If you are like most people today, you are probably tethered to your phone almost 24/7. In fact, there’s even a good chance you are reading this on your phone right now. As smart phones become progressively more ubiquitous, we develop ways to do more errands on mobile as well. These days, one app that is growing in leaps and bounds to make our errands easier is mobile banking.
Over the past few years, there has been an explosion in mobile banking. The rising popularity of mobile banking over branch banking has led to an increase in the types of mobile transactions available. Now you can not only check your balance and pay bills on mobile banking apps, but also make transfers and even apply for a loan. While most people today still go into branches for more complex banking transactions, this trend has been accelerating more recently. In a decade, it is likely that even more banking will be done online.
Is Mobile Banking Safe?
As more people use mobile banking, the potential security risks become of even more concern. In fact, this is the number one hesitation holding people back from doing mobile bank transactions according to a Javelin Strategy & Research survey. So is mobile banking safe?
In reality, it is for the most part—at least safer than we tend to assume it is. When using a secure bank mobile application on a data plan or private network, security is for the most part quite good. In large part, the apps use the bank’s own algorithms to protect your data on mobile banking, so you are assured a high level of protection. If a breach does occur, many bank and credit card companies furthermore promise to cover 100 percent of a customer’s mobile fraud losses, which gives you an added level of security.
The Rising Popularity of Mobile Banking
Still, as mobile banking grows, criminals are likely to use more creative methods to try to hack these apps, and there may be serious risks in doing certain transactions on mobile devices. If fraud does occur, you could find yourself in serious financial straits. If this does happen, the help of a consumer bankruptcy lawyer can be crucial in protecting the rest of your assets and getting your finances back in good condition. When you are facing any legal financial issue from identity theft to bankruptcy, the Cleveland bankruptcy law firm at Luftman, Heck, & Associates is happy to help. Call us today at (216) 586-6600 for a free consultation about your concerns.