Is mobile banking safe? Can I make mobile banking safer?
Wednesday, 28 August 2019
Thanks to the ubiquity of smartphones, the ability to conduct your financial life via a mobile application has become table stakes for banks.
But, for all the convenience banking via mobile app provides, some questions persist about the safety and security of conducting those transactions digitally, leading many to wonder if mobile banking is truly safe.
The good news is that mobile banking is generally accepted as secure and in some cases, may be more secure than banking online. But, they say, there are ways for mobile banking users to increase the security of each interaction they have with their mobile app.
1. Just say no to public wi-fi
Public wi-fi may be one of the biggest threats to the security of your financial data, many experts say. To avoid exposing your banking information to fraudsters by using a public wi-fi, check to be sure that it's secure by looking at a web address on your phone's browser. If the network you're browsing is secure, a padlock will appear next to the URL. If the network is not secure, simply disconnect and use your phone's cellular network. Yes, you'll be using the data you pay for each month, but there's no cost on the peace of mind that comes with taking steps to protect your financial information.
2. Keep it updated
Does it ever seem like there are constant pop-ups imploring you to update your phone's software and apps? They're not there just to annoy you. A software or app update usually means the developers have added functionality or are correcting a bug. The only way to be certain you're using the most current - and most secure - version is to update the platform or app whenever one of those requests come your way.
3. App, not browser
When you are making a transaction via your bank's official mobile app, only you and your bank know the details. Also, using a browser on your smartphone for banking can lead to inadvertently clicking on a fraudulent duplication of your bank's mobile page or downloading malware which can lead to additional issues. When you download your bank's app, be sure it's the official app from the bank, placed on the platform's official app store, not a pirated version that a fraudster may have created.
4. Multi-factor authentication
According to Wikipedia, multi-factor authentication is a security process by which a digital user is granted access only after successfully presenting two or more pieces of evidence (or factors) to an authentication mechanism. For security in your own mobile banking app, ensuring that it is protected by more than one means of authenticating your identity is important. For some apps, this may include the initial login followed by the input of a unique code that is sent by text message.
5. Account monitoring
It's often said that the best offense is a good defense. This is similarly true when it comes to protecting your financial information. One of the best ways to ensure that your information is safe is to consistently monitor your accounts for unusual activity. Text alerts, or simply logging in to your account regularly, can help.
For more information on BBVA USA's Mobile Banking offering, click here.
The content provided is for informational purposes only. Neither BBVA USA, nor any of its affiliates, is providing legal, tax, or investment advice. You should consult your legal, tax, or financial consultant about your personal situation. Opinions expressed are those of the author(s) and do not necessarily represent the opinions of BBVA USA or any of its affiliates.
Links to third party sites are provided for your convenience and do not constitute an endorsement. BBVA USA does not provide, is not responsible for, and does not guarantee the products, services or overall content available at third party sites. These sites may not have the same privacy, security or accessibility standards.
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