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Friday, August 10, 2012

Mobile Banking and Mobile Payment Safety Tips

Starbucks and Square recently announced a partnership that will in the future allow them to take transactions from a customer’s phone.

The area of mobile payments and mobile banking is growing, and you will undoubtedly see more of it in the future.

So, how do you protect yourself if you take advantage of the technology? Here are some tips.

Download Apps Directly from Company or Bank
Always download your bank app or mobile payment app directly from the bank or company to ensure it's authentic.

Never Auto-Populate Your Password
Never set your banking or mobile payment app to auto-populate your username and password.

Don’t Make Transactions over Public WiFi
Never make a transaction over a public WiFi network. Public WiFi networks typically aren’t secure and hackers could steal your information.

Set a Password on Your Phone
If your phone allows you to set a password, do so. If you leave your phone out and someone takes it, this can help deter them from getting into your phone.

Choose Different Passwords
Choose passwords different from your home computer and online banking accounts. Again, if someone gains access to one of your accounts, this helps prevent them from gaining access to all of your accounts.