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Secure Mobile Banking

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Mobile banking offers many benefits – convenience, 24 hour access, the ability to check your balances, make transfers between accounts, and even make loan payments. It is a secure system, however, as with any electronic devices; there are risks and steps you can take to protect you and your financial information. 

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Mobile Banking and Associated Risks

Bank Forward offers mobile banking services via text or short messaging service (SMS), mobile Web browser, or client downloadable applications. These three options allow you to take advantage of our services – no matter what type of phone you have.

 

Text Messaging

SMS communications involve text messages sent between customers and Bank Forward. Customers with registered phones can request text alerts or inquire on balances and recent transactions. We will only accept instructions on phones that are registered with us. If your phone is lost or stolen, someone could access your text message history – however your accounts are identified by an account type like “Free Checking” or a ‘nickname’ that you have chosen; your account numbers are not disclosed.

 

Mobile Web

Mobile Web, like online banking, uses an Internet browser to give customers access to Bank Forward’s Mobile Banking site. From the mobile banking site, you can inquire on balances and transactions, transfer funds between accounts, and make loan payments. As such, mobile browsers are susceptible to the same kind of security risks (viruses, malware, phishing scams and spoofed websites) as their home or office computer counterparts. To protect your banking information, always log off before you close your web browser.

 

Client Downloadable Applications

Client applications (apps) are downloaded and installed on smart phones, including iPhone, Droid, and Blackberry phones, and link a customer directly with our Mobile Banking system. You may perform all of the same transactions that you can using the internet browser. As soon as the application is closed, your connection to the mobile banking system is terminated. Bank Forward’s mobile banking system does not store any information about your accounts or transactions on your phone, minimizing the risk if your phone is lost or stolen.

 

Steps to Safer Mobile Banking

There are several steps you can take to protect your financial information, and other information, on your phone or smartphone.

 

  • Start by using a password to protect your device; requiring a password to power on the handset or awake it from sleep mode is a good first step in protecting your information if your phone is in the wrong hands. Don’t reveal your password to anyone.
  • Notify Bank Forward immediately if your phone is lost or stolen. You may also disable your phone in our mobile banking service by using the User Options section in your online banking account – select “Mobile Banking Profile”, click on “Manage Devices”, select the drop down and choose “I want to stop using this phone for Mobile Banking”, and click on “Go”. Your mobile banking services will be immediate disabled.
  • Avoid sharing sensitive information such as your password, account number, Social Security number, or answers to secret questions. Don’t save this information anywhere on your mobile device or phone.
  • Never provide personal identification or banking information over your mobile device unless you initiate the contact and you know that you’re dealing directly with your bank.
  • Assume any unsolicited text for personal or banking information is fraudulent. Giving this information places your finances and privacy at risk. Bank Forward would never request sensitive information by means of text, telephone, or email.
  • Don’t set any of your websites or apps to automatically log you in to your bank accounts or other areas that may have sensitive information. If your phone is lost or stolen, someone could have easy access to your information.
  • Choose to bank by application if possible; this is usually more secure than using the web browser to access your information. When using a web browser, make sure to log out completely when you are completed with your session. When using apps, make sure that you download apps only from your device’s official App Store, and that it is the app specifically developed for your bank.
  • Keep your phone and mobile apps updated to make sure the latest security protections are installed on your device.
  • Monitor your accounts regularly and notify us immediately if you notice any suspicious activity.

 
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Guest Sunday, 02 August 2015