As technology continues to advance, smart phones have increased the popularity of mobile banking. Mobile banking is a fast-growing trend that allows account holders to do anything from mobile deposits, account transfers and bill pay.
Forrester Research has estimated that by the year 2017, mobile banking is predicted to have 108 million users.
Along with this new channel of banking, there can be potential risks involved. The following are some important reminders on how to be secure when engaging in mobile banking:
- Keep passwords and sensitive information in a secure place. Although smartphones allow you to have passcodes, storing that type of information can be potentially dangerous because tech savvy criminals can find ways to steal your info if your phone is lost or stolen.
- Be careful when accessing free Wi-Fi hotspots. Just because you don’t need a login to access the internet, doesn’t mean there isn’t a potential hacker waiting anxiously to steal your identity. If you are uncertain about the hotspot, then it is best to remain on your provider’s connection.
- Consider the source. Always double-check to make sure your downloaded app comes from a legitimate source. App stores like Apple and Android Market are reputable, but if you have concerns, check with your credit union to be certain you are downloading the right app.
- Keep software up-to-date. Software and app updates are released at least twice a year to keep your phones secure from potential threat.
- Always logoff from your banking app. There is always someone trying to take advantage of other peoples’ mistake. You don’t want to hold a wide-open door for hackers to come in and steal from you.
With these important reminders, you can take advantage of the convenience of mobile banking at your credit union and remain secure at the same time.