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7 Ways to Make Mobile Banking Safer

June 27, 2022

7 Ways to Make Mobile Banking Safer

When you open a bank account, you do so with the knowledge that you money is safe. FDIC protection means that your savings are protected, even if the bank goes out of business.

Even so, a lack of banking security could still put your money at risk. If you use mobile banking, failing to secure your logon credentials could put your money at risk. And if you wait too long to report the suspected fraud, you may not be able to recover your lost funds.

Fortunately, there are simple things you can do to secure your mobile banking experience. If you want to enjoy the convenience of mobile banking without putting your funds at risk, just follow these seven steps.

1. Download banking apps for your mobile devices. Mobile banking apps are typically safer when using mobile devices, so download them to your smartphone or tablet.

2. Use strong and unique passwords. Your password is the first line of defense for mobile banking safety, so make the most of it. Create a strong password and use a unique set of credentials at every site you visit.

3. Sign up for text alerts. Text alerts notify you when money is taken from your account, giving you advance notice of fraudulent activity. Ask your bank about their text alert policy, then sign up to protect your account.

4. Avoid public Wi-Fi. Conducting mobile banking transactions on public Wi-Fi can be risky, and security is a prime concern. Whatever you need to do can wait until you are on a more secure connection.

5. Keep your security up to date. From desktops and laptops to smartphones and tablets, every device you use for mobile banking should be secured with firewalls and antivirus software. 

6. Turn on two-factor authentication. Two-factor authentication can enhance the security of your mobile banking, even if your password has been compromised. Most banks now offer two-factor authentication, and there is no reason not to use it.

7. Check your statements regularly. One of the best protections against fraudulent activity is also one of the simplest. Checking your balances and transactions frequently means any fraud that does occur will not go undetected.

Mobile banking is convenient, but conducting your banking online can sometimes put your accounts at risk. And if fraud does take place, you only have a limited amount of time to report it. If you wait too long, you could be on the hook for any unauthorized transactions, and any money you lose could be gone for good. The seven tips listed above can help make your mobile banking experience safer, so you can rest easy knowing that your money is safe.