Smart phones are changing the way we manage money.
Australia has one of the highest rates of smart phone ownership in the world – almost two out of five of us own a smart phone, and we use them for a whole lot more than staying in touch.
In fact, Australians are taking to mobile banking in droves with industry figures showing we are 65% more likely than the British to use smart phones for mobile banking.
Part of the appeal of mobile banking is sheer convenience. User-friendly apps let you check account balances, track savings, monitor expenses, and pay bills on the go.
Unfortunately, some people miss out on these benefits – often because of concerns about the safety of mobile banking. That’s why the Australian Federal Police teamed up with the Australian Bankers Association to develop a check list of steps to keep your funds secure when using mobile banking. Let’s take a look at the top five.
1. Use a PIN to lock your phone – this protects your mobile so nobody else can use it or view private information.
2. Make your mobile banking PIN difficult to guess – memorise the number, don’t make a note of your banking PIN on or near your phone.
3. Don’t record private banking details on your smart phone – this includes emailing passwords to yourself.
4. Only use secure (password protected) internet connections – avoid using free wi-fi for mobile banking.
5. If you lose your phone, call your bank straight away – your bank’s experts can disable your banking app.
Another golden rule is to check your account statements regularly. This lets you pick up any unfamiliar transactions straight away.
To experience the benefits of mobile banking yourself, call ME on 13 15 63 or visit mebank.com.au.
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