Mobile banking and finance apps have become increasinfgly popular in recent years. These apps provide a quick and convenient way to see checking and savings accountbalances and make and receive payments.
It’s no surprise that many people use thesethird-party appsto manage their finances. In 2021, the U.S. saw573.1 million finance app downloads, a 19% increase from the previous year.
However, despite its benefits, mobile banking isn’t immune to risks. This article will discuss the safety and security of mobile finance apps and give you a few pointers to protect yourself while using these apps.
Ismobile banking safe?
Yes, mobile banking is a pretty safe way to manage your finances; however, there can still be some risks associated with it, including fraud andscams.
If you’re careful, there are plenty of ways to protect yourself while using this incredibly easy banking method.
6 tips to improve mobile finance app security
Here are a few tips to help you improve the safety of your online financial accounts.
Ensure you’re downloading the official app
Abank’s websitewill often include links to their mobile apps that provide related mobilebanking services, along with details about the app’s features and how users can use it. You should use a trusted platform when installing the app, like theApp StoreforiPhoneoriOSusers or the Google Play Store forAndroidusers.
You should also take time to go through reviews and related information about the app before downloading it to ensure its legitimacy. If you have any doubts, clarify the issue with your bank before downloading what could be afake banking app.
Set astrong password
While this may seem obvious, the reality is that many people don’t pay enough attention to their passwords. To create astrong password, you should use a combination of uppercase and lowercase letters, numbers, and special characters in no particular order or pattern.
In addition,security expertsrecommend long, complex passwords to exponentially increase the time it takes to crack them. It also helps to have unique passwords for each of your accounts.
If you’re concerned about remembering and managing multiple passwords, you can use a reputable and secure password managerto store your passwords.
Usetwo-factor authenticationwhen possible
Many services nowadays offer two-factor ormultifactor authentication. This function refers to the additional layers of security againsthackers. On top of a traditional username-password login, users are required to identify themselves with a code that’s sent to theircellphoneor email.
By confirming the user’s identity this way, organizations eliminate a degree of uncertainty. While it isn’t foolproof, two-factor ormultifactor authenticationhelps increase security. It’s worth checking if your finance app offers this feature.
Avoidpublic Wi-Fiwhen using finance apps
Public Wi-Fi networksare convenient in urgent situations; however, they often come with a warning saying the network is unsecured. This means that the network is unencrypted, making it easy forhackersto access your personal information. The best practice is to avoid usingpublic Wi-Fi networks, especially when carrying out any form of financial transaction.
If you need to make purchases or send and receive money while on the move, though, you’ll want to consider a virtual private network (VPN) likeMcAfee Secure VPN.TheVPNprovides a secure network even when usingpublic Wi-Fiby hiding your IP address and encrypting your data.
Get email/text alerts for potential fraud
The easiest way to protect your finances is to keep a vigilant eye on all of your transactions. However, security notifications from your bank are a great added measure. Most credit card companies allow you to turn on transaction alerts for various services, such as balance transfer requests, international purchases, and exceeded credit limits, which can help you recognize anysuspicious activityon your account.
It’s also important to remember thatfinancial institutionswill never contact you over the phone or through email to ask for yourbanking information. If you receive such a message, it’s most certainly ascam. A common way people get duped is through calls or emails claiming they’ve won a prize and need to share personal account details to receive the money. Never share yourbank accountdetails, passwords, or one-time codes with strangers.
Always check with your bank to confirm any activity that seems out of the ordinary. In addition to alert notifications, banks can also send helpful tips to protect your account against fraud.
Use McAfee Security for Mobile
McAfee Security for Mobileis an award-winningcybersecuritytool that helps address the issues mentioned above and more. It’ll scan your device formalware, suspicious websites, and unsecuredWi-Fi networksso you can usesocial mediaor shop online with complete peace of mind.
It also comes with other features, like system cleaning services that clean junk from your phone’s storage. These features can boost battery life and help locate your phone if it’s ever stolen or misplaced.
Aremobile banking appsas safe asonline banking?
Mobile andonline bankingboth have their benefits and drawbacks, but which is the safer option? Experts often have varied opinions on the matter.
Some people believe it might be easier to downloadmalwareon a computer unknowingly, as it’s tricky to judge the authenticity of a website or malicious links. Users typically download apps from reputedapp storeswhen usingmobile devices, which lowers the risk.
On the other hand, professionals believe that both methods are equally safe. The choice depends on the network available to the user, as private networks are significantly less susceptible to hacking than public ones. Some users may prefer computers tomobile phonessimply because they find it easier to perform tasks on a bigger screen.
See how McAfee Security for Mobile keeps your device safe
Both internet and mobile banking are convenient and offer a quick way to manage your personal finances, as you don’t have to travel to a physical bank or carry large amounts of cash in your wallet.
However, while mobile banking is generally considered a safe method of managing your finances, it can have somevulnerabilitiesthatscammersmay try to take advantage of.
Following the tips mentioned above — like using a private network, not sharing personal details with anyone, and using a comprehensive mobile security tool likeMcAfee Security for Mobile— can make all the difference.
The tool’ssecurity featuresinclude safe browsing, a secureVPN, andantivirussoftware. This means you can use your mobile finance apps confidently knowing McAfee is looking out for you.
