Should You Install a Banking App on Your Phone?

9/4/2018 9:00:00 AM
Should You Install a Banking App on Your Phone?It’s not unlikely your smartphone is rarely out of reach if not constantly in your hand during waking hours. Smartphones are a one-stop-shop for seemingly every need you have, whether it’s surfing the web, responding to emails, texting a friend or engaging on social media. These devices have also become increasingly useful for managing your money thanks to the availability of Online Banking. You may have reservations about incorporating this very important aspect of your life into your smartphone, and that’s perfectly reasonable — here’s what you need to consider. 

How apps are vulnerable

Your hesitance to download a banking app on your phone likely stems from the fear that your accounts and personal information could be compromised. While the number of massive data breaches might lead you to believe that Mobile Banking is not as safe as you would hope, the Identity Theft Research Center found that mobile app breaches accounted for just 3 percent of all hacked information.

How you can protect yourself

According to Burnette, banks are doing their best to thwart hackers by employing standards, policies and online protocols such as firewalls, website encryption software, anti-virus protection and fraud monitoring to keep your account information safe. Know that North Shore Bank is using the necessary measures needed to ensure that your money and identity are protected from thieves.
While it’s essential that we are proactive in keeping your money safe, it is imperative that you take the steps necessary to ensure that you are using a mobile banking app wisely. Make certain that your device has the latest in anti-virus software, which better ensures that your device would not become infected by a key logger or other malware.
Burnette also recommends that you take advantage of two-factor authentication, which increases security by requiring a second piece of information like a one-time pin number sent to your phone or email before allowing you to log in. Many banking apps also offer fingerprint and facial recognition, which helps to ensure that you and only you are able to access the app.
If you are downloading a banking app for your smartphone, Burnette recommends ensuring that it is authentic. You should only ever download official banking apps from verified marketplaces like the App Store and Google Play, and you should be diligent to ensure that you are downloading the actual app and not a clever spoof. Here is North Shore Bank’s downloadable Mobile Banking app for iPhone® and Android™ devices.
It is also smart to avoid using a mobile banking app over public Wi-Fi. Doing so leaves you open to man-in-the-middle attacks and makes it easier for others to see and abuse your information. You should only ever bank on a trusted home wireless network or on your mobile’s cellular network.
Although nothing is foolproof, you can increase the safety of using a mobile banking app by being aware of the risks and taking steps to avoid them. If you do, you’ll find that managing your money will become quite a bit easier as our Mobile Banking app provides quick and easy access to your finances when and where it is convenient for you.