The dangers of mobile banking

Photo Credit: techgenra

Mobile banking has become increasingly popular, since we are all pretty much dependent on mobile devices. Many phones have apps where you can do your banking from where ever you are. Banking apps can help you deposit checks, transfer funds, pay your credit card bill, etc. But, how safe is it to bank from your mobile device?

In this article, I will discuss some of the dangers of banking on your mobile device, and provide tips to help you bank safely from your mobile device.

Dangers to keep in mind

• Not all transmissions are safe. Some of your private information could be seen by a third party.
• You are at an increased chance of identity theft if you banking isn't password protected.
• Keep in mind that automatically saved passwords aren't always safe.
• If you share your mobile device with someone, they could view your information.
• Old phones may still have your personal banking information.

Ways to bank safely

1. Be sure to bank with a secure connection. Make sure you are using your bank's official app. There are a lot of copycat apps out there. You don't want your banking information to get in the wrong hands.
2. By having a password protected banking app, you are securing your private information from being hacked into. Be sure to create a password that contains symbols, numbers, upper and lower case letters.
3. Do not automatically save your passwords. The seasoned identity thief can still gain access to your personal information. Write down your password and keep it secure.
4. We all have loaned our phone out to at least one person in our lives. Whether it is our child, a friend, or a friend of a friend, we've loaned them our phone to play a game, or make a phone call. Be sure that you've signed out of accounts that contain personal information.
5. If you are upgrading your mobile device, be sure to delete all information from your device's memory. The next person who has your old phone could gain access to all of your private information, especially if you've never logged out of your accounts.

Mobile banking is a convenient method of banking for the adult on the go, but, it can also become dangerous if you don't bank securely. Keep in mind all of the above steps and you should have no problems with your banking experience.