Mobile banking has become a preferred choice for many people, because of its unmatched accessibility and reliable security standards. However, keeping your bank accounts secure also requires following a set of best practices to prevent the risks of unauthorized access and stolen credentials.
An increasingly digital world has seen a steady rise of malicious parties with the tools and tactics to steal valuable login data. The FBI has reported a prevalence of cyberbanking fraud methods such as malicious app-based codes and false banking ads. Ultimately, mobile banking security boils down to individual users maintaining a robust first line of defense in mobile banking to enjoy its convenience without the prowling dangers.
Avoid Logging in With Public WiFi
While public WiFi makes it hassle-free to log into your bank account, these networks usually lack user protection and may significantly increase the risks to your mobile banking security. Also, if you log in from a shared monitor (for example, a community club computer), the system cache might “remember” your account credentials, making them accessible to every other user.
Use Verified Banking Apps
Fraudulent banking apps have become a significant issue in recent times, and it is critical to use a trusted app provided by your financial institution. You can avoid malicious banking software by downloading the app directly from your bank’s official website.
When in doubt about mobile banking security, reach out to your bank’s customer support representative to verify a link or application manually.
Be Wary of Phishing and Other Fraudulent Communications
Some cyber-actors may impersonate bank representatives through calls, text messages, or emails to steal your login credentials and account information. Some telltale signs may indicate a scam in the works. These include:
- General greetings without addressing you by name.
- Spelling or grammatical mistakes in the title or body of the messages.
- Suspicious email addresses (from unprofessional domains) or foreign phone numbers.
Additionally, it is a standard industry practice that bank representatives will never request your password by email or over the phone under any circumstances.