With smartphones being a huge part of people’s lives, it seems like mobile banking and payments are starting to become the norm.

Because of this there are new security risks involved. Below are 4 tips on how to safely manage your money on your mobile device.

Don’t use public WIFI for mobile banking.

Being able to manage your money anywhere is a great feature of mobile banking, but just because you can access your accounts anywhere doesn’t mean you should. Using public WIFI puts your accounts and personal information at risk. If you are needing access to your accounts while out and about, consider turning your WIFI off and using cellular data. Another great option is to use a VPN (virtual private network) app to make your connection to public WIFI more secure.

Update your passwords often.

Need help maintaining strong passwords? Check out these tips…
⦁ NEVER use the same password for multiple accounts.
⦁ Have lengthy passwords with a variety of letters, numbers, and symbols.
⦁ Change your passwords every couple months.
⦁ Use a password vault to store your passwords instead of keeping them on your phone or in a notebook.
⦁ Use two factor authentication whenever possible.
Even though it might be easier to cut corners, your financial security is too important to take risks. These tips make it much more difficult for anyone to gain access to your accounts.

Check your accounts as often as possible.

Checking your accounts regularly and making sure you recognize all the transactions can help prevent fraud. If you see a transaction that you don’t recognize, it is always a good idea to contact the merchant or your credit union to dispute, if needed. Checking your accounts regularly can also alert you to bad spending habits and help you save money in the future.

Keep your debit and credit cards secure with mobile wallets.

Paying with your mobile wallet (Samsung Pay, Apple Pay, etc.) is actually more secure than swiping your card. Each time you use your mobile wallet it creates an encrypted code that can only be used for that specific transaction. This means the merchant never has access to your card or personal information. If you use a mobile wallet, you can leave your cards at home and eliminate the risk of them being stolen.

The world is changing and becoming more technology-based. Taking a few preventative steps can help you navigate this new world and keep your accounts secure.

Head over to our last post to learn some tips for your tax returns!