The ease in which your daily activities are now accomplished is astonishing. Between your calendar, clock, email, sports updates, weather updates, social network updates, and, well you get the idea; you almost expect an easy solution to banking on your cell phone after having all the creature comforts mentioned above.
Mobile banking and online banking have become such a dominant force that people actually choose their bank based on the quality and availability of their mobile banking features, according to the experts.
No longer do we have to stand in long, slow lines to deposit a check or sign a check and lick 10 envelopes every time your bills comes due. Now you?re only a few clicks away from doing everything you need to do at the bank. Check your balances, transfer money, pay bills, and even deposit checks all on your smartphone.
Well, even with password security measures and automatic log-outs after a certain amount of time on the application or website, there are vulnerabilities according to CNN.
Malware, the software that is an essential catalyst to online attacks, is hard to come by with smartphones and it?s not a very popular avenue for hackers. Still, the threat exists. Experts say that in the coming year it will most likely become more popular as more and more people start to use the mobile options their banks offer.
Some ?scanners? that have been in use for years, even before smartphone signals were beaming your bank data over the airwaves, to steal your debit and credit card information. These scanners have become more sophisticated and often steal the information without the card owner even knowing what happened. In some extreme cases, even draining accounts of the vulnerable and plunging them into deep debt, only remedied by filing for personal bankruptcy or other drastic measures.
Despite these threats, there are ways in which you can protect your self from any sort of attack on your finances. First, password-protect your devices, say the experts. Laptops, smartphones, and tablets should all have a passcode that only the users know in order to make it that much harder for people to steal your bank information if your device gets stolen or is compromised, according to the experts.
Next, web and text message banking is far more vulnerable to hacking threats than applications that your bank offers. When available, use the app in order to secure your accounts, say the experts. They also say to not save your user name or password within the app or website in order to make it more difficult for the potential thief to gain access.
Another way to defend against hackers is to monitor your accounts frequently in order to sport unusual behavior in your accounts. Many times thieves take small amounts in order to not be detect and then go for a big purchase or withdrawal when they know it?s safe. A good way to prevent this is to always know your account activity and know when something doesn?t look right.
Source: http://www.clearbankruptcy.com/blog/is-online-banking-truly-safe/
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