How to keep your financial information secure when paying on your phone
Smartphones have revolutionized how you can perform financial transactions, making it easy for you to shop, pay bills, and send money to friends wherever you are. You can perform such transactions in a variety of ways, such as paying via web browser or app, using NFC technology to tap your phone at checkout, or sending payments through text messages.
All of these operations divulge some of your sensitive financial information, so it’s important that you’re being cautious when entering your credit card or checking account information on your personal device.
Making mobile payments is safe but only if you follow these important rules when providing your financial information to pay for anything digitally.
Only use trusted platforms
Mobile pay is very popular right now, which means a lot of companies are dipping their toes into the market to offer their own platforms. Unfortunately, even if these businesses are well-meaning, their systems may be untested or faulty in ways that hackers can break into them and nab your confidential information.
The best way to store your payment information is to use the software that came on your phone. If you need an alternative, use a reputable platform that does not store your credit card information. Use extreme caution when using third-party mobile payment apps from the app store or the internet.
Always read the platform’s privacy policy before you create an account to ensure your information will remain confidential.
Always use a credit card
When you make any mobile payment, you should use a credit card rather than a debit card or bank account. Credit cards typically offer stronger fraud protection than debit cards, and many credit cards include zero-fraud-liability policies.
So, if you notice suspicious transactions on your credit card statement, you can submit an appeal to have the charge removed without issue. It’s much harder to accomplish that when a thief charges directly from your bank account via debit card.
Don’t make payments on public WiFi
Even if you’re using a trusted app or email system when sending money to a friend or retailer, hackers can still intercept that information if your phone is connected to a public WiFi network.
If you are making mobile payments through the web, your sign-on credentials, such as your user ID and password, and account numbers could still be exposed despite the security features in use.
The most reliable way to avoid being compromised is to use mobile data when performing these transactions or to wait until you’re on a trusted, private Wi-Fi connection. If you prefer to use public Wi-Fi, use a virtual private network to encrypt your data and mask your identity from anyone who may be watching.
Know how to lock your phone if you lose it
Even if you’re extra careful with your phone, there’s always a chance someone could steal it and access your financial transactions through a mobile pay app.
The best way to prevent a thief from seeing your sensitive information, financial or otherwise, is to remotely lock your phone after you misplace it so it can’t be accessed. It’s more important than ever to act quickly when your phone is lost or stolen.
If you don’t know how to lock down your device, you can find directions for that online by searching for the online device manager website for your Android, Apple, or Windows phone.
If you take precautions like these to keep your financial information secret and secure, you can safely enjoy the convenience of mobile payments without unnecessary risk.
Get started
Mobile payments can be a helpful tool when used thoughtfully. If you're looking to get started with mobile payments, take the first steps by visiting Five-StarBank.com/digital-banking to learn more.
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