What to Teach Your Teen about Banking Security

Mobile and online banking have changed the game in terms of convenience and speed. These technologies have also opened users up to some newer risks. Diligence is a key factor to protect yourself and your finances.

The earlier your teen understands the value of privacy and thinks about how to keep his information safe, the more it becomes a habit. Here's what they need to know:

Protect your privacy
Online security doesn't have to be complicated. This is the first and most important lesson in keeping your teen’s finances safe. Here are a few simple ways to keep identity—and banking information—safe:

• Don't share your Social Security Number. Don't give anyone your full Social Security Number and be choosy about where you enter the last four digits.




• Password protect your devices. Set up your phone, laptop and tablet to require a passcode or password to open.




• Lie on your security questions. It may seem counterintuitive but lying in your responses to security questions will make it even harder for hackers to access your information. Just make sure to remember your responses.

Is mobile banking safe?
The Wall Street Journal reports that most mobile banking apps have at least one security flaw. That doesn't mean you shouldn’t use a mobile banking app, just that you and your teen should choose a financial institution that uses multiple layers of defense—like passwords and security questions—to protect your information.

With security measures in place, mobile banking is a safe way to monitor your finances. That being said, your teenager should still be reviewing her account regularly.

Mobile banking security tips
Smart banking doesn't stop at a good app, your teen should also practice safe browsing habits on his cell phone. Here's what they—and you—need to know:

• Use a private browser. Doing so deletes your cookies, internet files and browsing history after you close the window.




• Use two-factor authentication. This means you'll receive a text each time you log in to your mobile banking app. You won't be able to log in without that text message. If you get a text and you haven’t attempted to log in, contact your financial institution immediately.




• Create an impenetrable username-password combination. Never use your account number, PIN number, birthday or other identifiable number. Try using a passphrase made up of words that don’t normally go together like, “llama fleece distressed the 20 sailors.”

FICO^® Scores matter

Your FICO Score* is a crucial aspect of your teen’s financial well-being—tracking it can help them monitor and protect her private information. This number, from 300 to 850, is based on payment history, amounts owed and other factors reported by the credit bureaus. It helps determine your ability to get a loan and the interest rate that will be charged. Basically, the higher the credit score, the better the financing options and rates.

If your teenager has been fiscally responsible, has paid off her credit balances each month and still ends up with a low FICO Score, it could be an indication of fraud. Contact your financial institution immediately to freeze your teenager's account and determine the next steps.

Teaching yourself and your teens how to keep their finances safe in today's technology-based world is essential. With the right preparation, your teens can develop good habits now and maintain their privacy well into their adult years.

*FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries. Mountain America Credit Union and Fair Isaac are not credit repair organizations as defined under federal or state law, including the Credit Repair Organizations Act. Mountain America Credit Union and Fair Isaac do not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.