Mobile banking represents a huge leap forward in the area of banking convenience. It also represents a huge risk to your personal information. Here’s how to minimize the risk and enjoy the convenience.

Balancing risk and reward

Getting up-to-the-minute account information and having immediate access to funds via a mobile device is one of the great technical accomplishments of banking. The problem is that without adequate security precaution, this ease of access can be available to people who have no right to it. To protect yourself, a person does well to do two things:

  1. Think differently. Remember that the easier it is for you to access your private information, the easier it may be for others to access it, too. Never forget that too much of “easy and convenient” can be a bad thing! Thinking in these terms will help you make good decisions in balancing convenience with the security of your personal information.
  2. Develop your own security policy. Now that you think differently about convenience, knowing it can pose a threat, you can impose some security features on your routine. For example, you will choose to use the passcode feature on your mobile device so that no stranger can get access to your phone if you leave it somewhere or he steals it. You may come up with a password formula that is easy for you to remember but hard for others to guess. (Click that link to get an idea of how this could be done.) A person who banks on his or her mobile phone but doesn’t take the effort to protect the device with a passcode is not really acting in their best interest.

Security experts recommend that the password used for mobile banking is different than the password used to protect an email account, and that both passwords should be hard to hack. Remember, if the bad guys get control of your email password, getting control of your other online accounts is much easier. Resources to help you execute a good online security strategy are available from Peoples Bank’s web site.

Getting a text message when your account balance reaches a low balance is an amazingly helpful feature. Giving the bad guys the keys to your account with a poorly protected mobile device that is easily stolen or lost can lead to an amazing headache. If you avoid a casual approach to your mobile banking, chances are it will be a good experience.

Learn more about mobile banking from Peoples Bank. Our new platform has additional security features we are sure will make it a helpful tool.