The Dos & Don’ts of Mobile Banking

When it comes to technology that makes your life easier, mobile banking is right at the top of the list. As long as you are connected to the internet, you can access your bank accounts from virtually anywhere in the world using your phone or tablet. And while it has its benefits, you have to be careful about the way that you go about accessing your accounts from your mobile device. To avoid the risks associated with this convenient way to manage your money, check out the following dos and don’ts:

Do: Make sure your phone has built-in security features

Before you completely dive into the world of mobile banking, it is a good idea to make sure your phone has the security features you need to keep your personal information as safe as possible. If you have an older model smartphone, consider upgrading to one that has tried-and-true built-in security technology. For example, Qualcomm’s mobile platforms are state of the art and include biometric authentication tools. Their Haven mobile platform lets you use your fingerprints, voice, eyes and face to access your bank accounts on your smartphone, reducing the need for a passcode, which may be guessed by another person.

Do: Be mindful about your surroundings

The downside to paying your bills on your phone while out and about is that you might have someone standing behind you watching what you are doing, seeing how much money you have in your account and get a glimpse of your personal account data. When you are making a mobile banking transaction with a bill paying app like Mint, which allows you to use your Android phone to organize and track your bills, be aware of your surroundings. If someone is standing too close, wait until you are back in your car to pay that bill or transfer money.

Don’t: Use a public Wi-Fi network

Before you access your banking app in a public location, be sure you are not connected to a public Wi-Fi network. These are commonly found in airports, hotel lobbies and restaurants. Instead, use your phone’s cellular data network; also, be sure to disable the phone’s Wi-Fi connection prior to activating the network. Or, if you absolutely must do some banking on a public Wi-Fi, access the internet and pull up the bank’s website (which should start with the more secure URL of “https” instead of the less secure app).

Don’t: Save your log-in info

Many banking and bill paying apps will give you the option to save your log-in info, so you don’t have to recall your password every time you want to pay a bill with your phone. However, if someone steals your phone, he or she could easily access your bank app with this saved info. Instead, completely log out of your account each and every time, and do not store your password or user ID; this way, if your phone is lost or stolen, the criminals have less of a shot of accessing your accounts.

Overall, there are more pros than cons to mobile banking. When used in a prudent manner, it is a convenient and time-saving feature to have on a smartphone. By being sure you have a phone that offers the best possible security features and being careful about when and where you use mobile banking, you can safely take advantage of all of the great things that this feature has to offer.