Mobile Banking Tips

Apps that allow you to use your smartphone to make payments through your credit card, bank, even your Starbucks card are very convenient. But because of their growing popularity and direct connection to payments, phishing apps are starting to emerge that look just like legitimate payment apps. These apps can steal your account number and password or connect you to a fraudulent site without your knowledge. Unfortunately, it can be difficult to tell whether a payment app is safe or not.

Lookout Mobile Security scans any payment or banking app you download to be sure that it can be trusted with your sensitive personal and financial information. If your smartphone is lost or stolen, Lookout Premium can remotely lock it to ensure no one has access to your account data or wipe it clean of any personal data and passwords that could be used to access your accounts.

In addition to installing mobile security software, here are some security tips that can go a long way toward mobile payments protection

  1. Keep control of your phone and passwords. Just as you need to be careful when you give your credit card number to someone, be careful where you enter your login information. Never enter your login on a website or in a mobile application that you haven’t accessed from a trusted company.
  2. Look for the “s”. Only enter your account or credit card information on a site that begins with “https:” or displays a lock symbol.
  3. Be careful where you click. Be very selective when deciding whether to click on links within emails, SMS or social networking sites that ask for your personal information. With Lookout Safe Browsing, you can ensure that every site you visit is safe from phishing attempts and malware attacks.
  4. All pop ups aren’t meant to be annoying. Take note of pop up notices and alerts, they may be trying to tell you about potential threats or warn that you are leaving a secure environment.
  5. Read the fine print. Take a moment to read an application’s privacy policy. Will the app expose your private info to other users or any potential buyer of that data? Be aware of what apps are doing with your private data. Lookout’s Privacy Advisor helps you understand what apps can access your personal data.
  6. Download apps carefully. It’s best to only download applications (especially mobile banking applications) from trusted sources and trusted developers. Trust is often difficult to establish with the limited information available on a download site – so it is important to research third party reviews and look at the ratings before you download.
  7. Download app updates regularly. The Lookout Mobile Security app is automatically updated from the cloud to protect users from the latest threats, but the same may not be true of your banking and payment apps. Be sure you check them for updates regularly, as often times these may include fixes to any security flaws.
  8. Auto-lock your smartphone. Set your phone to require an access password and enable your screen to auto-lock in five minutes to keep your information private.
  9. Set a strong password. Don’t reuse passwords or use names or numbers that could be easily guessed by looking at other information on your phone. Try to use numbers, symbols and capital letters in your password and change it frequently.
  10. Stay off unencrypted Wi-Fi hotspots. You would be surprised how easily someone can sniff private data from your smartphone using free software, a standard laptop, and a $50 antenna. If you are doing banking online from your phone, avoid public Wi-Fi hotspots that don’t require a password.