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Andrew Marder
Many people are suspicious of banking apps. Here are three things that can help.
This article is reprinted with permission from NerdWallet.
According to the Federal Deposit Insurance Corp. 2021 report on unbanked and unbanked households, Americans will , accepted mobile banking as access to their main account more than any other method.
Still, a new NerdWallet survey found that many people are hesitant to use mobile banking due to security concerns. More than two of his five banking customers (42%) who do not use mobile banking apps say they do not trust security as a reason.
These concerns are not unfounded, but they do not prevent the success of mobile banking. Here are some steps you can take to make yourself as safe as possible when banking on your mobile phone.
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Install only trusted apps
Most mobile users use Android or iOS, both of which have an app store. iPhone owners should use the Apple (AAPL) App Store and Android users should use the Google (GOOGL) Play Store. These app stores are your go-to place to find trusted and safe apps.
Apple’s review process for all apps in the store includes numerous security reviews. These cover aspects such as standard privacy policy issues and ensuring that apps don’t mislead users.
Google offers apps certified by the Play Protect system. Play Protect can scan apps added to your phone and remove or deactivate potentially harmful apps. You can also warn about apps that violate Google’s Unwanted Software Policy, which monitors app transparency and usability.
If you’re not sure which mobile banking app to install, go directly to your bank’s website on your mobile phone. Most banks will provide a link to their official app in the app store of your choice. If your bank doesn’t provide it, contact your bank to make sure you get the app you need.
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Use two-factor authentication when possible
According to NerdWallet research, even Americans who use mobile banking apps — almost three-quarters (74%) of users — have concerns about mobile banking. 63% of them said they were worried about their accounts being hacked.
One of the best ways to keep your bank account secure is to set a strong, unique password. It’s “I Love Cats!” Not counted. A strong password can add a second layer of protection with two-factor authentication (2FA).
Two-factor authentication is like the door attendant in your apartment building. You can’t enter the apartment with just the key.
Using 2FA enables an extra security step. Often that means receiving a text or email with another code when logging into your account. Requiring a text means no one can log into your account without access to your phone.
According to a NerdWallet study, 38% of mobile banking app users are worried someone could access their bank accounts if their phone is lost or stolen.
Related: Take advantage of these handy features in your banking app
Manage access to your phone
To prevent strangers from accessing your phone, have a strong lock screen pin, lock your screen when you’re done using your phone, and never share your pin with anyone.
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But even if you do your best not to lose your mobile phone like your wallet, house keys, ID card, or transit pass, accidents do happen. If your phone is lost or stolen, contact your bank. As with a lost credit card, letting your bank know early can help you avoid problems.
Learn more about NerdWallet
Andrew Marder contributes to NerdWallet. Email: amarder@nerdwallet.com.
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