Don’t Wait

Hackers are now starting to target your smartphone. Malware that steals consumer banking information is making its way onto mobile phones. When consumers log into their bank accounts on their mobile phones, they are making themselves susceptible to hackers. Malware can get into phones via text message or by tapping on website ads.

Once it is on your phone, it lies dormant until you open a banking app. Financial companies have been pushing consumers to do much of their banking and purchasing using their smartphones because it reduces cost and improves efficiency. The Federal Reserve said that 53% of smartphone owners used mobile banking in the past 12 months, up from 43% in 2011. Experts don’t know how much money has been stolen so far, but the growing popularity of Ace Card and GM Bot has captured the attention of the FBI and US banking regulator. Some tips for protecting your mobile phone and your money from hackers are:

1. Only download official apps from reputable sources such as Citi Bank, Wells Fargo, and Chase. 2. Only download what you really need. 3. Install an anti-malware program. Most phones come with it, but it is helpful to have extra insurance. 4. Be aware of what you do when using public Wi-Fi. Do not conduct personal financial transactions using public Wi-Fi. 5. Don’t tweak the operating system of your phone. If your phone is blocking you from getting a certain app, there is probably a good reason for it. 6. Don’t click on a text message if you don’t know who it is from. 7. Use fingerprint technology for security and use different passwords for banking and other sites. 8. Keep track of your bank accounts.

If you see an unauthorized transaction, report it right away.