Mobile banking is not a practice I recommend because identity fraud has escalated in smartphones. Certainly, bankers are aware of the dangers. They encourage mobile banking because it’s a source of profits.

But if you want to use it: Secure your mobile device for online banking and making purchases, there are at least 19 security measures to take.

Basic steps include: Use strong device locks such as passcode, fingerprint and facial recognition. Enable multi-factor authentication (MFA), use strong device locks (passcode, fingerprint, and facial recognition. Download apps only from official app stores.

Other crucial steps include avoiding public Wi-Fi for transactions, keeping your phone and apps updated, and turning on security and transaction alerts from your bank. 

Nine tips for your mobile device:
  1. Use strong device security: Set up a strong, unique passcode or biometric authentication (like fingerprint or facial recognition) to lock your phone screen.
  2. Enable automatic locking: Configure your phone to lock after a short period of inactivity.
  3. Enable encryption: Ensure your device’s data encryption is enabled, which is often on by default for modern smartphones.
  4. Install security software: Use reputable anti-virus and anti-malware apps to add another layer of protection.
  5. Keep software updated: Regularly update your phone’s operating system and your banking app to patch security vulnerabilities.
  6. Use your cellular data: Avoid using public Wi-Fi for online banking, as these networks are often unsecured. Use your cellular data plan instead.
  7. Review app permissions: Be cautious about which permissions you grant to apps, especially for your banking app.
  8. Disable unnecessary features: Turn off features like Wi-Fi or Bluetooth when not in use and set devices to non-discoverable to reduce vulnerabilities.
  9. Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen.
Four tips for your bank account:
  1. Use strong, unique passwords: Create a strong, unique password for your banking account that includes a mix of upper and lowercase letters, numbers, and symbols.
  2. Enable multi-factor authentication (MFA): Use MFA, like two-factor authentication, which requires a second verification method for added security.
  3. Set up transaction alerts: Activate real-time alerts from your bank to get immediate notifications of account activity and spot any unauthorized transactions.
  4. Log out completely: Always log out of your banking session when you finish, rather than just closing the app.

Six general precautions:

  1. Download apps from trusted sources: Only download your mobile banking app from your financial institution’s official web site. For other apps, only download them from a legitimate app store such as Apple, or Google Play.
  2. Be wary of phishing: Be cautious of unsolicited emails or text messages asking for personal information. Never click on suspicious links or provide sensitive data via text.
  3. Avoid storing sensitive information: Do not store sensitive information like passwords or your Social Security number on your device. 
  4. Be aware of shoulder surfers in public. The most basic form of information theft is observation. Be aware of your surroundings especially when you’re entering sensitive information.
  5. Report any suspected fraud to your bank immediately.
  6. Wipe your mobile device before you donate, sell or trade it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen.

Again, this counsel: Don’t use a mobile browser to access your bank account. It’s best to download your banking app directly from your financial institution’s Web site and avoid fake apps that trick you out of your login and password.

From the Coach’s Corner, here are more security tips:

Who Profits from Android’s Security Issues? Not Users.  — A government task force, the Internet Crime Complaint Center (IC3) has issued a dire warning about malware. In particular, it’s a threat to Android users. 

Security — Cyber Criminals Chew up Apple Products, too — For years in terms of security, Windows has been considered inferior to Macs. But no longer thanks to malware security epidemics. 

Tips to Prevent Hacking of Your Bluetooth — Bluetooth technology, of course, allows you freedom when talking on your cell phone. But you’ll lose other freedoms if you don’t prevent scammers from exploiting your system via a trend called “bluebugging.” 

“If we continue to develop our technology without wisdom or prudence, our servant may prove to be our executioner.” 

-Omar Bradley

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.