How to protect yourself when using mobile banking

Mobile banking has become an integral part of the everyday life. Finance management is now more convenient: you can pay bills, transfer money, make purchases literally anywhere – all you need is an Internet connection.

However, despite all the simplicity and accessibility, it is important to remember about cyber threats. Despite the fact that banks use reliable security systems, fraudsters actively exploit vulnerabilities in behavior of the users themselves.

The Agency for Regulation and Development of the Financial Market reminds that financial security begins with vigilance of the consumer of financial services. Below are simple but important recommendations that will help protect your money.

 

Security when connecting to public Wi-Fi networks

Public Wi-Fi networks (in cafes, shopping centers, hotels, etc.) are often not properly protected. When connecting to such networks, there is a risk that attackers will be able to:

• create a fake network with a similar name;
• intercept unencrypted traffic;
• inject malicious code into the login or payment page.

To reduce risks when using mobile banking via public networks:

• check which network you are connecting to – ask the staff for the official name of the network;
• do not enter logins, passwords or card details if interface of the site or application is different from what you are used to;
• use a secure connection if necessary – for example, via mobile Internet or an access point from your device;
• end the session in the application after transaction is over.

 

Use strong passwords

Password for the banking application must be complex and unique – do not use the same password as for social networks or email. This will protect your finances, even if another account is compromised.

To increase security:

• create a password of at least 10 symbols;
• use letters of different upper and lower case, numbers and special characters;
• do not write passwords in notes or instant messengers;
• use a reliable password manager if necessary (for example, built-in Google or Apple ID).

 

Enable two-factor authentication (2FA)

Two-factor authentication is an additional protection that requires login confirmation via a one-time code (e.g. via SMS). For maximum security:

• activate 2FA in the banking application settings;
• use SMS or, if possible, authenticator applications (Google Authenticator, Microsoft Authenticator, etc.);
• do not transmit confirmation codes by phone or in messengers – even if the caller introduces himself as a bank employee.

 

Activate notices from the bank

Enable SMS or push notices about any transactions on the account. This will allow you to immediately notice suspicious activity and quickly block access.

 

Download applications only from official sources

Install the mobile banking application only from official stores (App Store, Google Play) and only from official developers. Do not follow dubious installation links from messengers, emails, SMS or social networks - this can lead to installation of malware.

 

Protect access to your device

• use a PIN code, fingerprint or Face ID to unlock;
• do not save passwords in plain text, especially in notes or open documents;
• if you lose your phone, immediately block the SIM card and access to applications.

 

Additional security measures

• set a daily limit for transfers;
• regularly check the list of active devices in the banking application;
• if you change your phone number, be sure to notify your bank about this to retain the ability to confirm transactions and receive notifications.

 

The Agency also warns that bank employees never request confirmation codes, passwords or card details. If you run into a suspicious activity, contact the bank immediately.

 

More useful materials are available on the Fingramota.kz website.