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Two-thirds of Americans use mobile or online banking as their main way to access their accounts. If you belong to that group, chances are you lean heavily on a smartphone or computer to pull up your bank information. But both gadgets also happen to be popular targets for online fraudsters itching to infiltrate your accounts.
Could one of these devices better protect you from fraud than the other? We put the question to three security experts.
Kyle Marchini, senior analyst in fraud management with research-based advisory firm Javelin Strategy & Research: "I give bank apps on mobile devices the edge when it comes to safety,” Marchini says. With computers, he says, it is easier to inadvertently download malware from hackers.
For example, malware keylogger programs might be secretly installed as part of a download from a nonsecure webpage. These programs record keystrokes when you enter your username and password on a bank site, then send that information to a hacker.
With mobile apps, users have to manually agree to downloads from the device’s approved app store. That makes it harder to mistakenly download malicious programs that can spy on you while you’re banking, Marchini says.
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A caveat: Avoid logging in to your bank account using public Wi-Fi. You don’t know who has access to the network traffic and whether they can view the data you send. For better online banking security, Marchini advises using your cellular network.
A pro tip: Skip the mobile browser and use your financial institution’s official app instead. There’s less chance of you navigating to a fake bank site that way, Marchini says. As legit as some fake pages may look, they are actually so-called “phishing” attempts from hackers that can trick you into submitting your passwords or other personal information.
Use a screen lock, too. That way, others can’t access your data if your device is stolen.
Jason Glassberg, co-founder of cybersecurity firm Casaba Security: “Either computer or smartphone could be appropriate, depending on your location,” Glassberg says. If you’re at a hotel or library and need to take care of a banking task, you are safer using your smartphone connected to cellular data than you would be using a public computer on an unfamiliar network, he adds, echoing Marchini’s advice.
But if you are at home on your secure private network and are using anti-virus protection, using your computer might suit you better. “Chances are it is a lot easier to make a funds transfer on a large computer screen than a small mobile one,” Glassberg says.
A caveat: Clicking on unfamiliar links can bring trouble, no matter the device. Approach links from unknown email or text sources with caution — they could be connected to malware or phishing scams.
A pro tip: Avoid digital banking on smartphones that have modified operating systems, such as jailbroken devices for Apple phones and rooted devices in the case of Androids. These smartphones have intentionally sidestepped security to give people access to apps that haven’t been approved by app stores, Glassberg says.
Because protections have been removed, the third-party apps might contain malware. They might, for example, be able to spy on your mobile phone activity, including your use of banking apps.
Randal Wolverton, a certified public accountant who serves on the American Institute of CPAs’ Forensic and Litigation Services fraud task force: “My preference is to bank with computers in a secure environment, as thieves may find smartphones more attractive to attack,” he says.
Since smartphones travel with you, they give fraudsters unique opportunities. If a customer is standing in line at a grocery store and decides to check her bank balance on her phone, someone could be looking over her shoulder and guess the password. That kind of situation is unlikely to arise when banking on a computer at home, Wolverton says.
A caveat: Stay up to date with computer security releases. Otherwise, your computer bank transactions could still be exposed, Wolverton says.
A pro tip: Team up with your bank. Take advantage of two-factor authentication and sign up for fraud alerts. Together, you can work to help make sure your accounts are safe and protected.
FAQs
Put simply, there is no consensus choice when it comes to a safer option between mobile and online banking. Margarette Burnette, a senior writer with NerdWallet, asked three experts which is safer between using computers or smartphones. The responses were split, favoring either depending on circ*mstances.
Is it safer to bank by phone or computer? ›
According to some data-protection experts, banking with a smartphone via an official mobile app provides more security than a computer. That's because computers make it easier for users to inadvertently download malware.
What is the safest device to do online banking? ›
Kyle Marchini, senior analyst in fraud management with research-based advisory firm Javelin Strategy & Research: "I give bank apps on mobile devices the edge when it comes to safety,” Marchini says. With computers, he says, it is easier to inadvertently download malware from hackers.
Is your phone or computer more secure? ›
Phishing is the biggest threat targeting mobile devices. While smaller screens make it much easier to miss full URLs in browser windows, the general consensus that mobile devices are safer leaves many users with their guards down, and hackers are taking advantage of this.
Is mobile banking more secure than online banking? ›
So, is Mobile Banking Safer than Online Banking? Whether you choose mobile banking or online banking, you can be confident that your bank has invested in the security of these services. However, mobile banking is a little safer when it comes to security, mainly because this type of banking does not store any data.
How safe is cell phone banking? ›
Mobile banking is generally a safe and convenient way to manage your funds, but there are some cybersecurity risks to be aware of. Those who ask, “Is mobile banking safe?” might wonder how vulnerable banking apps are to various online threats.
Is it safer to use an app or a browser for banking? ›
Kyle Marchini, a fraud management expert, told Burnette that it's easier to download malware using a browser than it is with apps. However, it's possible to unknowingly download a false version of your financial institution's banking app through a platform like Google Play or the App Store.
Can hackers access your banking app? ›
But what if you're an Android user? The risk is slightly higher for you. But that doesn't mean your data is automatically prone to being leaked. Incidences of moderate-to-high risk are rare for all mobile users.
What is the biggest danger when online banking? ›
The biggest risk of online banks is that someone will access your savings or checking account and steal your information and money. This typically happens when your account is hacked by cybercriminals who get your username and password. However, these risks are not limited to banks that operate exclusively online.
Are there any disadvantages to online on mobile banking? ›
Concerns about Identity Theft and Security
Therefore, even if you may generally use mobile or online banking with confidence, be cautious to avoid using insecure networks, change passwords frequently, and safeguard your login information.
Since “radiation” is a totally non-specific description, it necessarily includes heat. A laptop consumes more energy in operation than a cellphone, and very close to 100% of that energy turns into heat. So, a laptop emits more radiation.
What type of device represents the largest security risk? ›
Today, network equipment has become the riskiest IT device category surpassing endpoints. IoT devices with vulnerabilities expanded by 136% since 2023. The riskiest IoT devices include the most persistent suspects – NAS, VoIP, IP cameras and printers.
Do hackers use laptops or desktops? ›
And at the heart of this cybersecurity journey lies a crucial tool: the laptop for hacking. The hackers laptop isn't just a piece of hardware; it's a portal to a world of possibilities, a canvas for creativity, and the ultimate partner in the quest for digital resilience.
Which bank is most secure for online banking? ›
Our top three picks for the best online banks are SoFi Bank, Discover Bank and Ally Bank. To help you choose, we at the MarketWatch Guides team reviewed 154 banks and credit unions, 43 of which are online financial institutions.
Is it safer to not have online banking? ›
However, online banks can be just as safe as traditional ones. Before opening an account with any bank, ensure the bank is FDIC insured, check what security measures they use, and enact security measures to keep your information safe. FDIC. "FDIC Consumer News: Is Digital Banking for Me?"
Which is better Internet or mobile banking? ›
Key Differences between Mobile Banking and Internet Banking
Services: Mobile banking offers basic services like checking balances, transferring funds, and bill payments. Internet banking provides a wider range of services, including loan applications, investment management, and access to detailed financial statements.
Is it safe to give bank details over the phone? ›
Only provide your card details if you called them.
Scammers attempt to steal your personal information by calling you and posing as a legitimate business. Once you're ready to make a purchase, be sure that you call the company directly.
Is it safe to have bank account on phone? ›
Even if you don't download a fraudulent banking app, scammers can still gain access to your accounts through other malware-infected apps. Hackers use a type of malware called “keyloggers” that record all the information you type into your phone — including bank accounts and passwords.
How safe is telephone banking? ›
Telephone Banking is secure and confidential. You'll be given a membership number and passcode when you join that you'll need to access your account.
Which is the safest banking system? ›
Summary: Safest Banks In The U.S. Of June 2024
| Bank | Forbes Advisor Rating | Products |
|---|
| Chase Bank | 5.0 | Checking, Savings, CDs |
| Bank of America | 4.2 | Checking, Savings, CDs |
| Wells Fargo Bank | 4.0 | Savings, checking, money market accounts, CDs |
| Citi® | 4.0 | Checking, savings, CDs |
1 more rowJun 5, 2024
