Friday, August 17, 2012

The Safety of Online and Mobile Banking

Many are hesitant to trust the Internet to manage their personal finances, and we understand those concerns. Is online banking really safe? Yes, it is providing you take the proper precautions as you would with any other online activity: email, social media, photos, etc. 

In a recent post by Money Girl, Laura Adams talked about the Top 5 Tips for staying safe with online banking:

Q. I like the idea of using mobile banking apps on my smart phone and iPad, but I’m worried about security. What tips can you give to make sure I stay safe?

A. Here are 5 tips to keep your confidential information safe and secure when you’re banking on the go:

Tip #1: Lock Your Device
Every device you use for mobile banking should be locked with a password, so a thief can’t get quick access to your personal information. Simply change the settings so you must enter a password to use the device.

Tip #2: Get Safe Apps
Be sure to download banking apps to your device from a safe place, such as the institution’s web site. Never download financial apps from third parties.

Tip #3: Use Wi-Fi Carefully
Many mobile devices allow you to access the internet using Wi-Fi. That’s fine if you’re using a closed, password-protected network, like at home. But never access financial accounts using an open, public network because your data may not be secure. Instead, use your mobile provider’s network to get online if you’re unsure about security.

Tip #4: Change Passwords Regularly
Create strong, unique account passwords that include uppercase and lowercase letters, numbers, and special characters when allowed. For sensitive accounts, change passwords at least every 6 months (and, of course, as soon as you lose a mobile device) so you lock out a hacker who may have already gained access.

Tip #5: Update Your Contact List
If a financial institution sends text messages, enter their short code text number into your contact list. That way, you’ll know if you receive a fake phishing text from a criminal who’s pretending to be from that company.


Kylie Anderson said...

Online banking is really on a trend today most bank does have these, thanks for dealing with its how safe it would be.

Kylie Anderson said...

Very useful tips! Really appreciate this for posting. Online banking is very convenient but we have to be careful with this tips.

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