We use our smartphones for lots of tasks, from texting our BFFs to watching viral videos. But when it comes to mobile banking, are smartphones really safeguarding our financial information? Take our smartphone banking quiz and test your knowledge!
What percentage of major U.S. banking institutions offer smartphone banking apps as of 2011?
By the year 2011, 75 percent of the United States' major banking institutions offered mobile banking apps for smartphone users.
How much did the global number of people using mobile banking services increase in 2011 alone?
from 4 percent to 21 percent
from 19 percent to 30 percent
According to Javelin Research, the number of people using mobile banking services grew from 19 percent to 30 percent in 2011 -- and that number is expected to continue increasing for the next several years.
What is the strongest type of password for mobile banking?
consecutive numbers, like 1234
the day, month and year of your birth
eight or more characters, using numbers, symbols, letters and punctuation
The greater the variety of characters and length, the stronger the password. It's best to use eight or more characters from all over the keyboard (rather than one central location), including a variety of numbers, letters, symbols and punctuation.
It requires a code or pin to access your smartphone's features.
A screen lock can be activated in the settings menu of most smartphones. It requires a code or PIN to unlock the screen and access your smartphone's features -- including online banking apps and information.
When activated, it freezes the screen and automatically dials the bank.
It sends an alert when fraudulent banking activity is detected.
Is it OK to connect with your bank via free WiFi using your smartphone?
Yes, but only if you are at an airport.
Don't risk it.
Your financial information would be more secure if you connected via your password-protected home WiFi network instead of free, public WiFi. Data sent through an unsecured WiFi connection is relatively easy for hackers to grab out of thin air.
Why is it less safe to transmit important information by text message than by cellular phone call?
Cell phone calls are transmitted by secure telephone wires.
Text messages are always transmitted on unsecured WiFi connections.
Text messages are transmitted on open radio channels.
Cell phones use radio channels to transmit calls and text messages. Calls happen on private channels that would be more difficult for a hacker to intercept, but text messages are sent and received via a common control channel that could be easier for a hacker to find and tap into.
a transaction or request initiated by a banking customer using a smartphone
A pull banking transaction occurs when a banking customer requests information or initiates a transaction using a smartphone. It's considered a two-way exchange because the bank must respond to the customer's request.
a banking transaction that causes a customer's account to become overdrawn
an incomplete banking request performed on a smartphone
If you are the victim of mobile banking fraud, will your bank hold you responsible for the loss?
It depends on your bank's policies regarding mobile banking fraud. However, many financial institutions will replace the funds if you report the fraud -- and if they can prove it occurred -- within a certain period of time.
one you treat as carefully as a wallet full of cash
Regardless of make, model or security apps, the safest smartphone for mobile banking is one you watch as closely as a wallet full of cash -- because that's exactly what it would become to thieves who accessed your financial information.
A Trojan horse app is one designed to mimic an authentic app, like one offered by your financial institution. However, a Trojan app steals your ID and login info so that hackers can access your account.