Staying Secure

How to Bank Safely When Using Your Mobile Phone?

Online banking has been one of the biggest breakthroughs in the industry over the last few decades and one of the main pluses for customers is the convenience it has added to their…

Cartoon image of a person using a mobile phone with the Suits Me® logo on the phone. White text, blue text on a black background

Online banking has been one of the biggest breakthroughs in the industry over the last few decades and one of the main pluses for customers is the convenience it has added to their banking. 

More features have been added to online banking over the years, more and more customers have embraced technology, with many people now conducting most of their banking online. Mobile banking is yet another step forward for convenience when it comes to banking – which gives us the ability to conduct all manner of business using just our phones.

However, with such ease of use comes security concerns and many people have not yet fully embrace mobile banking due to fears that it isn’t safe. Whether you can’t do without mobile banking or are still a little unsure, you should always keep safety and security firmly in mind.

Here are some ways you can bank safely on your phone:

Research your Bank’s Anti-Fraud Measures

If your bank offers a dedicated mobile banking app, this is great news if you like getting quick, direct access to your online current account. However, before downloading it and linking your account, you should take some time to look into what measures your bank is taking to battle online banking fraud.

Most banks will have this information presented on their website. If you are still unsure, you should contact them directly and ask them to supply you with the relevant information. Banking providers want their customers to feel safe, so they should be only too glad to tell you about their anti-fraud policies.

You should pay specific attention to what would happen if you’re mobile bank account was hacked and how your bank would compensate you for any loss.

Never use Public Wi-Fi

One of the great things about mobile banking is that it is just that – mobile. Being able to access your money wherever you go is great, but you should always be wary of using unsafe connections. Never use public Wi-fi to access your digital account as this makes it easier to hack.

Avoid using 4G or 5G connections for the same reason. You should only ever use a Wi-fi network that is safe and secure and is encrypted, meaning it requires a password that only you know.

Make Sure Your Phone is Secure

There are a few ways to ensure your mobile phone is protected, these include:

Biometric Access

Phone security is key when using mobile banking. Many phones now come with biometric security features, meaning they require a fingerprint or use face recognition to unlock them. You can also set your mobile banking app to require biometric access.

Security Software

Some banks may offer some free security software when you download their app. You should avail of this offer as mobile phones are like mini-computers now, meaning they are susceptible to viruses just like a normal computer.

Clear out Your Inbox

Your bank may text you with information relevant to your account or maybe have sent you OTPs in the past. You should always delete messages from your bank once you no longer need them to make sure that any information related to your account isn’t easily accessed.

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