The website LAPTOP released a list of Top Mobile Banking Security Tips that help you take advantage of your smartphone for banking, which we often advise against due to increased security worries. In the last couple of years, mobile banking has expanded to include deposits, withdrawals, account transfers and balance inquiries via SMS, the web or even smartphone/tablet apps.
The primary risks for mobile banking include stolen smartphones, phishing, malware or fraud. Although using your smartphone or laptop for banking always involves some risk, here are some ways you can protect yourself:
- Install mobile security software
- Avoid unsecured wireless networks (read more on WiFi safety)
- Download apps from official app stores (never from file-sharing websites)
- Look at app permissions before you install the app (particularly for Android phones)