Friday, August 10, 2012

Mobile Banking Safety

Malware to hack your mobile does exist with Android phones being the most vulnerable now.  Malware for Apple's iOS apparently does not exist as of now.  However, malware problems are expected to worsen in coming years.  The most realistic threat is that your phone will be lost or stolen, and end up in the wrong hands.  There are steps that you can do to reduce the risk of mobile banking fraud as follows:
  • Password protect your device.
  • Tend to bank by apps which are usually more secure than web or text messaging, but download only from the official app store and verify that the developer's name matches the name of your bank.
  • Do not save your user name and do not use the same password as on other apps in case they store it.
  • If your phone is lost or stolen, try to wipe all personal data from it, if possible (some devices can be remotely reset to factory settings.
  • Contact your financial institution since 61% of them now let you deactivate their app from afar.
  • In case money is stolen from your account as a result of mobile fraud, you should be liable only for $50 under current law, provided you contact your bank within two days of discovering the loss of your money.  Most banks will waive even that $50 liability. 
  • To limit the amount that you could be out let your bank know ASAP if you discover a rogue transaction on your account or statement or if your phone is lost or stolen.

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