News

Actions

If you bank on your smartphone, don't fall for these traps

Posted: 2:21 PM, Apr 04, 2017
Updated: 2017-04-04 19:21:51Z

It's now possible to complete almost all banking transactions on a smartphone, except pulling out cash -- though that's probably coming soon, too. Mobile bankers can pay bills, move money, even scan checks and deposit them at most banking institutions.

But a report in the Economic Times says mobile bankers should take some extra precautions to keep thieves out of their account.

It advises mobile bankers to:

  • Never do mobile banking on a public Wi-Fi network.
  • Never do mobile banking if the signal is weak, as it causes typed numbers to glitch.
  • Make sure to have a "find my phone" feature set up to remotely lock the phone in the case it is lost.

Mobile bankers should also never use an automatic login to prevent thieves from easily accessing bank accounts from stolen phones.

The Economic Times recommends mobile bankers set their phones so it requires a password entered every time you want to log into your account. It's an extra step, but well worth it.

____________________

“Don't Waste Your Money” is a registered trademark of Scripps Media, Inc. (“Scripps”).

For more DWYM reports, go to www.dontwasteyourmoney.com

"Like" John Matarese on Facebook

Follow John on Twitter ( @JohnMatarese )