Mobile banking: Things to watch for

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If the Internet made online banking easy, the proliferation of mobile devices and apps have made connecting to your bank even easier. Mobile phones and devices now let you connect to your money from virtually anywhere. While banking online from your computer has risks, connecting from a mobile device has its own unique challenges.

Here are some important things to remember when using a mobile telephone or portable device to conduct online banking.

-First, password-protect your mobile device. Most phones and tablets allow you to set a password that must be entered in order to use the device.

-Download your bank’s official app. Whether you’re on an iPhone or the latest Droid, most banks allow you to download their application directly from their website. If an app looks suspicious to you, don’t download it. If in doubt, call the financial institution directly or visit a local branch for assistance.

-If your phone is stolen or lost, immediately notify your bank. They can help assist you in changing your mobile banking profile.

-Monitor your accounts regularly. Any suspicious activity should be reported to your bank as soon as possible. The great thing about mobile banking is that you can monitor your account quickly and easily. If you check your account often, you’ll be able to spot any potential fraud sooner rather than later.

-Don’t disclose sensitive information via text message or email. Delete any text or email that contains anything like account numbers, passwords, or confirmation codes.

-Finally, remember to logout of your mobile banking app when finished. While most banks log you out automatically after a period of time, always be proactive and double-check that you’ve logged out when done using the service.

Mobile banking is easy and convenient. But as with everything online, it also comes with unique risks. Protect yourself–and your money–by banking cautiously!

To learn more about online security and privacy, visit our website at: www.securitymatters.iu.edu

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