Action Line Consumer Alert: The dangers of mobile banking

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It’s convenient to make banking decisions or move funds from the palm of your hands, but beware.

“So a couple of quick mobile banking tips in one, always password protect your phone. Two, always delete any text messages that a financial institution sends to you, if they do that,” says Timothy Caminos of the Hawaii Better Business Bureau Hawaii.

Caminos says another thing you can do to stay safe, always log out or sign off from an application.

“A lot of consumers they feel like because they keep their phone with them all the time they feel like it’s okay to leave their information open on it. They stay logged into accounts,” he says.

But it’s not ok, because if you lose your phone, whoever finds it now has your information.

Another red flag for banking via mobile device, watch your wi-fi!

“We pick up a wi-fi at a local Starbucks or coffee company and we don’t know who else is on that network. Your phone becomes vulnerable when you share an open network with other people,” Caminos warns.

For lots of folks their phone is one of the most important tools in their life.

“Our phones, or most people’s phones they contain all of our information. I know a lot of people personally that if they say if they lose their phone they lose their life,” Caminos says.

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