Our phones have become an important part of our daily lives. We use it to communicate, keep track of events, take pictures, and perform financial transactions through banking apps and mobile wallets. Along with this convenience comes some inherent risks. Losing your phone or accessing public WiFi can expose your financial and personal information to the wrong people.

 

Fortunately, there are some straightforward ways in which you can protect your financial information on your phone. 

Use A Strong Password And Biometric Logins

One of the easiest ways to protect your personal and banking information on any mobile device is to use a strong password. Passwords should be over eight characters long and use uppercase and lowercase letters, numbers, and symbols. Your password shouldn’t be easy to guess, so avoid using your name or surname, birthdays, or even a pet’s name. 

 

It is also important that you don’t reuse the same password for all your accounts. Even just slight variations of your passwords would be better than having the same one for all your apps or platforms you’ve signed up for. 

 

Using a password manager is an easy way to store and protect passwords, without having to remember them all by heart. Password manager software can also help you generate complex passwords. 

 

If possible, you can also enable biometric logins and multi-factor authentication. The former requires a fingerprint or face scan to log into an account. The latter requires you to provide your password along with an additional way to log in, like a one-time PIN (OTP) or answering security questions. 

 

Strong passwords and biometric logins will protect your information even if your phone is stolen. 

Review All Transactions

You should regularly review all your transactions by checking receipts and your bank statements. This will help you spot any suspicious or unauthorized charges, which you can instantly report to your bank or credit card company. You can use your mobile banking app to monitor where your money is going. 

 

Many users are hesitant to perform transactions using their mobiles due to potential fraud. Those who don’t want to constantly keep an eye on their money can opt for more secure payment methods, like CashtoCode. This is especially a useful payment method for those who value their privacy online, like online casino players. CashtoCodeCasinos allow users to purchase CashtoCode vouchers using cash, and they can deposit funds into their accounts using a digital PIN without having to reveal any personal information. CashtoCode can be used with thousands of online retailers. 

 

It’s also important that you regularly review your credit reports to ensure there are no fraudulent transactions or potential identity theft. Credit bureaus can provide free copies of your report as you request. 

Avoid Public WiFi

Public WiFi has made it easier than ever to stay connected, but it comes at a risk. These networks are often unsecured, and anyone can join without a password, like at the airport or in a hotel. This type of WiFi network is often not secure, and hackers can intercept all data on these networks to steal information or modify network traffic. 

 

Although avoiding public WiFi altogether is not always possible, it is best not to perform any financial transactions while connected. If you do need to make a payment or access your banking app, it is best to use a virtual private network (VPN). VPNs encrypt data, protecting you from cybercriminals while also hiding your IP address. 

Regularly Update Software

Software developers are constantly monitoring and fixing bugs and vulnerabilities, which is why it is so vital that you regularly update your devices and any apps you’re using. If you insist on using outdated software, you may be opening the door to hackers who can exploit vulnerabilities and access your information. 

 

By updating apps, you will be installing the latest security features, which protect you from all known threats. You can set updates to happen automatically or manually check for updates at least once a month on the App Store. 

Use Reputable Apps

One easy way to ensure your information on your phone is always protected is to only download and use reputable apps and websites. These apps are developed by trusted companies or individuals, like your credit card issuer, bank, or a verified payment provider. 

 

You should always read the reviews before downloading an app to see what other users’ experiences were. Reputable apps will have good reviews and comply with industry regulations for security. 

 

Apps and websites should use encryption (like https://) and authentication to protect your financial transactions, and also have clear policies on which steps they take to safeguard their users and what they use your data for. These platforms won’t share your information with third parties without prior consent.

Set Up Alerts

Setting up alerts won’t prevent your financial information from being stolen or compromised, but you will be instantly alerted if something goes awry. Alerts can be set up as SMS, email, or push notifications for your various apps. Each time you log in to an app, request a password change, or perform a transaction, you can get an alert. 

 

Once your alerts are set up, you need to pay attention to them. It’s easy to just swipe away a notification on your phone or ignore an email, but these could indicate that your accounts have been accessed or your card information has been stolen. 

 

If you spot an alert that doesn’t align with what you’ve done on your phone or bank account, contact your bank immediately. 

Final Thoughts

Being able to make payments using our phones has made life much more convenient. You can tap your phone at the coffee shop, quickly pay your rent while waiting for your plane, or transfer money between accounts as needed. However, having your finances at our fingertips has also exposed us to more risks, as phones can easily be stolen or public WiFi can be hacked. 

 

Using strong passwords, monitoring your transactions, and using a VPN are some of the easiest ways to protect your financial information on your phone. And if you’re buying a new phone, remember to swipe all your information from the old one.