According to the Federal Deposit Insurance Corp. 2021 report on underbanked and unbanked households, Americans adopted mobile banking more than any other form of account access from 2017 to 2021.
NerdWallet’s new survey revealed that mobile banking is still a popular option for many. 42 percent of banking customers don’t use mobile banking apps because they aren’t confident in their security.
These concerns are valid, but they shouldn’t stop you from having a successful mobile banking experience. These are the steps you can take in order to make banking on your smartphone as secure as possible.
Only install trusted apps
Mobile users use either iOS or Android, which have both app stores. The Apple App Store is for iPhone users, while the Google Play Store is available for Android users. These app stores are your best bet for authentic and safe apps.
Apple conducts security reviews as part of its vetting process for all apps on its store. These reviews cover standard privacy concerns as well as ensuring that the apps do not mislead users.
Google offers apps that have been certified by the Play Protect system. Play Protect scans any apps you have installed on your phone and can deactivate or remove potentially dangerous apps. You can also be warned about apps that violate Google’s unwanted software policy. This policy polices the app’s transparency and ease-of-use.
You can find the right mobile banking app for you on your smartphone’s bank website. Many banks will provide a link to the official app within the app store. Contact your bank if it doesn’t provide the link to the official app in the app store of your choice.
When Two-factor authentication is available
According to NerdWallet, almost three quarters of Americans who use mobile banking apps (74%) have concerns about mobile banking. 63% of those surveyed are concerned about their accounts being hacked.
A strong password, such as “ILoveCats,” is one of the best ways to protect your bank accounts, regardless of how big or small they are. doesn’t count. Two-factor authentication (or 2FA) is possible with a strong password.
Two-factor authentication works in the same way as an apartment attendant. The key alone won’t allow you to enter the apartment. This is because the person at the front door doesn’t let anyone they don’t recognize in the building without references.
You’ll get an additional security measure with 2FA. It will often mean that you’ll be sent a text message or an email with a different code to log in to your account. A text is required to log in to your account.
According the NerdWallet study, 38% mobile banking app users worry about someone gaining access to their bank accounts if their phones are lost or stolen.
Get access to your phone
Keep strangers away from your phone by setting up a strong lock screen password. Lock your screen when you’re done using it and don’t share this pin with anyone.
Even if you try your best to keep your phone safe — it might be your wallet or house key as well as your identity card and transport pass — accidents can happen. Contact your bank if your phone is stolen or lost. Notifying your bank early can prevent problems, just like if you lose your credit card.