How best to manage a mobile banking account

These days, millions of consumers engage in mobile banking to manage their various financial accounts, and many do so every day. But experts in the industry say that there are both right and wrong ways to do so, and it’s important to keep the proper methods in mind.

As mobile devices become more common, more people are using them to manage their financial accounts, but consumers who use mobile banking technology need to be careful about the security of their accounts, according to a report from the Somerset, New Jersey, Messenger-Gazette. The experts at Peapack-Gladstone Bank recommend a number of ways consumers can protect the safety of their accounts when using mobile banking technology, with perhaps the most important being to avoid storing sensitive account or personal data on the smartphone itself.

How to Protect Your Mobile Accounts

This can be problematic because consumers occasionally lose their phone or tablet device, or have them stolen, and saving a Social Security number or account login details can give whoever finds or steals the phone easy access to various accounts, the report said. Further, other information can also be gleaned from lost and stolen mobile devices, so it’s also important to use the phone or tablet’s built-in lock feature, which requires a password to make the device usable in the first place.

It’s also important for users to make sure that when they’re logging into a mobile banking program, to do so in a secure location, where no one can see what they type into it, the report said. And when consumers are done with their mobile experience, they should also log out of the site or app they used.

Further, it’s important to make sure the phone or tablet itself is as secure as it can be, the report said. This means making sure to have a virus or malware protection program on the phone, and regularly download the latest updates to all apps and firmware so they’re as secure as possible. Further, it might make sense to carefully consider whether to download any app; if it looks suspicious, it might be a good idea to avoid it.

In the past, consumers were concerned about the security of mobile banking, but the most common reason that these accounts are compromised is user error. For this reason, it’s important to take as many steps as possible to protect accounts both online and in the real world.

Posted in Finance
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