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How to dodge 7 mobile banking threats

Banking » How To Dodge 7 Mobile Banking Threats

Weak spots of mobile banking
Weak spots of mobile banking © patpitchaya/Shutterstock.com

The mobile phone is fast becoming an extension of us. We've come to rely on our smartphones for so many things, whether we're finding friends on social networks, looking up restaurant reviews or remotely turning off the lights in our house.

But as a growing number of Americans begin using their smartphones for mobile banking, experts warn that consumers should be cognizant of the dangers in using these devices to manage their finances.

"As more and more consumers move to mobile, (cybercriminals) follow where the money is," says Mary Monahan, executive vice president of banking research firm Javelin Strategy & Research.

Shirley Inscoe, a senior analyst with Aite Group, says mobile banking is pretty safe in today's environment. But that could change as more consumers move to mobile and as banks add more complex capabilities to their mobile banking apps to meet consumer demand.

"It's going to attract the criminal element to attack (mobile phones) more," Inscoe says.

Consumers shouldn't stop from engaging in mobile banking, but they should be aware of the possible dangers to their phones and their money, and take steps to protect themselves and their accounts.

Here are seven potential weak spots of mobile banking and how to beat them.

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