Mobile Banking and Payments

Consumers are increasingly relying on their mobile devices for online banking, payments, and shopping. We can check bank balances, deposit checks using a mobile device's camera, pay bills, transfer money to friends, and make purchases directly from our phones. However, these activities require us to share sensitive personal information, such as names, account numbers, email addresses, and passwords. It's important to consider both the benefits and potential risks of mobile payments and banking to ensure your information remains secure.

• As of 2024, 51% of adults bank online, with 32% of adults using their mobile devices for banking
• Young adults aged 18 to 29 are leading this trend, with 54% banking on their mobile devices
• Additionally, 22% of all mobile phone owners have made a mobile payment, up from 15% in 2012
• Interestingly, 62% of non-mobile payment users cite concerns about the security of the technology as the reason for not using mobile banking or payments

Protect yourself when using mobile devices for banking by following these tips to safeguard your information when using mobile devices for online banking, payments, and shopping:

• Use Strong Authentication. Whenever possible, enable strong authentication methods for your accounts, particularly those containing sensitive information like your email or bank accounts. Strong authentication helps ensure that only authorized users can access your accounts. For instance, you might receive a one-time PIN sent to your mobile device, adding an extra layer of security beyond just your password and username.
• Create strong passwords. For your password, use an uncommon phrase that includes a mix of letters, numbers, and special characters. The longer the password the more secure it is. Try to create passwords that are 15 characters or longer. Use a password manager to keep all of them unique so you don't have to remember them all.
• Use unique passwords. Make sure to use different passwords for various programs, accounts, and devices. By having distinct passwords, even if one gets compromised the rest of your accounts will remain secure. Avoid saving passwords to your browser to enhance security.
• Check your account statements regularly. Make it a habit to review your banking, credit card, and payment service statements frequently. This helps ensure there are no unauthorized charges or withdrawals, keeping your accounts secure.
• Know your applications. Before downloading and installing an app, take the time to review and understand its details. Be mindful that apps may request access to your location and personal information. Decide what information you are comfortable sharing.
• Review social media permissions. If a payment service is linked to your social media account, your payment or purchase history could be unintentionally shared with your wider network. The more you share about yourself online, the easier it is for someone to use that information to access your accounts or steal your identity. Make sure to review and understand the privacy permissions and settings of your social media accounts. Share as little information as possible to use those services.