Tips for safe mobile banking

If you have never considered using your smartphone to do your basic banking, it is time to catch up because you are missing out on some great benefits. No, it is true you can’t do everything with mobile banking that you can on the web with your online banking service but for routine tasks, you will find the convenience of a mobile app is even better than you dreamed.
Using mobile banking app for smartphone users
Using a mobile banking app may be the safest way to access your checking account from a mobile phone. These applications link directly to your bank’s computers, often making them faster, and the interface is easier to use. And since the bank designed the mobile banking app, they would have taken extra precautions to ensure proper security measures are implemented.
Most mobile banking apps are resilient to phishing (a way for a third party to obtain your sensitive information by posing as your bank) since there is no browser, but there are additional mobile banking safety measures you can take to further protect yourself.
With your smartphone, there are several different ways to use mobile banking and each one has a unique set of tips to follow. Follow these general guidelines for the highest level of mobile banking safety:
Download your relevant banking application on the mobile device instead of using the browser. If your bank’s app is not available, use a secure browser, especially on android phones. Also, get software updates to avoid exploitation of software loopholes.
Avoid making your personal information accessible. Don’t share your PIN, password or security question with anyone or save it on your phone.
Ensure that your mobile device has remote wipe installed or enabled. This is so that if you lose your phone, you can delete all information you had stored on your phone. Notify your bank so that no texts or mails will be sent to your mobile device.
Refrain from using public wireless networks to do your banking. They are insecure and hackers often lay traps using such networks. Connect only through secured or private wireless network. Also, do not connect to another device when banking.
Banking applications will prompt for a login password each time you log in. If you find any unusual behaviour, report it to your bank immediately. The app might have a bug when installed in your handset.
Cover your tracks. Some banking applications store sensitive and confidential data in plain text. Check for data traces left behind after every transaction and delete it.
Monitor your records and accounts on a regular basis.
Password-protect your phone so others cannot access your information if it is lost or stolen.