While it’s convenient to download financial apps and share personal information, it’s important to take precautions to protect your sensitive financial data. It is also important to know that financial data is highly sensitive and a breach can have serious consequences.
Before downloading financial apps and sharing information, you should take the following precautions:
Verify app authenticity
Research a financial app before you download it. Check user reviews, ratings and developer reputation. Use well-known and trusted apps from reputable financial institutions. Most mobile apps ask for all kinds of information related to your device, but this information shouldn’t be passed on to companies that could misuse your device. So check the permissions the app requests. Make sure they are related to your app’s functionality. Be wary if an app requests excessive access to your device’s data or features.
Download from official source
Download financial apps only from official sources, such as the Google Play Store for Android or the Apple App Store for iOS. Avoid third-party app stores and sideloading apps. Adhil Shetty, his CEO, Bankbazaar.com said, “Avoid downloading financial apps from third-party websites, forums, and unofficial app stores. These sources can provide compromised or fake apps that can compromise your security. As a best practice, visit the official website of your financial institution or service provider. Look for a link to the official app or mobile banking section. If possible, download the app directly from the official website Also check out user reviews and ratings.”
When you download a financial app, you may be asked to provide personal information such as your name, address, phone number, and bank account details. Please share only the information necessary to use the app’s features. For example, if you only use the app to check or buy certain things, you don’t need to share your bank account details.
For example, financial apps such as banking and investment apps typically do not require permission to access contact lists, call logs, cameras, microphones, SMS or multimedia messages, or even location information. You may need some of these permissions in some cases, but you may need access to location information if you’re using it to track your nearest branch or ATM, for example. However, if all of these are required for your financial app to work, that’s a red flag.
Protect your device
Make sure your device is protected with a PIN, password, or biometrics. Keep your device operating system and apps up to date with the latest security patches. Beware of phishing scams where scammers impersonate legitimate financial institutions through email, SMS, or fake girlfriend websites. Always check the authenticity of the sender.
Avoid conducting financial transactions on public Wi-Fi networks, as they may be less secure. Please use a reliable and secure network. Mobile phone data can often be stolen or misused on public networks.
Always monitor your financial accounts for fraudulent or suspicious transactions.
Report any discrepancies to your bank or financial institution immediately. If you notice any suspicious activity on your account, such as unauthorized transactions or login attempts, immediately report it to your financial app’s customer support team. In some cases, timely action may save you from being fooled.
Protect your financial data
- Use well-known and trusted apps from reputable financial institutions
- Make sure your device is protected with a PIN, password, or biometrics