Mobile Money: Is Your Financial App Safe?
Every day, it seems there’s another must-have financial app. You probably have several on your phone right now. With so many apps to choose from, how do you decide which ones are best for you? And how does your financial institution’s mobile app fit into it all?
Mountain America’s role
As an institution, Mountain America Credit Union takes pride in providing our members with a robust mobile banking app that helps them manage their money with convenience and ease. Many of our members may also choose to share their account information with other financial apps to help them save, invest or manage their money better.
We want to support as many of those apps as possible. But security is a BIG factor.
Keep asking questions
Kelly Albiston, senior vice president and chief technology officer at Mountain America, says, “Always be aware of your privacy. A lot of these apps make money by selling your information—what you do online, what and how you spend—and that’s valuable to a lot of third parties.”
How can you be sure your information stays safe as you utilize more financial apps?
First, be mindful of the terms of service. Most of us just automatically scroll to the bottom and click the “Accept” button. But, if it’s for a company that you are unfamiliar with, you may want to consider slowing down to read through this information.
Next, go beyond the app rating. An app may have a good rating because it’s new or because it promises good things. But you need to look deeper. Research the company and ask yourself, “Is this company trustworthy?” and “How does this company make money?” and “How easy is it to contact them if there’s a problem?” You can prevent potential concerns by answering these questions before sharing your personal information.
For most people, digital banking is a convenience they can’t imagine doing without and the benefits usually outweigh the risks. So, whether an app is secure enough really comes down to whether it meets your needs, provides value and makes sense to you.
How to use tech to save more
“As consumers, we invest a lot of money in making spending easy—we buy a phone that can be used as a credit card by tapping it at the register and we can shop right from our fancy smart watch. What we need to do is use technology to make saving easier,” says Kelly. Here’s how you can keep saving top-of-mind:
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Automate weekly, biweekly or monthly transfers to a separate savings account instead of relying on your memory or schedule to save.
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Set up alerts with your spending. When you’re dealing with digital money, it can be easy to look at it as pretend money. If you are notified every time you spend, you become more aware of how much is coming out of your account. It’s also a great way to spot fraud quickly!
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Set up a daily balance alert. This quick reminder each day can be just what you need to curb overspending.
Mountain America is committed to providing the best in digital banking for our members. If you have questions about our mobile banking app, contact us or visit one of our branches.
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