How to dodge 7 mobile banking threats

Banking » How To Dodge 7 Mobile Banking Threats

Make your phone password-protected
Make your phone password-protected © watcharakun/

Nearly 40 percent of people don't use a password or a PIN to lock their phones or tablets, according to a recent McAfee survey.

But if you lose your phone or even just leave it unattended briefly, someone can easily access its mobile banking app.

Siciliano stresses using strong passwords, not only for the device itself but also for the mobile banking app. In addition, don't auto-save your login information by letting your phone remember your login information and password.

The added security of typing in a password every time you use your phone or app is worth it.

And when you do pick that PIN or password, make sure it's hard to guess. And make an effort to check your account on a frequent basis, says Josh Abraham, Praetorian director of services.

"An attacker may get into your account and you may not even notice," Abraham says.

If you use multiple banking apps, use a different password for each one. And be sure to log off after each session.

Walsh says it's smart to opt into "multifactor authentication" if your banking app offers it, meaning that in addition to your password, there's an extra security step, such as being sent a text message with a code to enter.

Walsh even suggests cleaning your phone screen regularly, so thieves can't see the smudge marks your fingers leave and guess your pass code.


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