Pros and Cons of Mobile Banking

Topics: Online banking, Bank, Password Pages: 2 (656 words) Published: June 21, 2013
Many major commercial banks are now offering consumers the choice to make deposits, send money, and perform other routine tasks using a mobile app. Bank customers can now use a smartphone or tablet for basic transactions like check deposits and bill payments, making it easier to keep an eye on finances without a trip to the ATM. Mobile banking is indeed a tempting offer, but some consumers are rightly worried about the additional security risks; a recent report by viaForensics gave a “Pass” rating to just 14 of the 32 financial applications tested for security, and eight of these applications failed the test altogether. Keeping information safe on your mobile device

You might dislike standing in line to deposit a check or sending a check to your cable company, but you also don’t want to put your private information in the hands of hackers. Fortunately, there are some things you can do to make mobile banking from your smartphone safer. Regardless of whether or not you use mobile banking from your smartphone, you should take advantage of your phone’s locking mechanism—usually a swipe pattern, passcode, or PIN—and if possible, set it to automatically lock the screen when the device is idle. If your applications have a “Remember Me” option, ensure that it’s disabled; you’ll avoid giving strangers access to private information if your phone is lost or stolen. McAfee All Access lets users add a PIN lock on specific apps, which serves as an extra layer of protection for sensitive information. Updating mobile applications whenever new versions become available is a good practice whether or not you use mobile banking apps. Hackers can track the changes from one version of an app to the next. This allows them to find weak points in security protocols or reverse-engineer viruses and malware. If you’ve got an out-of-date version of an application, you’re more vulnerable to attacks. This advice applies to virus protection, security software, and new versions of a device’s...
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