Tips for Safer Mobile and Online Banking

New technology makes banking and shopping convenient, but it also exposes us to cybersecurity threats. Computers, tablets, smartphones, and credit and debit cards can be targeted by criminals who use complex tactics to capture your personal information.

According to a study by the Canadian Bankers Association, Canadians conducted more than 200 million transactions on their mobile devices in 2015. Mobile banking is the fastest growing form of banking — 44 per cent of us do at least some of our banking on a mobile device, and 17 per cent use mobile banking to conduct the majority of transactions.

There are now many choices when it comes to banking, but it’s important to educate yourself. Bank more safely by following these tips from the Financial Consumer Agency of Canada:

1. Never share your PIN, not even with family or friends.

2. Be aware of “shoulder surfing”— someone who watches you enter your PIN.

3. Pick secure passwords for online banking. Don’t use something that puts you at risk or is easy to figure out, such as a birthday, phone number or social insurance number.

4. Use the password protection options offered by mobile wallet providers.

5. Go to itpaystoknow.gc.ca for more unbiased information about mobile banking, mobile wallets, virtual payments, protecting your mobile device, how to make complaints about mobile payments, and avoiding financial fraud.

SOURCE: www.newscanada.com