The use of mobile phones nowadays is not limited to making calls and texting. People use their phones to check e-mails, browse the Internet, and to carry out banking functions like account transactions, balance checking, account activity (withdrawals, deposits, etc.) alerts, changing PINs, just to name a few. Mobile banking is growing exponentially, and with sensitive financial information available at the touch of a finger, safety is the topmost concern for customers and banks to avoid any fraudulent activity. Here’s how you can secure your mobile banking services to keep all your financial data from harm.
Security Tips for Mobile Banking
Use Authentic Banking Software
Make sure you install authentic software on your mobile phones, and ensure it is from a trusted and approved source. Most of the banking software for mobile phones is developed by third-party firms, so before you download anything, confirm with the bank for the authenticity and the latest version.
Protect your mobile with a password, and set the maximum number of incorrect passwords a user tries to enter to three. After three unsuccessful attempts, the mobile should automatically wipe out all the data that is stored on it for security reasons. Choose passwords that are composed of alphanumeric and special characters, and those which others cannot guess. Do not use date of birth, SSN, or any names as passwords. Change your password once a month.
Change the personal identification number (PIN) or access code provided by the bank at the first attempt. Use a combination of numbers that is difficult to guess for anyone, and does not include SSN or date of birth. Change the PIN regularly and do not repeat the same PIN. Banks usually take precautions in this case and do not allow users to reuse PINs frequently.
Manage Personal Information
Avoid storing your bank account details (account number, credit/debit card number, PIN) on your phone. Do not use the auto-fill option on the browser which stores your mobile banking user ID and password. Never share these details or any other information with others through texts and e-mails via your phone. Make it a point to go through your account statements on a regular basis if you are into mobile banking and bring any unusual activity to the notice of the bank immediately. If you receive paper statements, save them in case you need to track your transaction details; they might also be helpful to reverse a transaction you never actually carried out. If you have signed up for text alerts, you should be alerted of every activity being carried out on your account. If you give your mobile for repair, delete the browsing history, cache, and any other temporary folders that may contain sensitive data so that it does not fall into the wrong hands. Disable any mobile banking application you might have downloaded. Keep the Bluetooth feature disabled if not in use. Install an antivirus software on your mobile device which will protect the data and keep malicious viruses away. Always remember to log out from the banking application after you have completed your banking transactions. Never log in to your banking account over a non-secure Wi-Fi network, like the ones at a coffee shop or a shopping mall.