Unfortunately, your bank’s mobile app can provide hacker access points for your most private and sensitive information on devices, during data transfers, and on your bank’s servers. Even if your phone is secure, if you are less secure on a public Wi-Fi network or your currency app, your financial information could be a victim of fraud in online banking.
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Banks have made significant progress in financial cybersecurity and limiting mobile device security risks, but there are a number of ways you can still ensure that the most critical personal data is as secure as possible when financing online. Here are eight tips to help protect your bank information.
The FTC recommends that if you lock your phone, back up your data and keep your software up to date on your device and apps, you will provide hackers with more difficult time. This applies to mobile banking and all other mobile activities such as sending emails or text messages.
First choose reliable security measures, such as strong passwords you won't recycle on the platform, please closely protect your personal information and make sure to download real banking apps instead of fake banking apps that you want to steal your account.
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When you download something from Google Play or the Apple App Store to help you meet your daily banking needs, remember that banking apps are often more advanced than the underlying operating system of their parent company. You should remember that your application is only as secure as the network. So, when you are on Public Wi-Fi, don't open the banking app and make sure you use your password to protect the network or use your own phone data.
If your banking app cannot enable multifactor authentication by default, open it manually. Verifying an email or message is an extra step, but it makes sense given the additional layer of protection it provides. Make sure to also use 2FA for your budget application or anywhere else your bank account may be linked.
Without a verification certificate, some security professionals disagree with the security and privacy of biometric technology. However, according to Norton, the industry consensus is that fingerprinting and facial ID are harder to crack than alphanumeric passwords.
Also, you should note that if you store passwords on the cloud, they are more vulnerable than the biometric data itself.
If you receive an email, text message, phone call or message claiming to be your bank, asking you to take any action (whether seemingly large or immediately), think it is a scam and do nothing. Do not reply to text, submit code, verify any information, answer any questions, click any link or open any message in case it is a bank phishing scam.
For example, there are countless changes in the identity thieves hijacking the fraud department phone number of the actual bank and using it to send text messages asking if you just bought it. When you reply "No", you will immediately receive a call from your bank's legal phone number, asking you to verify your identity by revealing the most important information.
If you receive a request claimed from your bank, requesting any action, please pause the communication and make a call on your statement or bank card to verify the authenticity of the message and/or report the scam.
Many banks remind their clients that some of the most important steps will happen after you complete the meeting. When apps open in the background, they are vulnerable whether you use them or not. So be sure to log out before closing the bank app and delete any messages or codes from the bank texting during the meeting.
A little bit of intellectual maintenance to maintain financial literacy can help you live a safer online life in the banking industry and beyond. Many people who use P2P payment services, such as Zelle, through their banks of choice, may not know that these platforms are vulnerable to scams. Consider adding the latest information about online security and cyber threats to the news app of your choice, so you will at least see the title when the inevitable next new threat comes up.
Like biometrics, the security of cloud-based password managers is the reason for controversy. But Forbes reflects industry consensus that while there is no bulletproof, password managers can be a reliable and convenient way to enhance mobile security and data management.
But there are many pros and cons to think about before you jump in. Considerations include the risk of losing the most important master password and the potential difficulties that can be encountered by password managers keeping your most critical data in one place.
As always, be cautious.
Caitlyn Moorhead contributed to the report in this article.
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This article originally appeared on gobankingrates.com: 8 Ways to Stay Safe when Using Mobile Banking Apps