Despite its huge popularity, many users still don’t completely trust mobile banking security. Yet it only takes a few simple rules of conduct to securely transact financial business when out and about, too.
Over half of all financial transactions are handled via a mobile phone today. Mobile banking apps often offer additional functionality in this regard, like invoice scanning via your camera or push notifications of transactions. Despite its huge popularity though, many users feel unsure whether mobile banking is just as secure as classic e-banking. Here, some simple measures can play a decisive part in your secure and comfortable use of mobile banking apps.
The first step is to minimise general risks when using mobile device. This includes activating your automatic screen lock using a PIN, password, fingerprint or face recognition, installing any operating system and app updates promptly and having an antivirus app installed on Android devices.
Make sure that all apps on your device originate from an official store, i.e. the Apple app store, Google Play Store or Samsung Galaxy Store. You should be suspicious of apps with a low reputation and recommendations by people you don’t know.
Your mobile device can establish a connection to the Internet and your financial institution in several ways. If you are using a Wi-Fi connection while on the move, you should check it keeps any transactions confidential. Especially “free Wi-Fi” networks offered while you are out and about, such as those at an airport, in a hotel lobby or a restaurant, for instance during your holidays, should only be used with caution. If needs be, you can secure any connection to your bank via a VPN app (VPN = Virtual Private Network).
If your smartphone or tablet ends up in the wrong hands, data or access data stored there might just be captured and abused. Lost or stolen devices can be blocked remotely using special apps, so that personal data are deleted from your device.
Read our complete article (in German) on “Mobile Banking Sicherheit – Sichere Finanzgeschäfte unterwegs” (Mobile banking security - secure financial transactions while on the move) on Morethan Digital.
