1. Play Password While this seems simple enough, many people avoid password protecting their device because it makes it less convenient to access their phone. Do it anyway.
2. Don’t Store Secrets If an app allows you to store your user name for future use, don’t do it. It is just one more piece of information that you should enter manually, rather than automatically.
3. Log Out Be sure to log out of a mobile banking app completely when you are done with the transaction. Just closing a mobile banking app does not mean you have logged off. By going through the formal log off procedures, you make your account
access information more secure.
4. Verify Before You Trust Only download apps from known sources or reliable vendors. Often, malware is disguised to look like anti-virus software, or hidden in apps that appear to be innocuous. Also, be sure the website you are accessing is actually the real website of your financial institution. Thieves will transpose a letter or two of a popular banking website in hopes that you might misspell the name and end up on their site instead. From there, you enter your username and password thinking that you are accessing your bank, but you’ve just given away your private information.
5. Keep Watch Often, thieves will confirm that they have the correct information for your account by surreptitiously adding a dollar or two to your account. They are acting on the theory that you will not notice a small amount, whether it is coming in or going out. When the transaction works, they will use the very same information to remove your money from the account.
6. Wipe Out Control Each major device/platform manufacturer has a remote wipe available. If your device is lost or stolen, you can remotely erase all data stored. There may be a fee for some apps, and in some cases, your corporate IT department may need to manage the app for you.
7. Zap With An App For additional protection, add an antivirus application.
If you have questions on error resolution, fraud, privacy, data security or the responsibilities of banks and mobile service providers, contact Charles Ashdown.
Related article: Mobile Banking – Are You At Risk?