It’s hard to deny that more and more people nowadays are relying on their smartphones to shop and manage their bank accounts. It’s tempting especially if you think about the time you can save traveling to and from your bank just to do a single transaction. However, despite the convenience that mobile banking brings, it’s no secret that it can be risky, too. Here are a few tips to consider before you start downloading apps and begin navigating your virtual account.
Only download app from a reliable source
There are already too many mobile apps available today; therefore, it’s imperative to make sure that you really need the app and consider the store from where you are downloading it. Google’s Android Market is open to all Android application developers and accepts almost all apps developers submit. iPhone Apps Store, on the other hand, requires apps to be put through rigorous testing first. When you download free financial apps, you’re practically doing it at your own risk, so make sure to read the fine print before you proceed.
Read consumer reviews
Know which mobile banking apps have favorable feedback and which one you need to stay away from by reading reviews from people who have actual experiences of them. Whether you’re a first timer in mobile banking or a seasoned one, you never want to end up trying a new, untested app.
Remove important banking information in your smartphone
Storing any username or password in your smartphone is big no-no. Clear cookies and cache regularly when you’re visiting your bank’s website. Likewise, change your mobile banking password regularly to protect confidential information.
Avoid using public Wi-Fi
There’d come a time you’ll be tempted to do mobile banking while strolling at your favorite mall or dining at a restaurant. Unfortunately, public Wi-Fi is never a safe option. Resist the temptation of connecting to unencrypted Wi-Fi. Instead, use your mobile provider’s 3G or 4G network if you’re banking in public places that have free Wi-Fi.