Is mobile banking secure? I get asked this question more times than I can remember and the answer is always the same. It can be!!
Let me explain. My personal banking is through Barclays and I must say, for me, their online banking is superb and their mobile app (Android) is even better. I can very easily transfer money between my accounts and even pay my bills without leaving the comfort of my living room. I can also contact Barclays through the app which basically by-passes security as it is assumed I am making the call, which I must admit is a bit scary. There is a woft of “convenience” about the whole mobile banking thing which I like, however I am fully aware of the dangers. I have a passcode on my phone and another (different) code to access my banking app. There are also various other passcodes to apps such as Dropbox and finally I have the ability to wipe my phone using BitDefender. If my phone gets lost or stolen I am not really that worried about data theft. A lot of people however are not so security conscious.
The biggest concern for me is where I use my mobile banking. Public wifi is a non starter as you don’t know who else is on the same network and, for me, 3 or 4G is also out for the same reason. I tend to use wifi networks I trust so that is home, friends and maybe some clients. If you can’t trust the network you are using don’t bother using mobile banking.
So is it safe? I would say mobile banking is along the lines of crossing the road. If you take sensible precautions (like looking both ways) and don’t use it everywhere (crossing a motorway anyone?) then you will be safe. Yes it is convenient but treat it with respect.
About the Author
Follow @Comtech247 on Twitter