Your bank’s mobile app is helpful and convenient, but unfortunately, it can also offer hackers access points to your most private and sensitive information — on your device, during data transfer and at your bank’s server. Even if your mobile phone is secure, if you are on public Wi-Fi or your money app has weak security, your financial information could fall victim to fraud when banking online.
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Banks have made great advances in financial cybersecurity and limiting mobile device security risks, but there are still plenty of ways you can chip in to keep your most critical personal data as safe as possible when banking online. Here are five tips to help protect your banking information.
1. Practice Basic Data Defense
The FTC advised you’ll give hackers a harder time if you lock your phone, back up your data and keep your software up to date on both your devices and apps. This applies to mobile banking and all other mobile activities such as sending emails or text messages.
Start by choosing solid security measures such as strong passwords you don’t recycle across platforms, guard your personal information closely and make sure you download the genuine bank app and not a fake banking app looking to steal your account numbers.
2. Avoid Untrusted Network
When you download something from Google Play or the Apple App Store in order to help with your daily banking needs, remember that banking apps are often more advanced than their parent organizations’ underlying operational systems. You should keep in mind that your app is only as secure as your network.
So, don’t open your banking app when you’re on public Wi-Fi, and make sure you’re on a password-protected network or using your own cell phone data.
3. Enable Two-Factor Authentication
If your banking app doesn’t enable multi-factor authentication by default, switch it on manually. A verification email or message is an extra step, but one that’s more than justified considering the added layer of protection it provides. Make sure to also use 2FA for your budgeting app or anywhere else your bank account might be linked.
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4. Don’t Act on Unsolicited Bank Requests
If you get an email, text, phone call or message purporting to be from your bank that asks you to take any action — no matter how seemingly small or immediate — assume it’s a scam and do nothing. Don’t respond to a text, submit a code, verify any information, answer any questions, click on any links or open any messages in case it’s a bank phishing scam.
There are countless variations, for instance, where identity thieves hijack the actual bank’s fraud department phone number and use it to send a text asking if you just made a purchase. When you reply “no,” you immediately get a call from the bank’s legitimate phone number asking you to verify your identity by revealing your most important information.
If you receive a request claiming to be from your bank requesting any action, suspend communication and call the number on your statement or bank card to verify the message’s authenticity and/or report the scam.
5. Log Out and Close Sessions When Finished
Many banks remind their customers that some of the most important steps happen after you finish a session. Apps are vulnerable when they’re open in the background, whether you’re using them or not. Be sure to log out before closing your banking app and delete any messages or codes your bank texted you during your session.
Caitlyn Moorhead contributed to the reporting for this article.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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