Since the advent of mobile banking, bank transactions can now be conducted anywhere with an internet connection at any time. This has made banking more convenient for customers as they no longer have to go to a physical bank branch to complete transactions. Despite the advantages provided by banking apps, however, there are dangers that affect mobile bank security.
With over 75% of Americans reporting that they prefer online banking over in-person banking, it’s essential for banks to consistently provide the highest levels of mobile bank security to ensure their systems are protecting consumer information. The advancing tactics of cybercriminals threaten to disrupt the security of internet-based applications.
Here is what you need to know about strengthening the security of your mobile bank apps, and why it matters.
How to Ensure Mobile Bank Security on Devices
The bank information stored in the app on your device contains sensitive account information that you don’t want ending up in the wrong hands. Here are five ways you can further strengthen the security of your mobile banking account:
1) Use a Strong Password That Isn’t Easily Guessed
A cybercriminal may try to gain access to your account by guessing your password. To make it more difficult for them, use a complex password that meets the recommended length requirement (at least 8 characters). Avoid using easily-guessed or reused passwords.
2) Enable Two-Factor Authentication on Your Account
Two-factor authentication (2FA) is an added layer of mobile bank security that requires more than just a username and password to log in to your account. It requires the input of a unique code, usually sent as a text message to your phone, that is only known to you. This makes it more difficult for cybercriminals to gain access to your account, even if they have your login information.
3) Don’t Download Apps from Unknown Sources
When downloading apps, only download them from official app stores. These app stores vet the apps before making them available to download to ensure they don’t contain malware. Avoid downloading apps from unknown sources online as they could be infected with malware that can steal your personal and bank information.
4) Keep Your Operating System and Apps Up-To-Date
Operating system and app updates usually contain security patches that close vulnerabilities that could be exploited by cybercriminals. By keeping your device up-to-date, you can help protect your information from being compromised.
5) Check Account Statement Regularly and Report Unauthorized Transactions Immediately
Even with all the security measures in place, it’s still possible for your account to be compromised. Checking your account statement regularly can help you spot any unauthorized transactions quickly so you can report them to your bank immediately.
Keeping your mobile banking account secure is essential to protecting your personal and financial information. By following the tips above, you can help ensure your account is less vulnerable to attack.
RESULTS Technology Can Optimize Your Banks Cybersecurity
Cybersecurity is more important than ever for banks, as more and more consumers are moving towards online banking. RESULTS Technology offers support and solutions for optimizing banks’ cybersecurity infrastructures. Contact our office today to see how we can keep your bank compliant and operating smoothly.