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Banking on your smartphone? Never do this

Don't Waste Your Money
Posted at 11:55 AM, Apr 03, 2017
and last updated 2017-04-05 10:15:20-04

With smartphones becoming a replacement for the desktop PC, more and more people are now doing their banking on their phones.

But before you log into your bank account, we have an important warning to keep you safe from hackers.

You can do most banking transactions

You now can complete almost all banking with your smartphone, except pulling out cash -- though that's probably coming soon, too.

You can pay bills, move money, even scan checks and deposit them at most banking institutions.

But a report in the Economic Times says you should take some extra precautions to keep thieves out of your account.

It says:

  • Never do mobile banking on a public Wi-Fi network.
  • Never do mobile banking if the signal is weak, as numbers you punch in can glitch.
  • Make sure you have a "find my phone" feature set up to lock your smartphone if it gets lost.

One more thing to check

And from the "doesn't that stink?" file, here's one thing you should never do if using your smartphone for banking:

  • Never use an automatic login.

If a thief steals your phone, they can get right into your bank account if the password is saved.

You'll say "doesn't that stink?"

The Economic Times says set your phone so it requires a password entered every time you want to log into your account. Sure, it's an extra step, but well worth it.

If done properly, mobile banking can be as safe as online banking from a desktop computer.

Just make sure you take some extra precautions so you don't waste your money.

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