Mobile banking offers many obvious benefits. Being able to keep track of your finances, transfer funds and make investments on the go saves time and makes our lives easier. As with all digital platforms, however, it is important to remember that these benefits also come with risks. This article sets out to give you some useful tips to help ensure you, your data and your money stay safe while using mobile banking.
Downloading and installing a mobile banking app
Before you start using mobile banking, you will need to download and install the app on your device. This is generally a fairly straightforward process but make sure the app you are downloading has been published, or is being provided to you, by your bank. If you have any doubts about the authenticity of a mobile banking app, contact the bank through a known safe channel which you have used before.
When setting up your mobile banking app you will need to create your login credentials, usually a PIN, to access your accounts. As with any login details, be they email addresses, passwords or PINs, it is important to keep this information secure. Make sure the PIN you create for mobile banking is not a number that other people can easily guess. And don’t write it down or tell it to anyone. Putting your birth date on social media and then using the numbers as a PIN is one of the most common mistakes that results in accounts being compromised.
Looking after your phone
A mobile device is an essential part of our daily lives. Many of us would be completely lost without it. It is important, therefore, to keep in mind the overall safety and security of your mobile phone or tablet. Do not leave it unattended, ensure it locks and that any codes to unlock it are not easy to guess. Make sure that if you do lose your phone, you are able to track its location.
It is also important to update your operating system and applications when the vendors release any fixes or enhancements. As well as improved functionality or brand new features, these updates often include enhanced safety and security. It’s also a good idea to install an anti-virus software to give you an extra layer of protection. Finally, if the time comes for you to sell or discard your mobile device, make sure all the information relating to mobile banking, including any messages received by SMS from you bank, are deleted.
Communication between you and the bank
A final, important, aspect of safe mobile banking are the procedures in place to manage communication between you and the bank. Phishing (via email) or Smishing (via SMS) are popular tactics among hackers to try and obtain access to accounts. Always verify who the sender is when you receive a message relating to mobile banking and keep in mind that your bank will never ask for passwords or PINs when communicating with you. A common approach used by hackers to try and instil a sense of urgency in their messages to try and make you take a decision quickly, without giving you time to think. Be wary of this. As always, if there is any doubt, don’t reply to a message and contact the bank through a channel you are comfortable with.
Mobile banking is a safe and convenient tool. Users of the MeDirect app can rest assured that the most advanced technology and highest levels of security have been deployed to provide our customers with an easy but extremely safe experience. That said, the threat from bad actors will always be there so it’s important for everyone to remain vigilant. If you have any issues relating to mobile banking security, or if your mobile device is lost or stolen, please call our Customer Service Centre on +356 2557 4400 to de-activate the service.