The CFPB has published tips on how consumers can better protect themselves when using their mobile devices for financial transactions. The mobile banking device tips were released in conjunction with a CFPB request for information on how consumers – particularly members of economically vulnerable and underserved communities – are using mobile technology to access financial services and manage personal finances.
The tips include security best practices such as:
- Setting up alerts and checking your account balances frequently.
- Protecting your PIN and password and not sharing the information with anyone.
- Password protecting mobile device and not using easily identifiable passwords such as birthdays.
- Reporting loss or theft to all financial institutions or financial services providers as soon as it occurs.
- Using only secure websites and apps.
- Removing sensitive information from an old phone or device when purchasing a new phone.
The tips can be found on the CFPB’s website here.