We’re getting to a point where all of the financial services we need are available through mobile apps. Both iOS and Android can be used to access some of the best financial services in the world, including money transfer services, private banking, and even investment opportunities. There are even mobile-only or digital-only banks currently challenging the more established financial institutions.
The more you use your smartphone to access financial services, the more important proper security measures and best-practice become. That is why in this post, we’re going to review some steps you can take to better secure your mobile financial life.
Built-In Security Measures
The two most popular mobile operating systems in the world now offer proper security measures. Aside from fingerprint security, newer phones such as the Samsung Galaxy S8 and (allegedly) the upcoming iPhone 8 offers additional means of protecting the phone. Encryption and other security measures are also provided as standard.
These security options should be activated if you want to better secure your phone. You don’t have to worry about the hassle of opening your phone using fingerprint or the built-in sensor draining the battery because newer phones have solved those issues.
Don’t forget to also activate automatic backup and remote location detection. In the event of a loss, you can remotely wipe the phone or detect its location if necessary. You can also set up a new phone and get all of your data automatically restored with cloud backup activated.
Backup and Restore
Most financial apps store data internally and in the cloud. The transaction records or payment proofs are always there when you need them, even when you change phones. That said, keeping screenshots of transaction receipts is not a bad habit to get into. You’ll have an extra archive to refer to should you need to consolidate your mobile financials.
Again, the cloud backup solutions offered by Apple and Google are more than enough to help protect screenshots and other financial documents. They can be configured to automatically upload new screenshots to the cloud, either via Google Photos or through iCloud (depending on which OS you use).
You also have one extra option to deal with data loss: recovery or data restoration service. Let’s say you accidentally drop your iPhone and you can’t access your data. You can have the data restored with the help of the best iPhone data recovery services out there.
Last, but certainly not least, always be mindful of your mobile financial activities. Over 70% of information theft or account misuse is actually the result of bad passwords or shared logins. Not changing your password for more than six months is another security risk; using the same password as your social media accounts for your financial apps is also a big mistake that needs to be avoided.
Get used to taking the necessary security steps to protect your financial life and you will have no trouble at all keeping all accounts and apps secured. Use the tips we’ve covered in this article to add the necessary security measures to your phone and the financial apps in it.
This page was last updated on May 5, 2017.