Is it safe to use mobile data for banking? Although cybersecurity experts state that mobile data banking is safe, it is important you take certain precautions. Mobile banking gives you direct access to your bank account.
But this means could also mean that your account could be open to anyone that has access to your mobile smartphone. Like most web-based activities mobile banking also comes with inherent risks like a fraud. FBI warns that cyber actors now scam banking customers by various means. This article will provide answers to this question and lots more.
Is it Safe to use Mobile Data for Banking
Most victims of banking breaches are those people that don’t take their security seriously. As long as you use certain precautions, you can use mobile data for your banking transactions.
If you are worried about the dangers of banking online with mobile data, then this article is for you. Kindly read further as we will be guiding you on the certain precautions to take when using mobile data for banking.
How to Protect Yourself Against Mobile Banking Fraud
Since you can’t always prevent fraud from happening, you can take some safety measures to protect your personal information and limit your exposure to fraud. Mobile banking fraud is the use of illegal means to obtain money from depositors.
This is done by fraudulently posing as a bank or other financial institute. This section of the article will be talking about the ways that you can protect yourself against mobile banking fraud. We will be giving you some precautions to take against mobile banking fraud. These include;
Guard your Online Information
One of the ways that you can protect yourself against mobile banking fraud is to guard your online information. This means that you are to maintain your banking credentials and avoid entering your personal information like your login credentials and your financial information into public computers.
Think Twice Before Sharing your Information
This is another way that you can protect yourself against banking fraud. Be careful of the calls and emails that request personal information from you. nowadays, most fraudsters pose as bank customer care asking for your information. Unless you know it is a very trusted and confirmed source, never give out sensitive information.
Use a Strong Password
To protect yourself from mobile banking fraud, update your mobile security regularly. When setting up a password, avoid setting a password that is easy to guess. Set up a password that is very hard to guess, like one that has a combination of both upper and lower case, numbers, and alphabets, and let it be at least 20 characters long.
However, you are not to use the same password for every mobile site that you sign in to avoid your account being hacked.
Filter your Phone Calls
A call filter is an app that analyzes incoming calls and can block certain unwanted calls. This is another way to protect yourself against fraudsters. Enter all your trusted numbers into your smartphone, this way when you get a call your caller ID will let you know who among them is calling to avoid spam calls.
Avoid Using Public Wi-fi
Most time when people connect to a public wi-fi hotspot, they are been warned that they are not on a secure network. This is to tell you that since you are not connected to a secure network, anybody may be able to watch all of your actions online. This is why it is not advisable to use public wi-fi.
Report Suspicious Activities
If you notice any suspicious activities on your account or you think that someone may have access to your online banking user ID or password, please immediately notify your customer care.
Beware of Phishing
Many people are always advised to beware of phishing. This refers to the emails designed to prompt you to click on the links provided within the email in other to change your account or help fix your account in some way.
Do not click on links or open any attachments from sources that you are not familiar with to avoid. You are advised to forward the emails to the federal trade commission, and to the bank. Organization or the company that is been impersonated in the email.
Below are some of the most frequently asked questions on the use of Mobile Data for Banking
Between Wi-fi and Mobile Data which is Safer to Use?
The short answer to this question is mobile data. This is because most wi-fi connections are not secured because the data that is been sent over the internet is not encrypted.
Mobile data is safer to use because data that are been transferred through mobile data connection are encrypted and your identity is been safe and protected. That is why it is more advisable to use mobile data than a wi-fi connection.
How do you know if your Account has been Hacked?
You can know that your account has been hacked by the following listed below.
- Unexpected notification from your bank
- Small unexplainable payments
- Calks claiming to be from your bank, which is demanding your bank information.
- Large amount of money that is transferred out of your bank.
if you are noticing any of the listed above, then it means that your account has been hacked. contact your bank immediately.
What Happens if your Phone gets Lost or Stolen?
If you are a victim of a lost or stolen phone, contact your mobile network provider as soon as possible. They will help you block the phone to make it unusable. With this, whoever has the phone would not be able to have access to your mobile banking.
Which Bank has the Best Security in the US?
The bank listed below are some of the banks with the best security
- Capital one: best for 24 hours monitoring.
- Wells Fargo: best for suspicious alerts
- PNC Bank: best for adding optional security
- Citi bank
- JP Morgan chase.
These are some of the banks with the best security in the US
What is the Safest App to Transfer Money?
This is one of the most frequent asked questions that people ask. Some of the safest apps used to transfer money include; Venmo, PayPal, Cash App, Zelle and Remitly. All these are some of the best and safest apps that you can use to transfer money.
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