Using Mobile Banking Safely

April 24, 2013
Is mobile banking safe? That’s a common question asked of the Federal Deposit Insurance Corporation (FDIC). In the March FDIC Consumer News they address this concern.

With more banking being done online many of us are asking if it is safe to do banking on smartphones, tablet computers and other mobile devices. What do you do if they are stolen? Take precautionary action. I am getting a new smartphone. When I do I want the feature that will let me remotely erase content or turn off access to a device or account if that mobile device is lost or stolen. And, the new phone will have a stronger password to access the phone than I do now. As much as I resist doing so, I’ll change the password at least once a year.

If your phone is stolen, contact your bank, credit union and other places you have investments.

Other things the FDIC says to do:
  • Avoid using unsecured Wi-Fi networks, such as at your favorite café or coffee shop. Of course, don’t send account numbers in e-mails or text message.
  • Research any application (“app”) before using it. Don’t download the bank’s app unless it is from the bank’s website or a legitimate app store. It could be a “look alike” trying to con you into believing the app is legitimate.
  • Don’t use the same password for your financial apps and/or your phone.
  • Be on guard for phishing. It will continue because it works. They could say in a text or email that they are from your bank and urgently need personal information or your bank account number. Delete immediately.
To read the entire Winter 2012/2013 FDIC Consumer News go to It will be worth your time.