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Mobile Banking 101

Nine out of ten Americans have a cell phone; and, according to research by The Nielsen Company, more than half of them will be using a smart phone by the end of 2011.

A smart phone is a hand-held computer that enables users to access the Internet, run applications and make phone calls: and, for a steadily increasing number of consumers, smart phones and other mobile devices can be used for banking.

The Federal Deposit Insurance Corporation (FDIC) reports that the most common way customers make use of mobile banking is by accessing their bank’s website using the browser on their smart phone or mobile device. This is very similar to what you would do on your home or office computer.
FSB has developed a special web page formatted for mobile screens If you’re also checking e-mails on your phone, keep in mind that some criminals may send e-mails with links that look like they come from your bank or a reputable company. It’s always a good idea to use your browser bar to enter your bank’s website address rather than following a link from an e-mail.

To reduce fraud and protect your money, the FDIC recommends making sure that your phone or the mobile-banking application you’re using is password protected. In addition, make sure your phone isn’t storing your passwords to automatically log you into your bank account. That way, if you lose your phone, someone else can’t access your account without having your password. If your phone is lost or stolen, immediately notify your bank and/or mobile phone provider.

Get more info on FSB Mobile Banking!