Mobile banking can be a great convenience if you're away from a computer and you want to check your balance or find out whether your paycheck was deposited.
But with this convenience comes risk. If your cell phone is lost or stolen, you could be vulnerable to identity theft or leave your accounts accessible to thieves - unless you take precautions.
The Better Business Bureau has come up with six tips to help make mobile banking safer. They are:
- Install antivirus applications on your mobile device to protect yourself from viruses or malware when you download other applications or content.
- Keep your passwords, personal information and bank account numbers private. Don’t share them with anyone unless you initiate the contact and you know you are dealing with your bank or its mobile application.
- Don’t save passwords, personal identification number (PIN), answers to secret questions or account numbers on your device. Make sure you use strong passwords, which include numbers or symbols in addition to letters.
- Set your phone or other mobile devices to require a password when they are powered up. Never set the device to automatically log in to your bank account.
- Don’t respond to text messages asking for your banking information. Assume that any unsolicited text message is fraud. Your bank will not contact you by sending a text message.
- Notify your mobile service provider and your bank if your phone is lost or stolen.
The BBB has a short video outlining the tips.