From IPads to smartphones, there are now an endless number of apps that can be used to transfer funds, whether you’re sending or receiving money on Paypal or using your personal banking app to access your account.
Online shopping and other ecommerce apps also require you to input some of your financial details. In fact, any app that is used to process payments can expose you up to security risks.
Here are some ways to protect yourself when making financial transactions using apps.
Make sure the app is secure
It’s not always easy to know whether a hacker created an app to deliberately steal your personal information or take over your bank account. To ensure you are using a legitimate app, only download from a trusted website or from a well-known company. Most major apps from legitimate providers are safe. Oftentimes, banking, money management and e-commerce companies invest heavily in making sure that their sites are secure, and that your information is protected.
Although it’s convenient to jump on someone else’s WiFi or do your banking at the local coffee shop, it’s not always safe. Make sure you are accessing your financial apps from a secure web browser with protected connection; mainly your home WiFi that has been protected with a password and two-step identification.
Don’t overshare your information
Be very careful of apps that ask you to share more information than seems necessary for them to work. When you are sharing your credit card information or bank details with a third-party app, you are leaving yourself vulnerable to identity theft and other fraud. One way to prevent a security breach is by looking into the encryption methods used by the app and how it secures your data. Rest assured that most large providers take data security extremely seriously.
Only log on to apps using secure passwords
When it comes to transferring money on a dedicated financial app, be sure to use a dedicated email address and password to sign up, ideally one that you don’t use for anything else. Your login information should be anonymous and not contain pertinent information like your name or or birthdate.
Most financial apps are secure providing they come from a trusted source, but others may not be up to par. With a bit of due diligence and a little research, you can stay safe online. Just make sure you know exactly what app you’re using before sharing any private information.