Mobile Banking is Convenient, But Is It Safe?

As our smartphones allow us to enjoy the luxury of transferring cash, making payments, depositing checks, and every type of banking transaction in between with the simple click of a button, many are left wondering about how safe this convenience is.

Individuals that have been forced to make a weekly bank run their entire lives are not easily convinced that all banking transactions can be completed with their smartphones, especially in a safe manner. However, most banks and credit card companies provide you with peace of mind through their anti-identity theft measures. As long as you report fraudulent activity on your account within 60 days, you can enjoy zero liability and full reimbursement. Additionally, the security systems enforced on these applications are intended to secure your personal information. For example, if you log on to your Chase Bank application from your phone and then decide you want to navigate somewhere else, the application will automatically log you out of your account and make you sign back in for additional use.

If you are debating whether or not to invite convenience into your life, allow these informational points to do the final convincing. If you have any concerns regarding the safety of these smartphone applications, do not hesitate to hear security confirmation from the company you bank with. Each company has unique security measures in place, but each is equally as effective. Any claims of fraudulent activity should be reported immediately to ensure your funds are returned to you in a timely manner.

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