Is Mobile Banking Safe?

We recently announced the addition of eMobile banking to our product line-up at Reliabank. Many customers have taken to it as easily as online banking from a computer, while some still hold out on the fear of being hacked and that their financial information would be available for anyone to see. We would like to put these fears to rest.

First, what exactly is eMobile Banking?
eMobile banking is simply banking from your cell phone or smart phone. It makes shopping easier by allowing you to check your balance before you commit to a high priced item or overspending on some new must-have item. You can check your balance using your phone, and maybe make a quick transfer between accounts if necessary. But if you access your bank account information on your mobile phone, are you jeopardizing the security of your checking and savings accounts?

No, says Phil Blank, the managing director of security, risk and fraud at Javelin Strategy and Research -- not as long as you exercise some basic online street smarts.

Here is what you need to do to be sure the transactions you make using a smartphone are safe:

Do . . .

•Stick to your bank's mobile banking featuring; at Reliabank we've taken the necessary steps to minimize any risk to your accounts, whether you access them on your mobile phone or from your computer. eMobile Banking offers the same high level of security as our Online Banking platform, allowing you to bank anywhere using your mobile phone, 24 hours a day, 7 days a week. It's completely safe and secure.



•Treat your smartphone as if it's a PC. What a smart phone really is is a PC that happens to make phone calls. If you look at your phone that way, you're minimizing your risks. For instance, install antivirus software on your phone as you would on your PC.

•Monitor the whereabouts of your phone. One big difference between your smartphone and your desktop computer is that the latter is much less likely to fall out of your pocket or purse. Check every so often to make sure your smartphone is on you when you're out and about.

Don't . . .

•Use public Wi-Fi access to conduct your banking business. You can't be sure it's secure. Opt for wireless networks that require a network security key or have some other form of security.
•Leave the keys in plain sight. Never send a text message on your phone containing sensitive information such as your Social Security number, checking or savings account number, or your account passwords. We don't give the customer the option to store anything sensitive on their phone. That's for your own protection.

•Be fooled by emails or text messages asking for personal information. Often, these "phishing" messages claim to be from your bank and ask for personal information or ask you to click on provided links to update account information. We would never ask you to provide your ID or password in an email, on your computer or over your cell phone.
Using your phone to bank on the go can be a great convenience. As long as you're smart about it, there's no reason you shouldn't use eMobile banking.

To find out more about Reliabank's eMobile banking, visit our online demo for more info.

Parts of this article: MoneyRates.com.