What are the Risks of Mobile Banking?
Unfortunately, like all transactions happening over the internet, mobile banking has some built-in risks. First, hackers can break into a phone and an account with the intent of stealing money and info. Also, phishing scams that target people over the phone can lead unsuspecting consumers to share login information with scammers so they can hack away.
Finally, bogus emails and messages appearing to be from your credit union can lead you to install malware on your device.

How to Bank Safely Online.

• Use a VPN to hide your IP address. A VPN (virtual private network) gives you a private network, even when you’re using public WIFI, thus preventing scammers from tracking and hacking your mobile device. Remember to never use public wifi to transact any personal online banking transactions.  Make sure you are using a secure wifi connection that shows the "locked" symbol.
• Always choose multi-factor authentication. Most money apps will require this, but if yours allows an option, say yes to multi-factor authentication (MFA).
• Never share your password or save it to your device. Don’t share your password with anyone, and follow suggested guidelines for choosing a strong password, including alternating between uppercase letters, lowercase letters, numbers and symbols. Also, choose a unique password you don’t use elsewhere.
• Brush up on your knowledge of scams. Never answer a text or email that asks for account details, even if it appears to be from your credit union. Also, always be wary of unsolicited phone calls and banking alerts.
• Protect your phone. Consider installing an antivirus app on your phone as well as a location-tracking app so you can find your phone if it gets lost. Be sure to lock your phone after using it, log out of the mobile banking app when you’re done, and always keep your phone in a safe place.

Follow the tips outlined above when banking online to protect yourself.