February 4, 2023, 1:27 pm | Read time: 2 minutes
Checking your account balance or transferring money on the go–it’s convenient to handle banking on your smartphone. Here are tips on how to safely download and use an app for this purpose.
If you want to use a banking app for your financial transactions, you should ensure that malware doesn’t end up on your smartphone or tablet. This can happen when downloading an app or if third parties later install it through access. The banking association highlights this concern.
Theoretically, any app can be a potential gateway for cybercrime. Therefore, the banking association offers tips on what consumers should watch out for when downloading and using apps to prevent inputs on smartphones or tablets from being recorded and forwarded to criminals.
How to Ensure Security
When downloading a banking app, make sure it comes from an official app store that is authorized. Numbers showing how many users have supposedly downloaded or liked the app are not indicators of reliability, according to the banking association.
The exact app name is also crucial. Spelling errors, double periods, or slightly altered spellings can indicate fake apps. Users should be vigilant and avoid apps with discrepancies.
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Not All Permissions Are Necessary
Apps often request permissions. Users should check which functions the app actually needs access to and which can be disabled. For example, music apps typically don’t need access to contacts or location services.
If you want to log in to your bank on the go, you are often asked for login credentials. To identify yourself, you may need to enter your PIN, a password combined with a participant number, or additionally a transaction number, known as a TAN.
Never Store Login Credentials on the Device
You should neither save your login credentials on your phone nor carry them in your wallet. They can be stolen and digitally extracted from the device.
Even when personal data is requested during login, users should be cautious. Such a request is part of a normal login process after purchasing a new phone or changing devices. Otherwise, be skeptical, especially if personal data already stored is requested without reason.
Tip: Keep the app up to date with regular updates.