Beware of rogue apps
There are some apps that masquerade as your bank's mobile banking app. These fake apps can steal a user's credentials or intercept security codes.
Walsh says these rogue apps are especially prevalent in third-party app stores, so users should download mobile banking apps only through the iTunes app store or Android's Play Store, and check closely before downloading to see if the app developer is your bank or other reputable app developer.
Domingo Guerra, president of app risk-management service Appthority, says consumers need to re-educate themselves about online safety in a mobile world.
"We've learned over time on our laptops not to open certain files or click on links from people we don't know," Guerra says. "On smartphones, we forget these are computers, too. We download any app, open any link.
"There is a process of re-education where we have to learn the risks again," he says.