Safely Using Mobile Tech For Financial Planning

Filed under Research by Adam Torkildson on April 9, 2017 at 11:32 AM

There are all kinds of great conveniences that come from the mobile revolution, not the least being the fact that you have access to all of your financial planning info on the go. However, that does come with a little bit of a security risk. Because those numbers will be floating around the net, there is opportunity for people to get to your financial data for reasons of identity theft, fraud, or just curiosity.

So, to keep yourself safe and use mobile tech in a way that can be convenient and secure, there are some pieces of information that you should know, and some techniques that you should follow in general.

Credit Card Use

Especially if you’re already working to get yourself a better credit score, you want to make sure that you safely use your credit cards when they’re associated with your mobile devices. There are ways to store credit card numbers inside your phone, and there are ways to associate credit cards with certain apps (like through Apple Pay or PayPal), and there are serious ramifications if something goes wrong with transactions. Your best bet it to use these apps freely, but monitor your bank statements very closely.

Debt Consolidation

If you plan on doing any debt consolidation, there’s another need for solid security in your mobile devices as well. Depending on how you have all of your accounts linked, or if you’re using a company to help you with your finances, having stray information on your phone inside of apps or even inside of your email can be a security risk. Try to only send and receive financial data in the most private way possible, even through your personal mobile devices.

Password Strength

Now more than ever, you need to have strong passwords. Because it’s so tough to remember multiply strong passwords, your best bet is to use password managers. These will give you ultimate security potential without having to worry about the possibility of some hacker getting one of your passwords and being able to use it on multiple financial accounts of yours.

Secure Data Transfer

Depending on your device and your environment, you may not be aware of the security surrounding your data transfers. Have you ever thought about the security implications of using an unencrypted wi-fi signal, especially at a place like an airport or restaurant? That’s definitely not the right time to be sending info to your bank, or paying bills online.

Fraud Protection

Fraud protection is super important these days, and many banks have it as a default attached to your mobile account. Basically, if there is strange behavior on your account, they’ll text you immediately in order to check if you are making the transaction that got flagged.

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