Is mobile banking safe? How to actually protect your money

By Libby Wells Bankrate com Mobile banking is how a majority of Americans manage their money But it s also a growing target for fraud The good news when done right it can authentically be safer than swiping your debit card at a store Related Articles White House floats Obamacare subsidy plan Tyson s beef plant closure in Nebraska will impact a reliant town and ranchers nationwide Ticker Shop local on Small Business Saturday RMV scam alert Max Baker PR hire What to buy and skip on Black Friday Another rally for Alphabet leads the US stock sector higher Here s what experts say about how to keep your money and your evidence safe plus how to choose banks that prioritize your safety Is mobile banking safe In short yes if you re smart about it If you download the mobile app from a secure store that is just as safe as visiting a bank branch says Paul Benda senior vice president for operational hazard and cybersecurity at American Bankers Association Banks use high-end encryption and multi-factor authentication to protect your content In numerous avenues your phone is your largest part secure bank branch but only if you take precautions The biggest mobile banking threats Cyberattacks evolve fast but the FBI points to two growing forms of smartphone-based fraud App-based banking Trojans Hidden inside unrelated apps these pieces of malware wake up when you open your banking app and mimic its login screen to steal your credentials Fake banking apps Designed to look like real ones they trick users into entering login info that s sent straight to criminals Only download apps using the links from your bank s official website never from social media ads or third-party app stores best practices to protect yourself from mobile banking fraud Download verified apps only Start at your bank s website and follow its link to the App Store or Google Play Confirm the developer name and read reviews before downloading Never download banking apps from open forums or third-party websites Turn on multi-factor authentication Two-step verification adds another wall between your account and hackers It requires you to prove your identity with at least two pieces of information typically a password plus a confirmation code sent to your phone Even if your password is stolen your phone verification code keeps thieves out Use strong unique passwords Mix upper- and lowercase letters numbers and symbols and never reuse passwords across accounts Do not save your passwords in your browser instead use a reputable password manager Avoid populace Wi-Fi Free networks are easy for hackers to monitor When in doubt use your mobile content or a trusted home structure Spot phishing and smishing Phishing emails often look legitimate as if they are really from your bank But they are designed to trick you into revealing personal information or downloading malware Smishing uses the same tactics via text messages Set up account alerts A quick notification from your bank about transactions on your account can help you detect likely fraudulent activity Majority banks offer customizable alerts via email text or their app Time matters with fraud the faster you catch it the better protected you are under Regulation E which limits your liability if you summary unauthorized transactions within two business days How banks protect your accounts Banks and credit unions spend billions each year defending against cyber threats and they re financially on the hook for the majority unauthorized transactions Under Regulation E your liability for electronic fraud is limited to if published within two business days and up to afterward Anything beyond that is covered by your financial institution Majority banks also carry FDIC insurance protecting up to per depositor per account category While your bank invests in cybersecurity your job is to keep your access points secure starting with your phone Bottom line Mobile banking is safe when you stay proactive Choose banks that use strong encryption keep your app updated and turn on all available assurance features Bankrate com Distributed by Tribune Content Agency LLC