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It’s so easy and convenient. Mobile banking is at your fingertips, but should you feel comfortable accessing your account(s) from your phone or tablet? Is it safe to pay your bills, make your mortgage payments, transfer your money and even deposit your checks on your device?
Experts in the banking industry are confident it’s OK and that you’re information is protected. Not to mention the makers of iPad, iPhone, Android and BlackBerry promote them as handy, reliable financial assistants.
Most credit unions and banks are so sure they can promise mobile banking safety that they offer to cover the loss from unauthorized uses. There are, however, some key factors on your end to help with the safety – like only accessing banking info when you trust the WiFi network or using your mobile phone provider’s coverage.
If you’re still a bit leery, call your financial institution and talk through your concerns with a member representative – or have an online chat with them.
The facts
Personal banking information is not stored on mobile phones. Furthermore, account numbers and information are protected by encryption, modern anti-identity theft technology along with unique personal identification numbers and passwords.
A recent study by Morgan Stanley showed that 91 percent of survey participants keep their mobile phone “within arm’s reach 24 hours a day.”
The study implies that mobile phone awareness among Americans is extremely high, thus, they would recognize losing or misplacing their phones much quicker than something like a credit card or wallet.
To increase safety even more, many financial apps leverage the ease of push notifications to inform and alert users of what could be fraudulent activity.
Ways to be sure you're safe on mobile
- Always log off, don't just exit. Go through the whole process.
- Download ONLY authorized apps.
- Do NOT store login information, even just a user ID.
- DO download an anti-virus app. Free apps are available.
- React quickly if your phone is stolen or if you suspect a breach.
- Never give out personal information through your email. Reputable financial institutions won’t ask for it.
- Make sure your email is secure on your phone. Someone could reset your password through your email if they had access.
Goldenwest Credit Union offers a full suite of Mobile Banking and Merchant services. Their mobile apps allow you to deposit checks, check account balances, transfer funds; view transaction history, pay bills, locate the nearest ATM; accept credit card payments and even transfer money to a friend. Learn more at gwcu.org
