Warning signs to watch out for when banking on your mobile

Mobile banking is making managing our finances easier than ever before. Moving funds from your savings account and reimbursing friends can now be done instantly. However, with cybercrime on the rise, it’s a good idea to be aware of the risk of hacking and how to spot a potential cyber-attack.

While you should embrace mobile banking, make sure you’re conscious of these warning signs.

Slow or inaccessible service

As the British bank, Lloyds, recently discovered, a DDoS attack – which we’ve described elsewhere on JAG – can cripple mobile banking services. If you’re trying to access your account, but are receiving an error message or finding the process extremely slow, then it’s possible your bank has fallen victim to a DDoS attack. If you’re experiencing problems, it’s a good idea to call your bank to report the problem.

Bogus emails and texts

It’s also sensible to be aware of phishing attacks. We’ve discussed some of the warning signs in our posts on email safety and text messages. The vast majority of banks do not ever ask for login credentials via email or phone, so if you receive a message requesting them, then it’s likely the email is fraudulent and designed to acquire your personal information.

Unauthorized transactions

Almost all mobile banking apps come with the option to view your transaction history. If you notice purchases that you don’t recognize, it’s possible your account has been breached. You should report the issue to your bank immediately by phone and follow their advice.

You can minimize the risks of your account being breached by choosing a strong password, changing your login details regularly and avoiding using the same username/password combination for every website.

Avoid public WiFi

As we discussed in our other post, it’s a good idea to avoid public WiFi when you’re moving money around on your mobile. You don’t want to run the risk of accidentally connecting to a fraudulent network.

Don’t let security concerns dissuade you from using mobile banking apps at all. They’re extremely useful and can make your daily life much more convenient. However, just be aware that cyber security is important and try to minimize the risk of your account being hacked.