Mobile banking can be safe on both iPhone and Android phones, it has built-in security features, regular security updates to protect you against malware or unauthorized access but it also has potential risks depending on how informed you are.
Here are the reasons behind its safety:
Mobile banking apps use encryption protocols to secure data transmission between your device and the banking servers to protect your information from unauthorized access.
It supports biometric authentication, such as fingerprint or face recognition, which adds an extra layer of security.
Mobile banking apps often provide the option to enable 2FA, requiring an additional verification step for added security.
Risks of Mobile Banking
It can be a potential risk if:
Device is not protected with strong passwords.
Device is lost or stolen and not properly secured, someone may have access to your mobile banking app and potentially misuse your sensitive information.
Users may be vulnerable to downloading malicious apps that imitate legitimate banking apps.
Users connect to unsecure public Wi-Fi networks or compromised networks that can expose the mobile banking activities to hacking attempts.
How to Stay Safe on Banking Apps
Use Strong Passwords
Make sure that your password is at least 12 characters long which includes a mixture of uppercase and lowercase letters, numbers, and special characters.
Avoid using personal information on your passwords such as name or birth date because it can be easily guessed.
Practice having different passwords for each of your bank accounts to ensure the security of your other accounts if one gets compromised.
Generate strong, complex passwords using a good password generator like Trend Micro Password Generator for enhanced security.
Change your passwords regularly.
Enable Multi-Factor Authentication
Multi-Factor Authentication can enhance the security of your mobile banking app. The steps on enabling this may vary depending on your bank app.
Log in to your existing account within the banking app.
Go to the banking app settings and look for the additional security or verification methods then select multi-factor authentication (MFA) or Two-Factor Authentication (2FA).
Select the desired verification methods such as:
SMS/text message verification: Enter your mobile phone number to receive a verification code via SMS.
Email verification: Enter your email address to receive a verification code via email.
Authenticator app: Set up an authenticator app (such as Google Authenticator) and scan the QR code provided by the app. The authenticator app will generate verification codes.
Biometric verification: If your device supports it, you may have the option to use fingerprint or face recognition as an additional verification method.
Depending on the method chosen, you may be required to enter a verification code or complete additional steps to complete the setup. Then, follow the on-screen instructions.
Once the multi-factor authentication is enabled, you should be prompted to provide the additional verification method whenever you log in to your account.
Keep Your Mobile Banking App Updated
Follow these steps to keep them updated depending on which device you use:
Tap your profile icon, then scroll down until you see the Available Updates section.
Look for your banking app, then tap the Update button.
If you want to set up the updates automatically for all your apps, go to Settings app, then look for App Store and turn on the App Updates option. This way, your apps will be updated automatically whenever updates are available.
For Android phones
Go to the Play Store app.
Tap your profile icon, then tap Manage apps & device.
Go to the Manage tab, look for your banking app.
Tap the banking app, then select Update.
If you want to set up the updates automatically for all your apps, click your profile icon, then select Settings. Under the Network preference, you can choose Auto-update apps over Wi-Fi only or Auto-update apps at any time based on your preference.
Secure Wi-Fi and Mobile Networks
Always connect to a secure Wi-Fi which can be insecure and susceptible to hacking. Use your mobile data instead of public Wi-Fi networks.
Enable WPA2 or WPA3 encryption on your Wi-Fi network for secure data transmission, safeguarding your information from unauthorized interception.
If you use your mobile device as a hotspot, turn it off when not in use to prevent unauthorized connections.
Be cautious when connecting to public Wi-Fi networks. Use VPN Proxy One Pro to turn any public hotspot into a secure WiFi.
GUARD YOURSELF AGAINST SCAMS!
Discover how to protect yourself from scams, online fraud, and dive into essential topics to protect your digital identity, and care for your devices.
One of the most prevalent mobile security myths is that mobile devices are inherently more secure than traditional endpoints like desktops and laptops. But this is a dangerous misconception — mobile devices simply have a different set of vulnerabilities that leave them open to a variety of cybersecurity risks.
One of the most prevalent mobile security myths is that mobile devices are inherently more secure than traditional endpoints like desktops and laptops. But this is a dangerous misconception — mobile devices simply have a different set of vulnerabilities that leave them open to a variety of cybersecurity risks.
So, is Mobile Banking Safer than Online Banking? Whether you choose mobile banking or online banking, you can be confident that your bank has invested in the security of these services. However, mobile banking is a little safer when it comes to security, mainly because this type of banking does not store any data.
Set a strong Pin/password to access your mobile device and clear junk messages regularly. Do not click on a URL link received in a text message if you are not sure about its authenticity.
You don't know who has access to the network traffic and whether they can view the data you send. For better online banking security, Marchini advises using your cellular network.
Your bank should refund any money stolen from you as a result of fraud and identity theft. They should do this as soon as possible - ideally by the end of the next working day after you report the problem.
A phone number alone is not enough for someone to hack your bank account. But, as outlined above with regard to someone having your email address, someone with your phone number could potentially call or text you as part of a phishing scam with the ultimate aim of hacking money from your accounts.
Most successful online intrusions result from a recipient of a “phishing” message accidentally downloading malware or giving their personal information to a spammer. ...
Mobile wallets secure a user's credit or debit card information through highly-advanced methods of encryption and tokenization. Encryption is a security feature that uses a secret key to ensure private information is only accessible to the sending and receiving parties.
On an Android phone: Go to Settings > Lock Screen > Secure Lock Settings > and toggle the Auto Factory Reset option to switch it on. (These steps were tested on a Samsung Galaxy S21. The labels may vary slightly on other Android models.) On an iPhone: Go to Settings > Touch ID & Passcode.
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