Is mobile banking safe? 7 tips to secure your phone

These days, many of us do our banking from our phones, whether you own an Android or iPhone. It’s convenient, safe, and it’s become a part of a daily routine. The allure is easy to see, as carrying around a phone is like having a miniature bank in your pocket. While brick-and-mortar banks provide a variety of services including wealth management or applying for a mortgage, many people find it faster to take part in mobile banking for more traditional, everyday banking needs. Granted, face-to-face interactions can be lively and warm; they also take up time.

Mobile banking apps are certainly convenient for a lot of people, but many worry about the safety and security of using their devices for banking on the go. The short answer is that yes, mobile banking is safe. But there are ways you can be diligent and keep your personal and financial information safer including setting up alerts from your bank and keeping your phone secure.

Here are some tips:

Peer-to-peer (P2P) payment apps are more a part of our everyday lives, for two big reasons: First, they're a super convenient and easy way to pay people you know and trust on the go. They're so popular, in fact, that roughly six-in-ten Americans who have used digital payments like Zelle® say a major reason for doing so is because it makes paying for things easy. The second reason for using such platforms? Security. According to a recent Pew Research study, nearly half of all users (47%) say a key factor for using these platforms is because it makes sending money to people safer.¹

When you make a peer-to-peer payment within your bank’s app, your information is protected with the same technology used to keep your bank account safe.

Today’s hackers are smart, but you’re smarter. Start with having the most recent operating system on your phone. In “Settings,” toggle on “automatically install updates” so you’ll always have the best software available. Experts advise that you install operating system updates as soon as they are available. Why? Because once updates are released, hackers know about vulnerabilities and attempt to breach out-of-date devices.

Security software on smartphones protects all of your personal information and data.

Biometric security features — facial recognition, fingerprints, etc. — are the strongest ways to protect your phone if it ends up in the wrong hands. Most phones come with biometrics these days, but if none are available on your device, use PINs or access codes that aren’t tied to information that cybercriminals could easily find, such as your birth date.

Offered in many apps, two-factor authentication (2FA) adds a second piece of information — in addition to a strong password or PIN — to access a given account. By requiring more than one login credential to get to an account, it’s much harder for cybercriminals or someone who stole your phone to hack their way in and do some damage.

We get it. You want to use your phone hands-free, and it’s a safer way to get from A to Z. Bluetooth connections to your mobile devices can be used to connect to wireless headsets, transfer files, and enable hands free calling while you drive. But pairing, a process where a user must allow a Bluetooth connection to occur before data is shared, can put your personal data at risk. So don’t enable Bluetooth for banking (and for other sensitive transactions).

If you absolutely must use Bluetooth to perform a bank transaction, be sure to toggle to the "hidden" mode rather than "discoverable" mode. This prevents other unknown devices from finding your Bluetooth connection. And last but not least? Turn Bluetooth off when not you’re not using it to stop hackers from discovering what other devices you connected to — before they can gain access.

Be sure to use trusted sources when downloading apps onto your phone. Don’t search for an app in your browser and download the first result you see. Cybercriminals create phony versions of commonly used apps to trick people into downloading them and entering personal information. Always go directly to the App Store® or Google Play® to search and download new ones. Any app you’d want to download usually has thousands of reviews. If there are only a few, think twice before buying.

Public Wi-Fi is a great amenity, but it shouldn’t be used for everything. Especially banking. Fraudsters have a much easier time gaining access to your smartphone when you’re on public Wi-Fi, since no login is required to access the network.

It’s good practice to avoid Wi-Fi altogether when using online banking. That’s a risk not worth taking, since it puts your financial information out there for criminals to steal. Wait until you’re comfy at home to do your mobile banking.

If you absolutely have to perform a quick transaction, simply log off the public Wi-Fi temporarily and log back on when you’re done. To know if you're on an unsecure connection, pay attention to any warning messages your device may give you. On iPhones, a warning will come up indicating that the server identity cannot be verified and ask if you still want to connect. You will be prompted to click "continue" before you can join the Wi-Fi.

Mobile banking can be a safe and secure way to help you manage your money and make everyday transactions. Your mobile phone houses lots of personal and financial information, but by enabling biometrics, downloading apps only from your phone’s app store, and staying smart about Bluetooth and public Wi-Fi, you’ll do more to keep your data safe.

We’re big on banking that’s as secure as it is convenient. If you’re looking for safe, reliable banking wherever you are, start by downloading the Citizens mobile app.*