National Consumer Protection Week: Tips for Safe Mobile Banking

NCPW

By: Ryan Corbin , Fall 2014 Student Intern

phoneMuch like you, I love banking on my smart phone. It’s incredibly convenient.  Just remember these “Five Tips for Safe Mobile Banking” from SaveandInvest.org:

1) Password-Protect your phone or tablet.  This is a very simple step to protect your information in case your device is ever lost or stolen.

2) Never provide personal information unless you initiate contact.  Financial institutions should not request sensitive information through email or text messages.  If you receive any such request, contact your bank.

3) Don’t stay “auto-logged in” to your accounts.  This increases the risk of an unauthorized user accessing your accounts.   The convenience of staying logged in is not worth it!

4) Delete old texts from your bank.

5) Report lost or stolen devices immediately to your wireless provider and financial institutions.

Protecting the information on your device is becoming more and more important. Just look at Apple Pay.  Our devices are now starting to replace our wallets!  This makes protecting your device more important than ever.

What about when you want to upgrade your phone? After you transfer all your information to your new phone, don’t forget to erase sensitive information from your old phone.  You can do this by performing a factory reset.  Make sure to read your owner’s manual to learn how to properly do this.  Also, if your phone has a SIM or SD card, don’t forget to erase all the information contained on those as well.  After you have “wiped” your device clean, double check to make sure everything has been removed.  For example, check your phone book, voicemails, text messages, photos, and apps to make sure that everything is actually gone.  For more information from the FTC regarding disposing of you mobile device, click here.