Mobile Banking Can Be Secure and Safe
April 02, 2009
Mobile banking is huge in Asia and Western Europe, but has been slow to take off in the United States. Even today, only a handful of banks have applications available for download in the Apple iPhone applications Store. Before using your iPhone, Blackberry, or Smartphone for mobile banking, here are a few tips to remember:
(1) Lost Phones - If your cellphone is lost. Deactivate it immediately. Don't wait around a week hoping it will show up mysteriously. Deactivate! After your carrier suspends service the phone is nearly useless to a hacker. If you phone is found under the coach you can activate the service again.
(2) Memory - If you use your phone's browser to visit internet sites, it is a good idea to clear the memory cache occasionally just like you would with your computer. If your phone is misplaced, even for a few minutes, the browser history can provide personal information to anyone who has your phone. Cleaning out memory clears out stored passwords and other data.
(3) Download Apps - Many banks advertise mobile banking as the ability to log-in to your account through your phone's browswer. While technically this could be considered mobile banking, a much more secure and feature-friendly service is to download an application directly to your phone from a bank's website. Banks like CitiBank, with Citi Mobile, and Wachovia Bank, with Wachovia Mobile, offer applications for customers with checking, savings, or money market accounts that can be used to access balance information and transfer funds.
Mobile banking industry experts are predicting that text messaging services from banks will be another major innovation that banks will push in 2009. The ability to get balance notifications and account alerts directly to your phone could even help keep your bank fees lower. Alerts on rate deals on checking, money market, savings, and CDs is also a text message service we would all like to see from more major banks later in 2009. Check your bank's website to see what they offer in the way of mobile banking.
