Convenience is simply what most people want in their lives. Banks have realized this, of course, and adopted new features so that we might avoid those long lines and get our business done more quickly. You can check your accounts and pay bills all from the convenience of your own smartphone.
A recent study of of over 100 mobile banking apps showed that 88% had at least one security flaw. What can you do to protect yourself. There are some things to look for in a banking app.
Make sure you enable two-factor authentication on any app that involves financial transactions. This feature usually works by sending you a one-time use code (normally via text message) whenever you put in your account password. This means that even if cyber criminals somehow get hold of your password, they’ll be out of luck if they don’t have your phone as well.
All mobile banking apps of any reputable background will have password protection, but it’s up to you to make sure it’s used correctly. Any password that’s protecting your bank account information should be one that’s tough to guess, usually seven or more characters with a combination of capital and lowercase letters, numbers, and symbols.
When you have decided on your password, make sure you have to input it each time. In other words, don’t select the auto-fill option; should your device fall into the wrong hands, it would render the password pointless.
As important as the security features on your app are, of equal importance is the type of connection you have. Even the strongest encryption and fastest two-factor authentication won’t do much good if your network connection is unsecured. This is especially important since more and more businesses are allowing employees to use their own devices at work through bring your own device (BYOD) policies, in turn raising the issue of BYOD security. If your company’s network isn’t secure, then any data transmitted through that network could still be picked up by attackers. If you’re unsure about your current connection, don’t use your mobile banking app until you’re in a place with secure Wi-Fi. Above all else, you’ll want to avoid accessing your banking app when on a public Wi-Fi network.