their bank accounts. These include SMS text, application downloads, and web browsing. Smart devices also use unique operating systems that are changing on a monthly basis. Because of this, it is very difficult for a hacker to develop a scam that will grant them access to the right channel and to the right operating system.
Users must look out for malware threats, and Android phones are known to be more at risk. While this is true, your smartphone manufacturers are smart enough to program phones with virus protection and this targets practically all of the malware threats.
The Real Threat is Theft
The real threat when it comes to mobile banking is when your phone is lost or stolen. The thief, if they are savvy enough, may be able to get into your accounts and transfer funds or perform other tasks. While the odds are low, you should consider these tips to make sure your phone and account are protected if your device winds up in the wrong hands.
Password protect your device at all times. While some can pass through this barrier, it does act as a barrier that can stall thieves. When you download an app, always download the app from the bank’s website. This means it is secure and official. You should be sure not to save your user ID or password for easy access. This means the hacker will have easy access as well.
While mobile banking apps are safe, there are ways to make them safer. Be sure to exercise precaution and be sure your phone and information is safe. By doing this, you can use the convenient tool without all of the risk associated.[divider]