Learn how to ensure the safety of your mobile banking by following these expert tips and precautions. From downloading only trusted apps to using two-factor authentication, protect your bank accounts and personal information with these simple steps. Find out what to do in case of a lost or stolen phone and stay secure while using mobile banking.
Summary
- According to the Federal Deposit Insurance Corp.’s 2021 report, mobile banking emerged as the most popular method of account access among Americans from 2017 to 2021.
- Many people are hesitant to use mobile banking due to security concerns, with 42% of non-users citing a lack of trust in the security of mobile banking apps as the reason.
- To ensure the safety of mobile banking, it is important to:
- Only download trusted apps from the Apple App Store or Google Play Store.
- Use two-factor authentication when available.
- Manage access to the phone by setting a strong lock screen pin and keeping it locked when not in use.
- Not sharing the pin with anyone.
- In case of a lost or stolen phone, it is important to contact the bank immediately and inform them as soon as possible to help prevent any potential issues.
Ensuring Safe Mobile Banking: Tips and Precautions
From 2017 to 2021, mobile banking emerged as the most popular method of account access among Americans, according to the Federal Deposit Insurance Corp.’s 2021 report. However, a recent survey revealed that many people are hesitant to use mobile banking due to security concerns, with 42% of non-users citing a lack of trust in the security of mobile banking apps as the reason. Despite these concerns, it is still possible to safely use mobile banking by taking certain precautions.
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Download Only Trusted Apps
To ensure the safety of your mobile banking, it is important to only download trusted apps. The most popular mobile operating systems, Android and iOS, have their own app stores where you can find authentic and safe apps. The Apple App Store and the Google Play Store are the go-to places for finding apps. Apple has a thorough vetting process for all apps in its store, including security reviews, while Google certifies apps through its Play Protect system. Play Protect scans apps added to your phone and can remove or deactivate any potentially harmful apps. If you’re unsure about which mobile banking app to download, you can go directly to your bank’s website on your phone and find a link to the official app in the app store of your choice. If your bank does not provide this, you can contact them for further assistance.
Use Two-Factor Authentication
Many mobile banking users have concerns about the security of their accounts, with 74% of users expressing worries about mobile banking in a recent survey. Of these, 63% are specifically worried about their accounts being hacked. To protect your bank accounts, it is important to use a strong, unique password and to enable two-factor authentication (2FA) when available. 2FA is an extra security step that requires a separate code, usually sent via text or email, when logging in to your account. This ensures that no one can access your account without also having access to your phone. According to the survey, 38% of mobile banking app users are worried about someone having access to their bank account if their phone is lost or stolen, so Two-factor authentication is an added protection for your account.
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Manage Access to Your Phone
To ensure the security of your mobile banking, it is important to manage access to your phone by setting a strong lock screen pin and keeping it locked when not in use. Additionally, it is important not to share the pin with anyone. In case your phone is lost or stolen, it is important to contact your bank immediately. Just like with a lost credit card, informing your bank as soon as possible can help prevent any potential issues.
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Questions Answered in this Article
Q. What is the most popular method of account access among Americans according to the Federal Deposit Insurance Corp.’s 2021 report? A: Mobile banking emerged as the most popular method of account access among Americans, according to the Federal Deposit Insurance Corp.’s 2021 report.
Q: Why are many people hesitant to use mobile banking? A: Many people are hesitant to use mobile banking due to security concerns, with 42% of non-users citing a lack of trust in the security of mobile banking apps as the reason.
Q: How can you ensure the safety of your mobile banking? A: To ensure the safety of your mobile banking, it is important to only download trusted apps from the Apple App Store or Google Play Store, use two-factor authentication when available, and manage access to your phone by setting a strong lock screen pin and keeping it locked when not in use.
Q: Why is it important to use two-factor authentication when available? A: Two-factor authentication (2FA) is an extra security step that requires a separate code, usually sent via text or email when logging in to your account. This ensures that no one can access your account without also having access to your phone.
Q: What should you do if your phone is lost or stolen? A: If your phone is lost or stolen, it is important to contact your bank immediately, manage access to your phone by setting a strong lock screen pin and keeping it locked when not in use, and not sharing the pin with anyone. Informing your bank as soon as possible can help prevent any potential issues.
