Is mobile banking safe? Top 5 safety tips

Every day, people all over the world are spending more and more of their waking hours online. In addition, we're increasingly using our mobile devices for much of our internet activity. The banking industry is unquestionably following suit.

More than seventy percent of Americans conduct some or all of their banking transactions online. Mobile devices now account for more than half of all website traffic, and financial institutions are not far behind.

How safe is mobile banking?

Of course, popular things aren't always safe. Passwords are a prime example. Convenience is a major factor in the migration to the online world and mobile banking. Many people simply accept the new reality without weighing up the pros and cons.

In this article, we'll look at the dangers of mobile banking and what you can do to keep your information safe.

Is mobile banking security at risk?

The most secure method when it comes to banking is, without a doubt, in-person endeavours. But, even if you are paranoid about being hacked, you shouldn't abandon convenience because of it. You've already taken the first step in safeguarding yourself if you're aware of the dangers of online and mobile banking, but don’t be paranoid.

If you're using a web browser on your PC or a mobile banking app on your phone, you face the same basic hazards. However, the vulnerabilities of various devices vary. Moreover, different apps necessitate the possession of a diverse range of hacking capabilities.

People who are increasingly relying on their smartphones rather than PCs may want to consider the following:

When it comes to security, is online banking more reliable than mobile banking?

Indeed, this is a valid question. The more detailed response necessitates additional thought. Traditional PCs are still the primary target of most viruses. Hackers must focus on more precise targets than just a web browser in order to target mobile malware, which is rare.

Now that's wonderful news, right? The bad news is that research conducted by security experts on mobile banking apps has revealed that nearly all of them contain at least one vulnerability. The problem is that these are rarely high-level flaws, however, if you're careful, you can escape a lot of trouble.

Keeping your device safe is an important part of exercising caution. While your desktop computer is likely to stay put, your phone is more likely to follow you wherever you go. As a result, it's more likely to end up in the wrong hands. If you’re new to the smartphone era, this is an issue. It's still not a good reason to give up on mobile banking, however.

The best ways to keep your online banking information safe

Are you still unsure of what those safeguards are? We've compiled a list of our top five picks. All except the most serious threats should be covered by these measures. If you're using mobile networks or your home internet, these tools should enable you to keep your activity safe at all times.

Use a VPN

In order to protect your mobile banking, you should use a virtual private network (VPN). Hackers can't see what you're doing if you hide your IP address and avoid internet tracking.

It doesn't matter if you're using public Wi-Fi or not. Public networks, by themselves, are extremely unsafe. A top-rated VPN like ExpressVPN or NordVPN, on the other hand, bring the security of your home internet connection with you wherever and whenever you travel. You can't link your phone data to your online banking activity because there is a virtual barrier between them.

If you’re not willing to sacrifice a bit of extra time for added security, this isn't for you. The convenience of using online banking can be compromised as a result. If you're using a VPN, your bank won’t know that you're trying to get into your own account. There will be an additional stage in the verification of your identity because of this.

Keep your devices safe!

Security risks in online banking aren't always posed by external sources such as the internet. Defending against direct device breaches is the initial step. Keeping your phone in a familiar location and making sure it's safe even if it gets lost is therefore a must!

In other words, the best way to unlock your home screen is by using a pin or facial recognition software. If you don't want apps and websites to save your passwords, you should log out of them and tell them not to do so. You'll have more time to notify your bank if your phone is stolen if you have more security measures in place.

Use only long, complex passwords

The majority of websites demand that you choose a complex password when you set up or update your account. However, you should be aware of the following guidelines:

• Make use of both capital and lowercase letters, digits, and other characters to enhance complexity;
• Never use the same password on more than one website, and make sure it's difficult to decipher. A strong password can be generated with the aid of specialised software.

As a result, most individuals wonder, "How am I supposed to remember so many strong passwords?" We're not counting on you to become a walking, talking, thinking machine. There is a common misconception that you should never write down your passwords. Passwords should be kept secure and separate from the devices on which they are used.

Keeping your online banking password in a separate location from your phone is the best way to keep it safe. Do not reveal what this location is used for.

Installing a password manager, on the other hand, allows you to store unique passwords for each website you visit. After that, all you have to remember is one secure password and the manager may log in on your behalf to all of your other accounts. And remember, that’s what we offer at Passwork.

Check your bank's security practices

Your bank's website should have instructions on how to keep your personal data safe. We strongly suggest that you take the time to read it. Even if you don't comprehend all that they say, you should be able to get an idea of whether or not their methods are secure.

The padlock icon, which indicates that the website is correctly encrypted, is one of the most obvious things to look for. Two-factor authentication is another option that can be used. Even if you don't feel the need for it, you should turn it on just in case. Each time you log in, you must either answer a security question or provide a one-time security code.

Your bank's dedication to security is demonstrated by measures such as these. It's also an indication of how safe their applications are. If your bank doesn't prioritise security, it's time to find a new one. It's likely that a bank that doesn't care about customer service isn't concerned about security either.

Recognize scams and phishing attempts, and avoid them at all costs

No matter how secure your bank is, they will never ask for your account information. This is almost probably a phishing attempt if you receive such a message.

In order to deceive people into disclosing personal information, hackers frequently send emails that appear to be from legitimate organisations. Fake websites may be used to trick you into clicking on dangerous links.

You’re sure to fall for this kind of scam if you don’t know what to look for. However, you can easily avoid it by teaching yourself to be sceptical of all unsolicited texts. Any notification you receive from your bank should be checked against the bank's website if you are unsure about it.

Conclusion

The better informed you are about internet safety, the better off you'll be in the long run.

Precautions like using a secure VPN and using strong passwords will help you stay safe online while also teaching you how to spot potential risks. That's why ExpressVPN is our top recommendation for online banking security.

Using our advice, you should be able to begin using mobile banking safely. You'll soon become used to the convenience of mobile banking if you're vigilant.