How to Improve the Security of Your Mobile Banking

Mobile banking helps consumers better conveniences and offers efficient way to monitor the account activity. However, there are widespread consumer fraud globally in the area of mobile banking. as per Technology Credit Union, a Silicon Valley credit union who are the leader in online and mobile banking technology. The IC3 (Internet Crime Complaint Center) received 22.3 percent more complaints in 2009 than in 2008 which means a total loss of $559.7 million in terms of online fraud.
Banks across the country use different types of identification authentication, log-in procedures and encrypted communications to make sure that cyber attackers can not access confidential information. Essentially, the threat is not technology itself. Consumers are ignorant about different fraudulent applications that exist on line and on mobile banking.

“Fraudsters know that the key to their success lies in the consumer,” said Victor Smilgys, Tech CU’s AVP of eCommerce and a mobile banking security expert, “so they are being very crafty in their approach to making the consumer believe an app is harmless and, in some cases, disguising it as a security safeguard. Better education is the key to minimizing these risks.”

Tech Credit Union provides the following tips for mobile banking security:

• You should protect your mobile with a password and lock it when you don’t use.
• If your bank sends you confidential information very often, please, delete those text messages.
• Don’t disclose your account number, password or any other secret information through text messages because they may be hacked on its way.
• You should contact your bank or any other financial organization immediately in case you lose your mobile phone or change your number.
• If possible, install  security software on your mobile device. Some mobile security softwares include: AhnLab Mobile Security, avast! PDA Edition, Kaspersky Mobile Security, and Norton Smartphone Security.
• Malware exists in many fraudulent applications that pops up online from time to time. You shouldn’t download those applications without checking from your financial institution whether they are genuine or not. If you need those software,  please, go to the web site of your financial institution and download them at your smartphone. Also, report any fraudulent application to your bank.
• You should monitor your financial records and account and check your online account statement on regular basis. It is good to have electronic alert to your email or mobile device in case of any account activity.
• If you are a victim of identity theft, let your financial institution know immediately. Also, keep on checking your credit report from time to time and any account that may have suspicious activity should be closed immediately.