Businessmen and women using online banking tools

Essential Mobile Banking Safety Tips

Published October 24, 2023

By Lori Bauer | Personal Banker | Deshler Branch

In today’s digital age, mobile banking has revolutionized how we manage our finances. With just a few taps on our smartphones, we can check account balances, transfer funds, pay bills, and even deposit checks.

However, the convenience of mobile banking also comes with certain risks. To ensure the safety of your financial information and protect yourself from potential threats, it’s crucial to follow some essential mobile banking safety tips. We’ve put together some valuable strategies that will help you navigate the world of mobile banking securely.

Download the Official Banking App:

When opting for mobile banking, always download your bank’s official mobile app from a trusted source, such as the Apple App Store or Google Play Store. Using the official app ensures you have the most up-to-date security features and minimizes the risk of downloading a fraudulent or compromised application.

Update Your Device and Apps:

Regularly updating your mobile device’s operating system, as well as your banking app, is essential for maintaining security. Updates often include security patches that address vulnerabilities discovered in previous versions. Enable automatic updates to ensure you are always running the latest and most secure software.

Create Strong and Unique Passwords:

A strong password is the first line of defense against unauthorized access to your mobile banking app. Use a combination of uppercase and lowercase letters, numbers, and special characters. Avoid using easily guessable information, such as your birthdate or name. Additionally, consider using a password manager to store and generate unique passwords for each online account securely.

Enable Two-Factor Authentication:

Two-factor authentication (2FA) adds an extra layer of security to your mobile banking app. By combining something you know (password) with something you have (such as a unique code sent to your mobile device), 2FA significantly reduces the risk of unauthorized access, even if your password is compromised. Enable this feature in your mobile banking settings for added protection.

Be Wary of Phishing Attempts:

Phishing is a common technique used by cybercriminals to trick individuals into revealing sensitive information. Be cautious of emails, text messages, or calls requesting personal details or financial information. Legitimate banks will never ask for such information via these channels. If in doubt, contact Midwest Bank directly using our official customer support contact information.

You can never be too careful when it comes to monitoring your finances and watching your bank accounts. Remember never to give out your personal information; always remember to verify first, call us at the bank, or stop into a branch before giving out your information. Don’t let the fraudsters get to you and your hard-earned money.

Lori Bauer

Avoid Public Wi-Fi Networks:

Public Wi-Fi networks, such as those found in coffee shops or airports, are often unsecured and can leave your personal information vulnerable to interception. Avoid conducting mobile banking transactions when connected to such networks. Instead, use a trusted cellular network or a secure Wi-Fi network with a strong password.

Keep an Eye on Your Accounts:

Regularly monitor your bank accounts and transactions for any suspicious activity. Set up account notifications to receive alerts for large transactions, withdrawals, or changes in your account information. If you notice any unauthorized activity, report it to your bank immediately. You can easily set up alerts for your Midwest Bank accounts on our online or mobile banking platforms. You can customize the alerts to notify you about transactions, deposits, transfers, or if your password has been changed.

Install Antivirus and Anti-Malware Software:

Protect your mobile device from malware and viruses by installing reputable antivirus and anti-malware software. These applications can help detect and remove malicious software that could compromise your mobile banking security.

Enable Remote Lock and Wipe:

In case your mobile device is lost or stolen, enabling remote lock and wipe features can prevent unauthorized access to your personal and banking information. This feature allows you to lock your device remotely or erase its data entirely to ensure your financial details remain secure.

Mobile banking provides unparalleled convenience, but it’s essential to prioritize the safety of your financial information. By following these mobile banking safety tips, you can significantly reduce the risk of falling victim to cyber threats and safeguard your hard-earned money. Stay vigilant, update your devices and apps regularly, and employ strong security measures to enjoy the benefits of mobile banking with peace of mind. You can always contact Midwest Bank staff to verify transactions, receive help setting up alerts, or answer your questions related to online banking.

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