Are Banking Apps Safe? 6 Ways to Keep Your Data Secure

Americans’ use of mobile banking apps and online banking continues to grow as fewer people are visiting brick and mortar banks to access their bank accounts. This has people wondering, “Are banking apps safe?”

To answer this question, it’s important to understand data privacy policies and have an awareness of potential threats to your consumer information. You work hard for your money, so it’s crucial that you make sure you are using desktop or mobile banking apps that protect your data .

Luckily, there are some steps you can take to help keep your data safe.

Are Banking Apps Safe?

Cybersecurity experts agree that mobile banking is both convenient and safe, but consumers need to take precautions, including using strong passwords and avoiding public WiFi. You may not think that someone could be spying on your mobile banking activity, but potential vulnerabilities in code and encryption methods used by popular fintechs can happen.

While identity theft is on the rise, that’s not all you have to worry about. Most of the time when apps sell your data to third parties, the information is used to adjust their marketing algorithms and understand more about their audience, especially mobile banking habits .

What you need to know is that 80% of apps track and store your data for a variety of reasons. If this personal information was passed on to a scammer, then you could be victimized or risk a security breach.

Needless to say, ensuring your favorite mobile banking app is kept secure against hackers is crucial.

6 Ways to Ensure Safe Online and Mobile Banking

  • Only download verified banking apps
  • Use two-factor or multifactor authentication
  • Use a strong password
  • Avoid public Wi-Fi when possible
  • Set up alerts or push notifications
  • Be mindful of other apps you’re downloading

1. Only Download Verified Banking Apps

Many banks and fintechs are proud of their apps, so they will often tell you everything you need to know about their apps on their…

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