Money Monday: Mobile banking safety - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Money Monday: Mobile banking safety

(KFVS) -

A recent Federal Reserve study found that along with the rise in the use of smart phones, more and more people are also using their phones to do a lot of their banking.

But more than 40% of smart phone owners think mobile banking leaves their personal information at risk!

There are some things you can do to protect your money. 

Make sure your banking app offers something called "tiered authentication". That means for something fairly low-risk, like checking your balance, there's one level of authentication. But when you do something riskier, like transferring funds, you may need to provide a password and a one-time code that the app texts or emails you.

Also, make sure your mobile banking app does not automatically log you into your account. It may be convenient, but if someone steals or finds your phone, they can access your money, too.

And if you take photos of your checks for mobile deposits, make sure to delete them. Otherwise, if your phone lands in the wrong hands, it's the same as handing the thief your checkbook.

But the most important rule to follow if you're banking with your phone: Never do it over public WiFi! It's far too easy for hackers to intercept your information. 

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