Mobile Banking: Bank Safe, Bank Simple.

Remember the days when making a trip to your local bank was required just to make a deposit or withdraw funds? Thanks to advances in technologies throughout the years, bank customers have been able to avoid those trips to their local branch through mobile banking. It has become a convenient and time saving method to monitor and manage money.

Digital banking on the rise.

According to a study back in 2016, 62% of Americans used digital banking as their primary method of banking. That number is expected to leap by more than 50% by 2021, according to a recent piece of industry research.

Many consumers take advantage of mobile banking apps to check their balances, deposit checks, pay bills, and, as mentioned, avoid trips to their local bank branches. It’s that simple.

But as mobile banking becomes more prevalent and popular among bank customers, cyber-thieves are lurking in background, seeking to attack both your personal and financial information. They are ever present and that’s just the unfortunate reality of the world we live in.

Mobile banking is at the forefront of financial cyber-theft, and consumers must be wary of the dangers they present.

So, what are these cyber-thieves doing?  Typically, they are using a software known as malware to specifically disrupt, damage, or gain unauthorized access to your mobile device.  Once that malware is loaded onto your device, it basically hangs out and waits for you to access your mobile applications and enter your login credentials.  It then strikes and makes a virtual copy of that info.  The criminals use it to their advantage, creating quite the burden on the mobile banking user.

How can we protect ourselves?

Since so many of us are taking advantage of the “on the go” practicalities that mobile banking in our digital society creates, how can we protect ourselves from these cyber-thieves and truly feel safe each time we login?

Below is a list of ways to help avoid mobile banking frauds:

  • Strong authentication / layers of security.
    • Use a password that is “long and strong.” Authentication is also trending with the use of fingerprint or facial ID. These authentication types are highly encouraged.
  • Use approved apps from approved app stores.
    • Be sure to only install your bank’s mobile app, which can be found within the approved app store or through the bank’s official website.
  • Keep your device updated.
    • This includes security and protection updates that are often provided from your devices operating system.
  • Check your statements.
    • Go through your statements periodically. Report any suspicious charges to your bank.
  • Multiple passwords for multiple financial sites.
    • Have a unique and strong password for each financial account to limit exposure and risk.
  • NEVER use public Wi-Fi to access accounts
With advancements in technology, there will always be risks and there will always be fraud.  But that shouldn’t be a deterrent to users.  Mobile banking is available 24/7, 365.  Mobile banking with State Bank of Cross Plains is an ideal choice for accessing financial services almost anywhere. It’s easy and it’s convenient.  Remember the tips and take advantage of the wonderful world of mobile banking with less worry.

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