[Image] Mobile Banking Security

Remain Safe: Four Mobile Banking Security Tips

August 7, 2014
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The Smartphone intelligent capabilities have fueled the expansion of mobile banking in ways no one had ever imagined.

But as the scope of mobile banking expands, the biggest hurdle facing this sector continues to be Security.

Today you don’t need to visit your local branch to enjoy banking services.

With just a few taps on your Smartphone, you can accomplish just as much as you would by visiting your bank. Make balance inquiries, account transfers, deposits and withdraw money.

The mobile banking is yet to be fully exploited due to security concerns. There is a potential risk with sensitive data being stored on mobile devices and transferred over the airwaves.

Check some common threats and mobile banking security tips.


Phishing involves being tricked to reveal sensitive information such as passwords and your bank details. The trick may be as simple as an SMS or email. It can also be as complex as a fake website-spoofed website- that looks exactly as your bank’s website.

How to stay safe

Never follow a banking link sent to you through an SMS or email. The links are potential phishing schemes, and by entering your banking information in a spoofed website, you will have handed the data to thieves in a silver platter.

Always navigate through your bank website directly or enter the web address in your phone and bookmark it. In so doing, you can avoid a spoofed website and keep safe.


Malware is another cybercrime threat that is targeting mobile banking. Your device might be unknowingly installed with an app to leak your sensitive information, like banking information. These are mostly auto-run applications and some even provide the attacker with remote access to your mobile device.

How to stay safe

Though mobile devices are less prone to malware than computers, Smartphone is just minicomputers. It’s possible therefore for an App to be designed to leak sensitive information.

You should thus be careful when downloading Apps, and only download App- including banking app-from trusted sources. Where possible, always use and download official bank apps.


The mobile banking is also facing email, mobile, debit and credit card fraud. You might be hoaxed to replying fraudulent emails or SMS disguised as official communication from your bank.

Emails or SMS are presented to appear as an urgent situation concerning your account that needs your immediate attention.

You are then instructed to follow a link, clicking the link might be enough to enable access to your mobile device and make you one of the many fraud victims.

How to stay safe

Avoid using public networks while carrying out your banking activities. The public Wi-Fi is not always secure, and you never know you who might be listening. Disable the Wi-Fi before you log into your mobile banking account.

Stolen Smartphone

The one thing that makes mobile bank popular is the same that presents the biggest risk. Mobile devices are easy to carry around.

If your Smartphone falls into the wrong hands, all the personal information stored in it can be used against you in all manner, including fraud or access to your mobile banking accounts.

How to stay safe

Apart from keeping your Smartphone with you all the times, you should have a protection mechanism that can hide or destroy data stored in it if stolen. Your Smartphone, is a personal effect, treat it as such!

In general, Android being an open source platform means Android Smartphone users should be more aware of malware and as such consider installing antivirus software.

User of both an iOS and Windows Smartphone will not find third-party security apps and will have to rely on its built-in security features.

Closely Related: How Selling Your Old Cell Phone Online Puts Your Privacy at Great Risk

Kevin is a Passionate Technology Enthusiast and the Lead Writer at MobiTrends. He has been writing about Smartphones and Mobile Technology since 2012. Drop him your comments below :)

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