5 banks – Westpac, ASB, ANZ, BankDirect and National – offer online banking on your smartphone. Other banks are working to develop it.
Smartphones are mini-computers and just as vulnerable to e-crime as your PC. One example is the fake banking app that turned up on Google’s Android phones – many people entered their banking details before the fraud was discovered.
So you need to take the same precautions on your smartphone as you do on your PC. New security measures for banking via mobile phones – such as biometrics – may emerge in the future, but for now play it safe and make sure security protection is loaded on to your phone. It may pay to avoid mobile banking until security is more certain.
How to protect yourself
- Install a security program – there are now mobile security apps that can identify and remove suspect apps.
- Make sure no one can see you enter sensitive information into your phone.
- Lock your phone when you’re not using it, so it’s not accessible to others.
- Turn off any settings that automatically save passwords.
- Be wary of banking apps – in a recent American security test of 6 popular banking apps only 1 passed.
- Don't lose your phone!
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