Easy mobility and hassle-free banking anytime are some of the biggest reason’s smartphone banking is on the rise. But, is it safe? How can you protect yourself?
Banking from your smartphone is now one of the first points of contact for most banks and advancing technology only shows that the trend is only going to grow.
Here are 7 things to consider before you start banking from your smartphone:
Keep Your Phone Safe
Avoid leaving your phone and walking off / or asking anyone to mind your device in public spaces likes bars, restaurants and airports. Use secret pockets on jackets and bags to keep your phone away from thieving hands and as close to you as possible.
Phones contain various kinds of sensitive information and details and learning how to keep it physically safe when banking on the go is one of the best things you can do for yourself. When it isn’t possible to keep your phone on your person, enable pattern or PIN password locks. Avoid using facial recognition to lock or unlock your device until all the bugs have been worked out thoroughly. Sure, this means you have to unlock it every time, but letting a criminal get free access in case your phone is stolen is a far greater problem. If its stolen, this will at least give you some time to realise its missing and remotely block it.
Photo courtesy: Yura Fresh
Get Better Password Protection
Phone with sensitive information like email accounts and various banking apps need the highest level of security you can provide. Consider every available form of password protection and encryption of your phones data or risk letting savvy criminals wipe your account clean.
Start by creating a strong password of random, unconnected numbers, letters and symbols and never share it with anyone. Avoid giving third-party apps access to your passwords and use separate ones for all accounts. Never store sensitive information in simple document or note application on your phone and always enter your passwords away from public view or security cameras.
Never Follow Links
Photo Courtesy: ROBIN WORRALL
Never Bank on Public Networks
Free WiFi can be both useful and tempting but, safe? We think not. A common trap is when hackers replicate the name of a free public WiFi provider and change only some small detail. Unsuspecting victims logging on the fake network can unwittingly give away not only their banking details but all their private info as well.
While getting a VPN service can help, the safest thing to do would be to avoid conducting any bank-related business over a public or unsecure network. The risks far outweigh any data savings you may hope to make.
Always Use Official Bank Apps
Most modern banks offer an official mobile banking websites and applications across various platforms. Set up with a number of security and encryption protocols, using these apps from a secure location can prove far safer than even phone or SMS banking. Always double check that the app you are about to download is the correct one before you install and use it on your device.
Beware of Phishing Expeditions
Never follow a bank-related link from either your email or your SMS. These might be used as bait to lure you to a website that looks like your bank’s official website and collects any information you enter for nefarious purposes. When in doubt, open your bank's official website and navigate to the area you’re looking for. Can’t find it? Contact your bank’s helpline or customer service numbers for assistance.
Always Log Out
This rule is just good banking hygiene, irrespective of whether you’re using the app or accessing your bank account from your web/mobile browser. Take the additional step of closing the browser window and exiting the app after every use to stay safe. This way, if you accidentally log on to a free public (read unsecure) WiFi or lose your phone your personal information is better protected.
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This content has been created in association with YONO SBI.