{"id":3158,"date":"2022-12-07T15:27:20","date_gmt":"2022-12-07T19:27:20","guid":{"rendered":"https:\/\/www.skypointfcu.com\/wph\/workarea\/?p=3158"},"modified":"2022-12-07T15:27:23","modified_gmt":"2022-12-07T19:27:23","slug":"how-to-stay-safe-when-using-mobile-banking-apps","status":"publish","type":"post","link":"https:\/\/www.skypointfcu.com\/wph\/workarea\/blog\/how-to-stay-safe-when-using-mobile-banking-apps\/","title":{"rendered":"How to Stay Safe When Using Mobile Banking Apps"},"content":{"rendered":"\n

Americans embraced mobile banking as their main account access more than any other method from 2017 to 2021, according to the Federal Deposit Insurance Corp.\u2019s 2021 report on unbanked and underbanked households.<\/p>\n\n\n\n

Even so, a new NerdWallet survey<\/a> found that many people are hesitant to use mobile banking because of security concerns. More than 2 in 5 (42%) banking customers who don\u2019t use mobile banking apps say they don\u2019t trust the security of them as the reason.<\/p>\n\n\n\n

Although those concerns aren\u2019t unfounded, they don\u2019t need to come between you and a successful mobile banking life. Here are steps you can take to ensure you\u2019re as safe as possible when banking on your phone.<\/p>\n\n\n\n

Install only trusted apps<\/strong><\/p>\n\n\n\n

Most mobile users are on Android or iOS, which both have app stores. For people with iPhones, it\u2019s the Apple App Store, while Android users get the Google Play Store. These app stores are the go-to places for finding authentic, safe apps.<\/p>\n\n\n\n

Apple\u2019s vetting process for all the apps in its store includes a number of security reviews. These cover aspects including standard privacy policy concerns and ensuring the apps don\u2019t mislead users.<\/p>\n\n\n\n

Google offers apps certified by its Play Protect system. Play Protect scans apps added to your phone and can remove or deactivate apps that are potentially harmful. It can also warn you about apps that violate Google\u2019s unwanted software policy, which polices apps\u2019 transparency and ease of use.<\/p>\n\n\n\n

If you\u2019re in doubt about which mobile banking app<\/a> to install, go directly to your bank\u2019s website on your phone. Most banks will supply a link to the official app in the app store of your choice. If your bank doesn\u2019t, contact it to make sure you\u2019re getting the app you need.<\/p>\n\n\n\n

Use two-factor authentication when available<\/strong><\/p>\n\n\n\n

Even Americans who use mobile banking apps \u2014 almost three-quarters (74%) of users \u2014 have concerns about mobile banking, according to the NerdWallet survey. Of those, 63% say they\u2019re worried about their accounts being hacked.<\/p>\n\n\n\n

One of the best ways to keep your bank accounts safe<\/a>, no matter how you bank, is to have a strong, unique password \u2014 \u201cILoveCats!\u201d doesn\u2019t count. With a strong password, you can add a second layer of protection with two-factor authentication, or 2FA.<\/p>\n\n\n\n

Two-factor authentication is like the door attendant at an apartment building. Just having the key won\u2019t get you into the apartment because the person at the door isn\u2019t letting anyone they don\u2019t know in without references.<\/p>\n\n\n\n

With 2FA, you\u2019ll have an extra security step enabled. Often, it will mean getting a text or email with a separate code when logging in to your account. Requiring a text means no one can log in to your account without access to your phone as well.<\/p>\n\n\n\n

According to the NerdWallet survey, 38% of mobile banking app users are worried about someone having access to their bank account if their phone is lost or stolen.<\/p>\n\n\n\n

Manage access to your phone<\/strong><\/p>\n\n\n\n

To keep strangers out of your phone, make sure you have a strong lock screen pin, lock your screen whenever you\u2019re done with your phone and don\u2019t share the pin with anyone.<\/p>\n\n\n\n

But even if you do your best to not lose your phone \u2014 which might also be your wallet, house key, identity card and transportation pass \u2014 accidents will happen. If your phone is lost or stolen, contact your bank. Just like with a lost credit card, letting your bank know early can help you avoid problems.<\/p>\n\n\n\n

More From NerdWallet<\/strong><\/p>\n\n\n\n