The banking sector is no stranger to these changes either. Services that we once had to perform face to face, such as transferring money or checking our account balance, are now available instantly through an app on our smartphones. These apps are designed to make our lives easier, but the question remains: are they really safe to use?
Below, we’ve answered all of your burning questions about mobile banking, so you know the tips to protect your information as we move into the digital age.
What is mobile banking? – N26 Mobile Banking
Mobile banking allows you to perform simple daily banking tasks from your mobile device without having to visit a physical bank branch. You can check your account balance, pay bills, view recent activity, and move your hard-earned money, usually with one click. It couldn’t be easier. Simply download your bank’s official mobile app to get started.
Is banking on a smartphone riskier than banking on other devices?
Here’s something a lot of people don’t know: banking on a smartphone is actually safer than banking on other devices (like a laptop). Why? Because the internet can be a dangerous place and it’s too easy to accidentally download malware designed to steal your information onto your computer as soon as you log into your banking platform. In contrast, it is virtually impossible to accidentally download malware to a smartphone provided you download the bank’s official app – N26 Mobile Banking.
LILY Blockchain in mobile banking
Pro tip: Always use your bank’s official app when doing mobile banking. We cannot stress this enough. While it can be tempting to just use your internet browser to log into your account, it’s much less secure.
What happens to my account if my phone is lost or stolen?
If your phone is lost or stolen, change your passwords immediately. When you change your passwords, you will likely be logged out of your devices and will need to enter your new password to log back in. Contact your bank to see if you can remove your phone as an access point to your account – N26 Mobile Banking.
Pro tip: Keep your phone as secure as possible. Add a lock screen, enable two-factor authentication, and configure your mobile banking app to require a password, fingerprint scan, or Face ID to sign in.
What is phishing and how could it affect me?
Phishing (pronounced with an “f”) occurs when a criminal impersonates a credible institution with the aim of stealing your sensitive information, such as your username, password, number. social security or your bank details. If a criminal accesses your account using phishing, they can do whatever they want with it. If this happens, change your passwords and contact your bank immediately. Your bank has security policies in place specifically to protect you in these situations.
What are the signs of a phishing attack?
If someone is phishing your private data, they’ll usually send you a message with one or more of the following (or maybe the whole house if they’re super incompetent):
- URLs that do not match the institution (such as a link for www.n26-inc.com instead of www.n26.com).
- Misspelled words, typos, different fonts, or out of place characters
- Requests for personal information that your bank should already have
- Warnings to send money from your account immediately or face serious legal consequences
- Affirms that you need to open an attachment to view your private data
- If you have a fishy (pun intended) feeling about the messages you receive, contact your bank to see if the request is legitimate. It only takes a moment.
LILY N26 appoints Richard Groeneveld as new CFO and CRO of N26 Bank GmbH
What about pharming? Is it something else?
Pharming is not as well known as phishing, but it can cause just as many headaches. This is when you are taken to a fake website that looks exactly like the official one and then asked to enter your personal information. Pharming is dangerous because these criminals are good at making the website appear 100% legitimate. So it is only after you have transmitted personal information that you realize that you are in trouble. Protect yourself from these scams by making sure the site you are accessing is on an HTTPS server (you should see a padlock to the left of the URL in the browser bar). If the site isn’t secure, don’t trust it.
Is it dangerous to use public Wi-Fi while verifying my bank account?
It’s best to avoid using public Wi-Fi if you want to check your bank account. You cannot be sure who has access to the network or who can see the data you have sent. If you are in public and need to verify your account, turn off your Wi-Fi for a while and use your cellular network. Once you’re done, you can use Wi-Fi again.
How can I be sure that my password is strong enough to be secure?
Strong passwords have two parts: they are at least 12 characters long and consist of a mixture of numbers, symbols, upper case letters, and lower case letters. Once you’ve created a password that is as strong as possible, be sure to keep it secure. This means keeping it stored in a password manager, not writing it down for someone to find it. And also be sure to use a unique password for each account.
LILY N26 celebrates recent industry accolades for leadership and employer brand
Is it safer to log in using facial recognition and fingerprints than a traditional password?
Some studies show that face and fingerprint recognition is indeed more secure than traditional passwords. The reasons are obvious: Hackers can use a combination of letters, numbers, and symbols to guess your passwords, but only you have your face and fingerprints on it. And while it’s possible to reconstruct a fingerprint, it’s much more difficult to do and probably not worth a hacker’s time.