Mobile banking can be a great way to pay your bills and deal with your finances on the go, but if you are not careful, your banking information could fall into the wrong hands and you could see your credit score drop in no time. Here are a few ways to protect your finances and credit score while you are doing your banking on your phone:
Ways your information can be stolen
To help better protect your information and prevent cyber criminals from stealing your information, you should first understand the most common ways to be hacked. By being alert, you could keep yourself from becoming a victim. Here are some things to look out for:
- Fraud: When your information is stolen and thieves use it to open up new lines of credit.
- Phishing: Thieves can install fake applications through the app store or send bad text messages and email that can get your info.
- Malware: Dangerous software that is installed on to your phone.
Create a secure password
One of the first levels of security you have with your banking information is your username and password. These are used to help protect your account and you should only know Although these are intended to be security precautions, they are only as secure as you make them. Using your birthday or your name as a password are some of the first things thieves will try. To help beef up your security, think of a strong, creative password that only you will know.
Remember to log out
Many times, websites or apps will ask if you would like to save your login information. This can be a great way to cut down the time of logging in to various websites, but you should avoid doing so. By staying logged in, your information could be stolen. This can lead to thieves accessing your accounts and causing the eventual drop of your credit score.
Avoid public Wi-Fi networks
A slow Internet connection can be a major pain, but be careful about public Wi-Fi connections. Although Wi-Fi networks may be protected, you never know how secure it is at public hot spots. Try to avoid these networks as much as you can.
Delete text messages after viewing
Some financial institutions will allow you to send text messages in order to check your balances, but be sure to delete this information once you have viewed it.