Is it Safe to use a Mobile Banking App on a Smartphone?

More and more people use their smart devices to perform tasks, like banking, solely through an app.

Quick Answer: Thanks to modern technologies like advanced encryption systems, user authentication, and decentralized storage platforms, modern-day mobile banking is becoming safer and more secure.

Not long ago, you had to visit your local bank to deposit a check, transfer money, and check the balance of your account. But in the past decade or so, visits to the bank have become few and far between – thanks to mobile banking. If you’re new to the idea of conducting financial transactions using only your smartphone, you’re probably wondering, “Is mobile banking safe?”

Yes, it’s secure

No matter which way you slice it, the convenience of technology always poses a certain level of risk. However, thanks to professional-grade encryption, end-user authentication, decentralized storage, and other high-tech features, mobile banking is a relatively safe and secure process. Still, there are additional measures you can take as a consumer to add an extra layer of safety and security.

Woman banking on mobile phone

Protect against malware

Only download apps from trusted sites that have lots of positive reviews.

Malware is a type of software that’s intended to disable computers. When it comes to your smartphone, malware often gets accidently downloaded from the App Store or Android Play. While both platforms regularly screen applications before they become available to the public, no system is perfect. That’s why you should only download banking apps from trusted sites that have lots of positive reviews.

Monitor accounts

Even before the days of mobile banking, you probably made a habit of checking your monthly bank statements for any signs of suspicious activity. Fortunately for you, mobile banking makes it even easier to keep an eye on all your accounts to help prevent identity theft. If you catch a problem early, you can report it to your bank right away for a quick resolution.

Avoid public networks

Any time you log into your mobile banking account, make sure you’re on a secure Wi-Fi network. If you check your bank account while on a public network, you open yourself up to an attack from a man-in-the-middle (MITM) hacker. These malicious attacks are relatively easy for hackers to conduct in public spaces, letting them grab banking and credit card info and other personal information in a flash. To stay safe, always do your mobile banking at home or on a private Wi-Fi network.

Get mobile banking

Shop Net10 service plans to get the data you need to perform mobile banking tasks on the go. You can even bring your own phone with the Net10 BYOP program for more savings.