16 Best Mobile Banking Safety Tips for Secured Transactions

Follow These Mobile Banking Safety Tips & Do Safe and Secure Transactions

In this technology-driven world, most of the things are done online, whether it’s shopping or sending critical information via email. Even streaming movies and series are also getting in the list, and normal cable television loses its value. In such a huge list, mobile banking is no different.

Globally, everyone is becoming more dependent on technology, and doing our favorite things online is almost second nature. In that mobile devices are among the top lists. The internet connection and smartphone are like a basic necessity these days.

Also, more than 70% of people do their banking online in the USA, and more than 50% of them prefer doing it using their smartphones. Though service is convenient, what about the safety concerns? Do consumers take proper precautions as they do for their computers and laptops? Sadly, they don’t.

Isn’t Mobile Banking Safe?

Now, you might be wondering, isn’t mobile banking safe. Well, not all popular devices are always safe. The trend of mobile banking is more due to the convenience it provides. But it’s a reality that people often trade this convenience with the financial security that shouldn’t be taken for granted.

Security Risks Regarding Mobile Banking

No doubt, doing bank transactions in person is safer compared to doing online or using a smartphone. But, the fear of anything going wrong while doing any transaction through mobile or other devices shouldn’t scare you that you should stop using it altogether.

Cybercriminals have many methods for accessing your banking information. For example, tricking you into installing any malicious malware on your smartphone, sending you a fake email asking your banking details, or they can even directly break into your device and start accessing your accounts and information.

Mobile banking is secure compared to online banking, but risks are still associated with mobile baking, and they are as:

Mobile Malware

Mobile malware is quite low compared to traditional PC malware, but they do exist. This mobile malware often takes advantage of software vulnerabilities and bugs, so it’s still a gold rush for cybercriminals and hackers because awareness regarding mobile malware is still low.

And these days, the most widely used smartphone operating system is Apple’s iOS and Android. Among these two, it’s not new to say that Android users are at most risk from such mobile malware as growing fake apps or hacked apps is a problem.

Weakness of Mobile Device ID

Mobile devices share a critical characteristic, which is not easy to differentiate. And the problem is not with their weak physical appearance but “device fingerprint.” Device fingerprinting requires collecting information regarding remote computing devices for recognizing it uniquely. However, concerns related to such information’s privacy becomes an issue as many times it leads to an unreliable digital fingerprint of a unique mobile device.

Third-Party Apps

Users often download or install apps from other sources instead of the official app store. And it can lead to installing malicious apps that can secretly tamper your installed apps, including banking applications, and can steal user information.

Phishing

Many fake banking apps are available on third-party sources that claim to be an official third-party app market. Furthermore, cybercriminals also offer downloadable updates for banking apps on third-party app websites. And these fake apps or fake app updates can contain malicious codes that can steal critical information of the user, including banking account information.

Eavesdrop Through Insecure Public Wi-Fi Connection

Publicly available Wi-Fi networks such as in coffee shops, airports, hotels, or libraries and other places are often not secure. Whenever users use such Wi-Fi networks for mobile banking, such as to deposit checks or pay bills, they can expose themselves to the risk of eavesdrop, and cyber crooks can steal sensitive information.

Vulnerabilities in Mobile Banking Apps

Many banking apps lack protection against reverse engineering of code. And Cybercriminals can figure out by analyzing the source code and can steal account information and sensitive information.

Here Are the Top 16 Mobile Banking Safety Tips to Follow

However, it doesn’t mean that you should stop mobile banking, but it’s expected to follow certain security steps to keep yourself safe. And here we’re going to discuss the same. We’ll list some mobile banking security tips that everyone can follow for a smooth, safe, and secure banking experience through their smartphones.

Here are some of the recommended mobile banking security tips that anyone can follow who likes doing banking and other online transactions that involve your critical information.

1. Avoid Using Mobile Banking App on Jailbreak Smartphone

Many people lure towards jailbreaking their smartphones for getting additional benefits. However, jailbreaking smartphones also come with vulnerabilities in the operating system.

So, to protect your smartphone from different security threats, users need to understand the dangers of jailbreak and avoid jailbreaking or rooting their phones.

2. Prevent Installing Mobile Banking Apps From Third-Party Sources

Many times, people install apps from third parties, including some banking apps. Though that’s another story, such third-party apps often come with viruses that are hard to detect.

It’s suggested to avoid installing banking apps from such third-party sources and only install it through the official banking website.

3. Mobile Anti-Virus Apps

It’s suggested to install trusted mobile antivirus apps, as it can provide partial protection from malware that can help reduce such risks. Lastly, it’s also best to go through reviews or go with the recommended ones by popular organizations such as PC Magazine that tests antivirus apps every year.

4. Secured Wi-Fi Network Connection

Everyone loves free stuff, and free Wi-Fi networks available at the airport, coffee shop, or other places attract many users, and many times it’s a treat for cybercriminals. First and foremost, it’s best to avoid using such publicly available Wi-Fi as it can expose your sensitive data to hackers. If you’re planning to use a mobile banking app for any financial transaction like checking balance or transferring funds, it’s best to avoid using altogether for such purposes.

5. Mobile OS Updates

Mobile OS should be kept updated because hackers can benefit from loopholes that may be available in older versions, and it can lead to an attack on mobile banking apps. It’s best practice to update the mobile OS as early as possible once the update becomes publicly available.

6. Use Trusted VPN Solution

As mentioned above, it’s best practice to avoid public Wi-Fi networks, but if you do, you should make use of a VPN before doing so. VPN provides the capability to mask your IP address and make you appear from the VPN server you connect to. It can become helpful, especially if you’re trying to use Wi-Fi for sensitive things such as online shopping and even using mobile banking apps.

Though you may come across certain drawbacks like reduced speed and even face inconvenience, if you’re trying to access the mobile banking app, for instance, it may ask you to go through an extra verification process due to coming from a different IP address.

However, it’s suggested that you avoid going for free VPN services as it often traces their user’s internet activity, which means your privacy can be put to risk. Although popular VPN services like NordPVN or ExpressVPN are much better. Most of the VPN providers also offer a trial version for certain days or even a whole month, so it’s best to make use of such offers as it’ll help you decide whether to go with the chosen VPN provider or not.

7. Keep Your Device Secure

Many threats can occur due to user’s silly mistakes, which result from poor habits. Some of the habits you should cultivate if you haven’t yet are using security features such as setting pin code to access the home screen, not being careless about your smartphone, and keeping it anywhere.

For example, you go out to a hotel, as being habited to forget or being careless, you kept your smartphone somewhere, and it got stolen or misplaced. Then your security features like setting a pin to access the mobile home screen can prove helpful. Because usually, we keep important passwords and other details in smartphones, which shouldn’t be accessible to any unauthorized person.

8. Set Strong Passwords

Most of the sites have a mandatory rule to create or update account by creating a strong password. But this thing shouldn’t be surprising, and you should be aware that it’s best to create a password that can’t be guessed by anyone, which means it should include a combination of special characters, numbers, upper and lower-case letters.

Also, make sure that you avoid using the same password for more than one app or website. And try keeping those passwords securely and separate from devices. Even if it means to write your important passwords like banking passwords separately, it’s best to do it in a way that no one can figure out its bank related password.

9. Keep Your Smartphone Bluetooth Off When It’s Not in Use

Attacks on improperly secured Bluetooth connections can give enough opportunity to attackers to break into your smartphone and access sensitive details. And also, avoid accepting files from unknown Bluetooth connections.

10. Delete Banking Messages Once You Read

It doesn’t sound necessary, but it’s good to make a habit of deleting your SMS and email messages related to banking once you read it. Though it sounds silly, it can be helpful. For instance, someone got access to your device. They can get access to a lot of information related to your bank account, which can backfire if someone makes inappropriate use of it.

11. Security Focused Banks

You may require making an account in a new bank if you’re into online or mobile banking. But it’s best to go for those banks who take proper precautions and stay up to date with their security features such as using robust and reliable security features. Instead of those banks who only stick to basics.

12. Maintain Secrecy

Maintain secrecy about your banking related information. Also, it’s good to do online or mobile banking privately. It’s not good to do it in public places, like transferring funds to an account on a coffee shop table. As there are people around, and someone can look over through your shoulder what you’re up to. And it may be possible they may figure out what password you’re typing or your bank account number – though very rare, but the possibility is there.

13. Avoid Storing Credentials or Staying Logged In on Mobile Banking Apps

Some mobile banking apps provide features such as to keep your login credentials saved or keep you logged in. It’s best practice never to store your banking credentials on mobile banking apps or else to keep yourself logged in.

Smartphones can be stolen easily, so it’s best practice to avoid cultivating such habits of staying logged in, especially in those banking apps. Also, have a habit of logging out once you’re done with banking activity.

14. Change Password Regularly

Don’t wait to learn a lesson the hard way. Make a habit of changing bank account passwords once in a while, for example, after every two or three months.

15. Disable Remote Connection

Nowadays, smartphones come with many features that include connecting your mobile devices remotely using the wireless connection. It’s best to turn off such a feature before you make use of mobile banking apps.

16. Pay Attention to Bank Statements or Accounts

Monitor your bank transactions and immediately notify your bank if you find any unusual transactions which haven’t been done from your end. Many times, people don’t track their transactions, and it can lead to paying bills of those malicious transactions which haven’t been done by them.