Is mobile banking safe? - AmericaNowNews.com

Is mobile banking safe?

It's the newest thing for your smartphone -- still, security concerns keep a lot of people from mobile banking. While banks are doing their part, some experts says a smartphone is only as safe as the consumer using it.

"I use my phone for checking my checking account, checking my balances, maybe some small transfers, that's about it," said Paul Siegert.

Most of the people we talk to say it was all about convenience -- kind of like having a mini ATM in your palm. Todd Gelsomino says he doesn't let convenience overshadow safety.

"I just keep it on me, make sure it on me at all times, don't anyone know my password and change them kind of frequently," he said.

Jack Geier is Vice President of Information Technology for Chesapeake Bank. His job is to keep customer information safe. He says a big safety concern is downloading fake apps.

"You need to make sure that the application is actually offered by your financial institution. One of the biggest threats right now for mobile phone users, is that there are hackers creating these applications that may say they are from City Bank or one of the big popular banks," Geier said.

Despite security concerns, he's convinced banking with your smart phone is safe.

"It's a heck of a lot safer and more secure than writing checks. If you were to write a check, your account number, your bank's routing number is passing through how many hands," Geier told us.

Geier admits it's not 100% fool-proof. He says crooks are always looking for ways to get your money. While banks work to protect you -- he says customers have to be just as vigilant. Experts say simple things like having a password on your phone, keeping track of your phone and making sure you're a on secured website can keep you and your money safe. If mobile banking is a bit too high tech for you, wait until you hear what the future holds. 

"Before long, all of your banking will be done inside the mobile phone, all of your credit card activity will be done inside a mobile phone and it will be at a lot more secure than anything that is currently on the market," he said.

"I think it is good though in a way, I like it. I like being able to use my phone to pretty much do anything, I can use my phone to get in my house," said Siegert. 

As you upgrade to new technology like mobile banking, keep in mind, the crooks are watching. The experts say make sure you not only understand what you're using, but more importantly, know how to use it safely.

If you notice fraudulent activity, you should contact your bank right away. Experts say treat mobile baking safety as you would online banking.

Here are some helpful links: 

http://articles.moneycentral.msn.com/Banking/FinancialPrivacy/is-it-safe-to-bank-by-cell-phone.aspx

http://moneywatch.bnet.com/saving-money/video/mobile-banking-is-it-safe/6229255/

Copyright 2011 America Now. All rights reserved.

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