Smartphone technology and application innovations are changing the way consumers interact with products. Laptops and computers are no longer the main devices we use to browse. Research suggests that 75% of us will choose to only use smartphones to access the internet by 2025. Our decision to choose (and stay loyal) to certain services is now influenced by their ease of use of mobile and financial services are no exception.
Globally, there is an upward trend of customers using mobile devices as their primary interaction with banks. Australians are leading that change with a faster uptake than any other nations, including the US and UK. Over 38% of Australian consumers main interactions with their bank is through smartphones, with an increasing amount of people less likely to visit a local branch.
We are not just using smartphones to do our daily banking either. A host of companies now offer apps to budget monthly spend, manage credit card and loan repayments and even pay for products in-store. With so much of our financial information stored on our smartphones, it is important we keep them secure. Here we look at some ‘best practices’ to help you do just that.
Try saving as little as possible of your personal information on your mobile device, especially access codes and banking PIN numbers. If your personal information on a device that gets stolen, you are basically giving someone full access to your financial accounts. Also, refrain from using banking apps/sites on a shared device. You may forget to log out or remove personal information, which may impact your financial security.
Using a secure password or PIN reduces the ease-of-access to information on your mobile and can help keep your finances secure.
In addition to reporting stolen phones to the authorities and your phone provider, report it to your financial providers if there are apps on the phone that give access to your accounts. In extreme cases, it could be beneficial to temporarily freeze certain accounts until you are able to change your information and passwords.
Try to avoid logging on to banking and financial service websites through a public network, such as ones offered in coffee shops. Public networks are not very secure and will leave you vulnerable. If you can’t resist checking your balances on the go and there isn’t a secure network available, switch to your cellular network as it provides more security.
It may seem obvious but only use official bank apps to access your accounts. Using a third-party app could mean your information ends up in the wrong hands. Reference the app through the bank’s website to check you have the correct one. Also, be mindful of the apps you download to your device. Although malware is rare on smartphones, downloading an untrustworthy app could give someone access to your phone and lead to stolen finances.
We frequently upgrade our smartphones to a newer model. When you do, be sure to remove all data from your old phone and restore it to its factory settings. You don’t want to leave personal information and passwords on a mobile device you sell as it could lead to identity theft. For added security, change your banking passwords at the same time.
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
The Australian Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.*This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.