Mobile Banking Safety

Mobile banking is convenient and efficient, but there are some risks to be aware of and you shouldn’t let your guard down. The popularity of mobile devices (nearly all adults own a smartphone) makes them a common target for cyber criminals.

There are general guidelines and precautions you should always follow when accessing your accounts online and conducting mobile banking. Always remember, your bank will never ask you for account numbers, passwords or other sensitive personal information by email, telephone, or text message.

What is Mobile Banking?

Mobile banking is the term for accessing bank services using an app or website on a mobile device such as a phone or tablet. The appeal of mobile banking is that you can access your bank accounts to check balances, transfer money between accounts, and make payments no matter where you are. Any time that you use a bank service through a mobile device, such as logging into your account or responding to a text message fraud alert, you are conducting mobile banking.

Most banks allow customers to conduct many routine transactions and services online. These often include:

• Viewing account balances
• Seeing a record of account transactions
• Reviewing eStatements
• Depositing checks
• Transferring funds between accounts
• Sending checks and paying bills

Banks have security features to help safeguard your information. Many mobile banking apps time out after a short period of inactivity to secure your information and keep others from accessing it. Alerts can be set so you receive a notification when transactions are conducted on your account and if something looks odd you can notify your bank right away.  Other features may allow you to use your bank’s app to temporarily lock your debit card so that it can’t be used, and unlocked later when you need to use it.

In addition to the safety features provided by your bank, there are levels of protection you can manage and control.

Password Safety Tips

The first line of defense to protect your personal information is strong, secure passwords.

• Don’t reuse passwords across different sites, especially any that you use for mobile banking.
• Never share your PIN, password, or security question with anyone or save it on your phone or computer.
• Use the password-protect feature on your phone so others cannot access your information if your phone is lost or stolen.
• Enable multi-factor authentication (MFA) for all sensitive accounts. MFA is the authentication of a login using an additional method such as sending a text message or email with a special code. While entering codes may seem like a hassle, it can prevent someone who doesn’t have access to your phone or email account from logging into an account even if they have the password.

Mobile Safety Tips

In addition to protecting your passwords that allow access to your information and accounts, you should be vigilant when accessing your information.

• Always log out of your banking app using the “sign off” or “log out” command when you’re done.
• Add mobile security software to your device, if possible.
• Log out and close your browser when you are not using the internet on your phone.
• Prevent text messages from being read while your phone is locked.
• Use secure, encrypted websites for transactions using your mobile phone.
• Never click on web links in unsolicited text messages.
• Never respond to unsolicited text messages. If you don't know who sent it or you didn't expect it just delete it.
• Check your phone bill for unwanted services that charge for premium content or direct billing charges.

Monitor Your Accounts

Security starts with passwords, but it doesn’t end there.  There are other steps to take to protect your accounts and information.

• Monitor your accounts and records on a regular basis.
• Set alerts to notify you of purchases or withdrawals from your account and contact your bank immediately if something doesn’t look right.
• Don't click through to websites from emails, even if they look like they are from your bank.
• Never give your password or account number on a website you are unsure about.
• Don’t check your account using public, unsecured Wi-Fi. Stick to private, trusted networks such as the hotspot from your smartphone.

Device Safety Tips

• Keep software up to date. Enable automatic updates for the operating system software to help protect your device with the latest security patches.
• Set your phone and tablet to automatically lock when not in use.
• To help protect against unauthorized use of your phone, require a passcode or biometric such as your fingerprint or face to unlock it.
• Keep your phone secure:
  • Never leave your phone unattended in a public place.
  • Avoid setting your phone on your table at restaurants, on the bench beside you, or in a bag that isn’t secured.
  • Take extra precautions to keep your phone safe when traveling, especially in crowded areas. Say no to strangers who ask if you want your picture taken with your phone.
  • When in crowded places, avoid keeping your phone in your pocket or another easily accessible location.

• If your phone is lost or stolen, contact your wireless carrier immediately to stop your wireless service.

Building habits to establish and maintain security of your mobile device can help protect your accounts and personal information and help to provide an early alert if fraudulent transactions are attempted on your account.

The information contained in this article should not be construed as financial, legal or tax advice, and may not be reflective of terms and features currently offered by Enterprise Bank. Please contact us for details on current product offerings and rates.

If you think you are the victim of fraud related to your account with Enterprise Bank, please contact the Bank’s Call Center at 978-459-9000 or toll-free at 877-671-2265. For additional information on how to protect your accounts, visit https://www.enterprisebanking.com/security.