Once you have grown accustomed to texting with your bank, you can begin to explore other mobile banking services.

Some smartphones include remote wipe or erase protection, which allows a user to remove information from a mobile device if the phone is lost or stolen. Hoog says other phones may include even bigger hurdles for thieves such as fingerprint identification systems.

While finding a phone with additional security features can be helpful, finding apps that adequately protect your information is equally essential.

Hoog says an app that only requires a user name and password can be relatively easy to unlock if your phone falls into the wrong hands. He advises mobile banking customers to look for applications that use two-factor authentication, which means the app will ask for an additional piece of information before allowing you to log in.