Modern bank customers rarely think twice about signing in to a mobile device to check accounts and plan transactions. Convenient and user-friendly mobile application. According to the Federal Reserve report, more than half of smartphone users using bank accounts in 2015 will use mobile banking. Online banking via mobile devices is also a security risk. Cybercriminals use various techniques to gain access to individual user accounts and bank information.
Customers and financial institutions play an important role in online banking
Financial institutions and bank customers are responsible for the security of mobile banking. Both parties need to be careful and use proven security methods to reduce the risk of mobile threats. Customers are responsible for using their equipment safely. Banks need to develop, maintain and optimize formal applications designed to protect end-users.
Banking security breaches can result in the loss of financial assets, identity theft and other poor results. Any enterprise-related security threat can cause millions of dollars worth of damage to the company in remediation and compromise the credibility of the institution. A proactive approach to online banking security effectively reduces the risk of cybersecurity incidents and increases customer confidence in cellular financial activities.
5 Tips Customers Can Use to Improve Mobile Banking Security
Mobile users often take device security for granted. Apple users trust in the company’s security practices. The Android platform carries a potentially higher degree of risk as an open digital ecosystem. When device users presume the safety of apps they download and the security of their devices, they may accidentally open a backdoor to malicious activities. Customers can use these five tips to protect the security of their mobile online banking activities:
- Only use official banking apps and secure websites. If you plan to use a mobile device for banking activities, download the official banking app. Look for information on the website to confirm the app’s legitimacy, and avoid using your mobile browser to access your bank account. Some users link their bank accounts to budget apps or other money management apps. Remember that every account you connect to your bank account represents a potential risk. Safeguard your information with official and secure apps.
- Double check the security of all third party apps. Cybercriminals may gain access to your device through a third party app not associated with an official banking app. For example, someone could sneak a malware program designed to record keystrokes in with a third party app. Using this type of technology, a criminal could potentially obtain information about your login credentials and online activities.
- Avoid using bank-related links. As an end user, you may assume the validity of a link in a text message or email. Unfortunately, some criminals use phishing and spoofing practices to obtain revealing information from seemingly innocent interfaces. Always back out of a message and go through official channels to access your account.
- Never check your bank account while using a public network. Public Wi-Fi and other public networks are notoriously insecure. Use cellular network connectivity or a VPN (virtual private network) to protect your activities while in public.
- Always lock and keep track of your mobile devices. If you leave your device unlocked on a park bench, a malicious individual could take advantage of the situation. Use the lock functions on smartphones, never save login information on your apps, and try to keep track of all your mobile devices.
From now on, you no longer have to worry about using mobile banking. If you follow these 5 tips, you will feel confident in using your banking mobile.