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Banking – How to Balance Security and Convenience With Online and Mobile Banking

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Users of online and mobile banking know that financial institutions have a layered security approach in place. Those layers include multifactor-authentication, which may mean requiring users to punch in a second security code or carry a key fob, as well as due diligence in identifying customers as real people whose identities haven’t been stolen, and consumer education.

These multilayers may not always be convenient, but they certainly are geared towards making your online banking experience more secure.

Both mobile and online banking reduces time and expenses by allowing customers to review transactions, transfer funds, pay bills, and check balances online or over your mobile carriers network from anywhere.

Enhanced security with SMS transaction notifications and the ability to turn card accounts on or off, and new technologies like mobile check deposit, in which you simply take a cell phone picture of the check, are contributing to the increasing popularity of mobile banking. Eventually, mobile phones may even replace ATMs and credit cards.

As convenient as this is, you still need to consider security.

Set a passlock to access your mobile that times out in one minute.

Set your computer’s operating system to automatically update critical security patches.

Keep your mobile operating system updated.

Make sure your firewall is turned on and protecting two way traffic.

Always run antivirus software on your PC and mobile, and set it to update virus definitions automatically.

Run a protected wireless network. Don’t bank with your mobile on a public Wi-Fi network.

Never click links within the body of an email. Instead, go to your favorites menu or type familiar addresses into the address bar.

Beware of SMiShing which is like phishing but it’s in the form of malicious text messages.

Robert Siciliano, personal security expert contributor to Just Ask Gemalto. Disclosures

About the Author
ROBERT SICILIANO, CEO of IDTheftSecurity.com is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds. His "tell it like it is" style is sought after by major media outlets, executives in the C-Suite of leading corporations, meeting planners, and community leaders to get the straight talk they need to stay safe in a world in which physical and virtual crime is commonplace. Siciliano is accessible, real, professional, and ready to weigh in and comment at a moment's notice on breaking news.

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