Considerations During Mobile Banking with iPad or Smartphones

By:  Sai Samineni

 1) Security of your bank’s app or internet website
– Download any banking apps directly from the banker’s website instead of your phone’s application store or a link in an email.
– Set strong passwords and store them in a secure location. Do not pick the “remember login information” option. The first time you login, choose “Never remember information” for the site.
– Before installing the app, understand the permissions you are saying yes to and what areas of your phone those permissions can access.
– For general phone security, make sure you’ve installed a screen lock function and mobile security software such as Lookout for Androids or MobileMe for iPhone which lets you remotely wipe your phone if it

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 is ever lost or stolen. If possible, also choose the option to erase data after ten failed passcode attempts on your device.
– If you plan on using an app that allows you to monitor multiple banking accounts, make sure to thoroughly read the reviews and find one that has been downloaded by many other consumers.

 2) Security of your internet connection or point of access
– Refrain from banking through Wi-Fi connections that are unsecured or guest connections

. These types of connections are prevalent in coffee shops, University campuses, etc…
– If you must use an unsecured Wi-Fi signal, make sure your banking institution is using an SSL security. You can check for this by seeing if the website URL starts with HTTPS, then they have an SSL running and the chance of hackers intercepting your data over an unsecured signal.
– When you do set up an encrypted Wi-Fi line such as for your home, a Wi-Fi Protected Access (WPA or WPA2) encryption is much harder to break than a Wired Equivalent Privacy (WEP) configuration option.
– Finally, to be extra safe, frequently clear browsing history, cookies, and caches from your Internet browser’s setting menu or closing Apps permanently in your phone’s App manager. 

 

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