banking

How to dodge 7 mobile banking threats

Banking » How To Dodge 7 Mobile Banking Threats

Watch out for Wi-Fi
Watch out for Wi-Fi © Hadrian/Shutterstock.com

Yes, coffee shops offer free Wi-Fi. And yes, that's great because by using it, users can escape potential charges based on their data plan. But mobile banking on Wi-Fi, particularly if it's free, unprotected Wi-Fi, creates more dangers.

McAfee's Siciliano says it's easier for criminals to access information on an open Wi-Fi network than on your 4G or 3G data network. He suggests that if a consumer wants to conduct mobile banking over a Wi-Fi connection, the user also should install a virtual private network, or VPN.

"On your computer at home, you're on your home network, and there's a lower chance someone is monitoring your traffic," Guerra says. "If you're on your smartphone, you could be using it from a local coffee shop or at work. It's important to know that not all of these Wi-Fis are safe."

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