How to Avoid Mobile Banking Dangers

Thanks to the rise of mobile banking, managing your money has never been easier. However, with great convenience also comes great danger. There are all sorts of unscrupulous people in the world who attempt to exploit the wonders of modern technology for criminal purposes.

Here’s how you can avoid mobile banking dangers.

User Your Own Network Only

This might be the hardest lesson of them all. After all, the convenience of having a smartphone app with Renasant online banking or some other service is that you can use it wherever you are: at a restaurant, at a bus stop, or when you’re going for your afternoon walk.

Unfortunately, when you do that, you might access the app using a WiFi network that isn’t secure. As a result, your private information might be available for unauthorized consumption by somebody who’s conducting digital eavesdropping.

Err on the side of caution when you’re doing online banking and stick to a network you know is secure. Preferably your own.

Bad Reception Is Bad News

If you opt to do your online banking using a 3G or 4G connection, be aware that a bad connection could present an opportunity for your privacy to be violated.

That’s because when you’re in a lower service range, your connection is likely to experience intermittent drops. Those drops could cause a misdirection and your information could be intercepted.

If you’re going to use 3G or 4G, it’s best to do so when all of your bars are lit up and likely to stay that way.

Password Protect Your Device

Sure, you have your online banking app password protected, but you should still go the extra mile and also password protect your mobile device. That way, if you lose it, unscrupulous people who find it can’t even get to first base when it comes to hacking your bank account.

Keep in mind also that if someone does access your banking app after you’ve lost your phone, you stand to lose a lot more than personal information. You could lose your money.

Also, if your password for your banking app is auto-saved, consider removing that option and instead force yourself to enter the password every time. It’s an added layer of security.

Beware the Fakers

Sadly there are apps that have been developed and deployed to the app store that exist to steal your money and/or your personal information. Beware of apps that offer you online banking with Rio Bank or some other financial institution that are completely bogus. Be absolutely certain that the banking app you’re using is one that’s actually approved by your bank.

Use Automatic Alerts

One of the smartest things you can do to be certain that your money is under your control and yours alone is to sign up for automatic alerts whenever there’s a withdrawal from your account. That way, if somebody does manage to steal your password and try steal some of your money, you’ll know as soon as possible. You can change your password immediately and you might even be able to remedy the situation.

Mobile banking offers a variety of conveniences. Unfortunately, there are dangers associated with it as well. Be sure to protect yourself so that thieves can’t make your life miserable.