Educating customers on safe online banking habits

A new report from Juniper Research revealed that more than 2 billion mobile phone or tablet users will make some form of mobile commerce transaction by the end of 2017, up from 1.6 billion this year. Online banking usage is growing, too, as services like RDC and Mobile Deposit are becoming more widely offered and accepted. As reported in Bank News, more than half (51%) of respondents aged 18 to 34 who use mobile banking have adopted Mobile Deposit, while 36% of older consumers (age 55 and above) routinely use RDC.

Growing acceptance of mobile technologies, and stringent regulatory scrutiny on banks’ policies and procedures to ensure a secure experience, make the security of bank web-based systems of critical importance (click here to read our update on FFEIC Cybersecurity for Bank Executives). They also place heightened importance on a bank’s efforts to educate consumers on safe online banking practices. Sharing tips on how to protect mobile devices from hackers and fraudsters who try to steal personal information, account details and passwords is a relatively easy – yet vitally important – tool banks can employ to protect themselves and their customers.

Here are some tips your bank can share to help consumers protect their mobile device, smart phone or tablet:

  • Do not disengage security features such as passcodes
  • Set the device to auto-lock after a specific period of inactivity, such as 5 minutes
  • Activate the device’s GPS locater so you can find the device if it is stolen or lost
  • Be cautious about downloading apps and free software, especially from unknown source Install a personal firewall as well as anti-spam, anti-malware and anti-spy software provided by trusted sources
  • Turn off Wi-Fi when not in use and do not use public, unsecured Wi-Fi hotspots to conduct banking transactions

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