Mobile banking is great, but it can also put you at risk. If you’re not careful, all it takes is a single tap on an unexpected link, or a few keystrokes typed into the wrong field for your funds to be drained quickly and permanently. But there are things you can do to stay safe—take these precautions when using mobile banking:
Ensure you are on the right URL.
The first thing you should do is make sure that you are using the official website. A scammer may create a URL that looks very similar to yours but which has one extra letter or number. If they can fool the user into thinking they are using the real site, then they can trick them into giving up their personal information or account details in order to log in.
When checking for URLs, look at your address bar and make sure it matches what is displayed on any official sites for your bank. Also, check to see if there are any security warnings about whether or not this site is safe to use (you’ll find these under ‘View All Sites’ in Chrome).
Use caution when clicking links in emails.
These days, mobile banking has become essential for everyone, especially students, to handle their personal and academic transactions, including student loans. For example, according to professionals at SoFi, students can get “low-rate, no-fee private student loans”.Mobile banking makes it easy peasy to get and handle such student loans. While that’s one of the use cases, mobile banking has become a part of life for a majority of youngsters in the digital era.
While mobile banking for students is convenient, it’s important to remember that links in emails can be malicious. When you click on a link sent to your phone, the link could take you directly to a real website, or it could take you somewhere else entirely — like an email scammer’s fake website.
If an email asks you for personal information or requests that you download files and applications, don’t respond with personal details or by downloading anything at all. Instead, call up your bank right away and report the suspicious behavior.
Don’t forget to log out.
While it may be true that mobile banking apps are easy and convenient, they can also be a security risk if you’re not careful. One way to avoid this is by logging out of the app or website when you’re done using it, which will ensure that no one else can access your account.
You should also make sure to use two-factor authentication (2FA) on any site where it’s available, as well as turn on the strongest security settings for your app or website if possible. These extra steps help protect both your account and personal information from hackers who might try to steal them.
Avoid public Wi-Fi.
If you are using a public Wi-Fi connection, such as at a coffee shop or in an airport terminal, then your data could be vulnerable to hackers. If you need to access your bank account or email while on the go, then consider using a Virtual Private Network (VPN). VPNs encrypt all data sent and received from the device and tunnel it through an encrypted tunnel. This ensures that no one can intercept your communications without knowing the encryption key.
Don’t allow browser autofill features.
Don’t allow browser autofill features. These features, which are used by many browsers, automatically fill in forms with your personal information and passwords, so you don’t have to enter them every time you visit a website. However, this convenience is not worth the risk of exposing your sensitive information if someone else gets access to your device and uses these features while using it.
Mobile banking is an easy and convenient way to access your bank account. However, it’s important to remember that with convenience comes risk. You can minimize this risk by using strong passwords, keeping your device up-to-date with security patches and apps that detect malware and viruses, and being cautious when clicking links in emails or texts sent by people you don’t know well.