What Should I Know about Mobile Banking Security?

While mobile banking is more convenient than traditional banking, there are several mobile banking security issues that you should be aware of, including phishing text-message and email schemes, security breaches when a mobile device is lost or stolen and encryption issues. When you know the issues about mobile baking security, it can help you to identify scams before they affect you. It is also helpful to choose a bank that prevents these issues before they become problems or properly deals with the issues when they arise.

Phishing schemes are the primary concern that mobile banking security brings. These scams can come in the form of a text message or an email. These communications are made to look exactly like a message that you would receive from your bank or credit union. The text messages and emails may include the bank logo, taglines, disclaimers and even contact information that makes the message seem legitimate. The difference is that the sender of the text or email is not your bank. In a phishing scheme, the sender is typically asking for private information, such as your bank account number, social security number or other personal information.

This should put you on high alert about the mobile banking security of the message. First, your bank or credit union already knows your bank account number, so they would not be asking you for this information. The bank generally knows other personal information about you as well, so again there would not be a need to ask you for information that they already have. If you receive this type of text message or email, look up the contact phone number for your bank on your bankcard or on the official bank website. Contact the bank and verify that the text message or email is from them. Never click on links or use the contact information that is in the text message or email.

Another primary issue with mobile banking security is security breaches. Since the mobile device you are using is out and about with you, hackers can get access to your cell phone. When these scam artists hack into your phone, they can also hack into any transactions you have conducted on your mobile device. Another security breach can occur if your mobile device is lost or stolen.

If your phone is lost or stolen, this provides access to any of your bank account information or other account transactions that you have conducted on your phone. You can limit the chances of this happening by putting a security code to unlock your phone. Additionally, always log out of the banking application when you are done, so that if the phone is lost or stolen, the finder of the device won’t be able to access this information as easily.