The risks of mobile banking

The risks of mobile bankingAs technology continues to advance, more people are turning to their smartphones for convenient business-related mobile applications. For example, many financial institutions have developed programs to allow members to do their banking through their phone. However, the question about this practice's security still remains.

Those with bad credit auto loans and other lines of credit for people in poor financial standing should be cautious when entering personal information on an unsecured server, as the potential identity theft could make matters even worse. Last year, major institutions, including Wells Fargo and Bank of America, were mistakenly storing users' screen names and passwords, although the error has since been corrected.

According to MSN Money, "security procedures haven't yet caught up with the risks" of mobile banking. However, those who still want to use the convenient apps can do a few simple things to lower their risk of identity theft, such as password-protecting their phones, installing anti-malware, avoiding texting sensitive information and staying away from banking on a public network.

Forrester Research predicts that "one in five adults will use mobile banking services by 2015," reports the news source.