How to Safely Manage Your Bank Accounts on the Go

Mobile banking is an excellent tool for managing your finances and accessing your accounts from anywhere.

The convenience of online and mobile banking is undeniable. Wherever you are, you have access to view and manage your accounts at any time.
 
But as more people shift towards online banking, questions naturally arise around mobile banking safety. If you’re thinking about using digital banking, here are some tips to help you safely manage your accounts on the go and why you should consider the benefits of mobile banking.

Is Mobile Banking Safe?

Although it may seem hard to believe, banking on your mobile device is just as safe, if not safer, than banking on your desktop or laptop. Most malware that hackers use to access private information like financial data are built for PCs rather than mobile devices, so you’re much less likely to encounter problems on your phone or tablet when banking.
 
However, that doesn’t mean you shouldn’t think about taking safety precautions when using mobile banking apps. There are many ways to protect yourself and your account information when using mobile banking tools, many of which are quick and easy to set up.

Mobile Banking Safety Tips

Download the Correct Banking App

One of the most popular ways hackers access your account information is by creating lookalike apps imitating your financial institution. You may receive an email that looks like it’s from your bank, encouraging you to download their app or send payment via the app. In most cases, these are scams to gather your information.
 
It’s always best to download your bank’s app directly from their website, the Apple App Store, or Google Play Store if using an Android device. These apps are checked and approved, so you know you’re downloading the correct one. If downloading the app from your bank’s website, look for a padlock icon in the browser tab to confirm the site is secure.

Make Your Accounts Secure

Whether you’re using a desktop, laptop, or mobile device, you should always have a secure login to your banking information. A strong password that can’t be easily guessed (i.e., not standard information like your birthday or other common dates or numbers that can be connected to you) is best.
 
Combinations of uppercase and lowercase letters, along with numbers and special characters are some of the most difficult to guess, even for hackers using tools to try thousands of password options at once. Using a password manager can be helpful if you’re concerned about forgetting your login details.
 
Setting up multi-factor authentication on your phone, such as a fingerprint or FaceID, is one of the best ways to build strong online banking safety for your financial accounts.

Protect Access to Your Devices

Aside from having strong login protections for apps, one of the most significant areas of online banking safety that many people overlook is protecting their devices. Having a strong passcode or password to prevent anyone from accessing your physical device is an essential additional barrier to keeping your online accounts safe.
 
Any devices you use to access your banking apps should have passcodes, FaceID, or fingerprint access enabled to ensure no one can use any of the installed apps without your permission.

Keep Your Devices Up to Date

Another critical area to keep in mind is whether or not the software on your device is up to date. This is something many people overlook when thinking about whether mobile banking apps are safe.
 
Although this doesn’t impact the apps themselves, any vulnerabilities within your device’s software can give cybercriminals access to your entire device, including banking apps.
 
Install mobile software updates regularly (you’ll typically be notified of these within your phone or tablet settings) and keep any antivirus software installed on your laptop updated.

Don’t Check Banking Apps in Crowded Areas

One of the best cybersecurity tips you can remember is to avoid checking your banking app in crowded locations.
 
It’s easy to open the app while standing in a checkout line, on public transportation, or at a sporting event. But it’s just as easy for someone to glance over your shoulder and see all of your private account information.

Use Secure Wi-Fi Only

The convenience of mobile banking is hard to beat. But when you’re on the go and away from the safety of your home Wi-Fi network, the chance of cybercriminals accessing your accounts is greater.
 
If you need to check your banking app while out of the house, it’s best to use your device’s cellular data or access secure Wi-Fi using a VPN connection. This will hide your device’s IP address and keep any browsing you do private. That includes logging into your online banking apps.
 
Public Wi-Fi networks are not always secure, so never take this risk unnecessarily. A VPN will allow you to still access all of your financial information on the go, while keeping hackers in the dark about what you’re doing while browsing in public.

Don’t Leave Devices Unattended

Leaving your devices unsupervised in public is never a good idea—after all, you don’t want someone to walk off with them! But leaving them alone in a public space with your banking apps open, or even your device unlocked, is one of the quickest ways to have your financial details stolen.
 
Always take precautions to safeguard your devices when out in public. Know where your device is at all times, never let anyone use your device without you being present, and keep your login details safe and secure from anyone who shouldn’t have access to them.

Setup Account Alerts

Setting up account alerts is a great way to feel safer and better protected from cybercriminals when it comes to your digital accounts. These alerts will monitor your bank accounts and send you an email, text, or even a phone call if accounts:
 

• Drop below a designated amount.
• Register unusual deposits or withdrawals.
• Have key details like contact information changed.

Watch For Phishing Scams

While phishing scams are not unique to mobile banking, these apps are often some of the biggest targets, as criminals have more to gain if they can access your financial information.
 
Email and text phishing scams are particularly prevalent around the holidays when people spend more money, so it’s always sensible to be on the lookout for suspicious messages you may receive.
 
Even if you choose not to use mobile and online banking apps, it’s still a good idea to be aware of what phishing scams are and how you could become a victim. Educate yourself on the types of messages that scammers could send, and always verify the source of a message before responding or clicking on any links from unknown or unexpected senders.


 

Benefits of Mobile Banking

If you’ve never used online or mobile banking, taking some of these additional safety steps may feel daunting. But don’t be deterred by these. Even if you don’t use digital banking features, you should always practice safe and secure habits when doing anything online.
 
There are many ways that online banking can make your life easier. These benefits can make your accounts safer and be a convenient addition to your life.

Online Banking on the Go

Both online and mobile banking are designed to make your life as easy as possible and give you access to your finances anytime, anywhere in the world. You’ll save time by being able to log in to your online accounts quickly and securely, both from a computer and mobile device.
 
Anything you can do with online banking, you can also do with mobile banking. Transferring money between accounts, paying bills online, viewing transactions, or even sending money to friends and family are all possible via online banking apps.
 
As a First National Bank and Trust customer, you’ll soon benefit from our upgraded bill pay service via online banking. Our simplified bill pay platform will allow you to make real-time payments for services you use. You’ll also be able to use “Picture Pay” to photograph your bill, automatically importing the payee information to make setting up a new bill quicker and simpler.

Features Unique to Mobile Banking

Mobile Deposit

Need to deposit a check but don’t want to go to the bank? With mobile banking, you can deposit checks to your bank accounts straight from your smartphone or tablet .
 
Once you’ve logged into your account, simply take a picture of your check, front and back, within the Deposit section of the app. You’ll see your money in your account at the same time as you would as if you’d taken your check to a local branch.

Digital Wallet

With mobile wallets, you can easily pay for goods and services using your smartphone rather than taking a physical debit or credit card out of your wallet. Contactless payments are now available with many vendors on their point-of-sale systems, giving you the option to tap a contactless card or scan your device.
 
You can safely and securely store your card details in your smartphone in the designated digital wallet features, along with tickets like boarding cards, concert tickets, or even your ID in some states.
 
Digital wallets are a convenient way to access your money at all times. No more worrying about leaving your wallet at home!
 
In many cases, digital payments are even more secure than card payments, with transaction data encrypted between your device and the payment terminal. That means no sensitive information is shared, which makes it more difficult for thieves to access your bank accounts.

QR Codes

You may also choose to pay digitally using a QR code supplied by a vendor. The use of QR codes saw a resurgence following the COVID-19 pandemic, with restaurants and other in-person businesses using these to cut down on physical menu sharing between customers.
 
Some now print QR codes on their receipts, allowing customers to pay virtually using their connected digital wallet.
 
There are some risks associated with QR codes, so it’s important to understand what to look for when keeping your financial information safe. Only scan codes you trust, such as those on a restaurant table or directly supplied by a vendor.
 
Look to see if any stickers have been placed over the original QR code, and always use your smartphone’s camera to open the code rather than downloading a QR reader app.

Mobile Banking with FNBT

As a local community bank in Southern Wisconsin and Northern Illinois, First National Bank and Trust has an extensive portfolio of digital, online, and mobile banking features to help you easily manage your accounts on the go, in the office, and at home.
 
Whether you’re using a mobile device, a laptop, or a desktop computer, our banking services are here to make managing your finances as easy as possible. Contact us today or visit a branch to learn more about online and mobile banking.