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Essentials of Secured Mobile Banking

Today mobiles make life easier in a number of ways. They act as a diary, a games console, a web browser, a music center - and obviously a way to keep in touch, whether it’s making calls, sending emails, texting or social media.

Now they’re also a financial center, where more and people pay their bills, check their balances, deposit checks and transfer funds. In fact, according to a survey by Knowledge Networks, about 20% of people in the US have used their cell phones to take care of finances.  And, with 40% between the ages of 18 and 29, it seems that mobile banking is going to grow and grow as new generations adopt it.  

So, it shouldn’t come as too much of a surprise that when the Aite Group conducted their own survey into financial institutions they found that almost 90% of senior bank executives said they were worried about a future explosion in financial services fraud related to mobile phone use.

Their main worry is Financial Identity Theft, as mobiles are easily stolen – and their security systems are not yet as robust as those of desktop computers packed with firewalls and anti-virus software. They are working hard to ensure that their banking apps are secure. But at the same time you can take a number of steps to make sure that you’re protect from mobile banking security danger. 

  • Use a password. This is the first and most effective way to keep your mobile secure, whether you bank online or not. It’s easy to do, won’t stop you taking calls and blocks thieves from accessing your info right from the start. 


  • If your mobile is lost or stolen, don’t keep it to yourself. As well as telling the police for insurance purposes it’s essential that you tell your bank if you use your phone or tablet for banking. 


  • Keep your banking ID separate. Many banking apps give you the option to store your ID on your device. It may sounds convenient but it makes it easy for thieves to access your confidential information stored on the phone if it is stolen. So, always remember to keep your ID stored independently to your phone. 


  • Don’t trust unsecured WiFi: WiFi access is great on your phone. It makes surfing and downloading lots quicker. But WiFi networks in shops, cafes and public spaces are not secure. They’re fine for internet surfing or keeping up with social media, but for banking it’s better to only ever trust secure networks. 


  • Don’t get caught by phishing: Most banks explicitly state that they won’t contact you by email and text to request bank details. So, if you get any communications asking for confidential information always assume the worst. Don’t open them, never open any attachments that come with them and never divulge any information. Just delete them, and if you want to, contact your bank yourself.


  • The latest threats need the latest protection: There’s a constant battle going on – between cyber thieves and cyber security firms. The criminals are always developing new ways to hack mobile devices and operators and anti-virus companies are constantly working on new defenses. So, always install upgrades from both operators and security firms as soon as possible.


Mobile banking will continue to grow – and so will mobile ID theft. But with a few, simple steps like the ones above you can take advantage of banking when and where you like, without worrying about losing your identity.

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All insurance products are offered by The Signal, L.P. The Signal, L.P. is a licensed Insurance agency appointed by American Bankers Insurance Company of Florida and American Security Insurance Company. American Bankers Insurance Company of Florida and American Security Insurance Company are Assurant, Inc. companies licensed to offer insurance products. Protect Your Bubble, the Protect Your Bubble logo, Bubble and Squeak and other Protect Your Bubble trademarks, service marks, graphics and logos used in connection with this website are trademarks of Assurant, Inc. in the United States.