How Safe is Your Mobile for Handling Money?

The way in which we bank is continuing to change in the UK, with as many as four-in-10 Brits now regularly making use of mobile banking apps.

However, this change in behaviour has raised significant issues pertaining to security and accessibility, causing some to ask whether smartphones are safe for the purpose of handling money.

We’ll explore this below, by appraising mobile safety in relation to a handful of common financial applications. These include:

1. Mobile Banking

Not every mobile banking app has been created equal, which is why independent resources such as Which regularly utilise cybersecurity experts to test the defences of individual platforms and services.

Testing factors such as encryption, account management and login security, the results of September 2020’s study were telling, with Starling reporting an overall high score of 85% and Tesco Bank trailing last with just 46%.

So, what exactly should you look for in a mobile banking app? Well, try to utilise an app that doesn’t store bank details directly on your handset, instead opting to save your most sensitive information in a secure data centre.

Apps should also enable you to utilise so-called “multi-factor authentication”, which combines a password or pin with unique codes (and similar entities) to provide an additional layer of encryption.

2. Online Trading

You’ll also need to consider such factors if you’re an online trader, with platforms such as  the webtrader mt4 renowned for their optimal levels of encryption and security.

In this respect, proven apps like the MT4 are incredibly secure and well-protected, while they enable you to trade securely without requiring you to compromise on market access or the range of trading tools that you have at your disposal.

The versatility of such apps also allows for increased safety, as you can access them through both native apps and dedicated browsers.

If you’re accessing the MT4 through a mobile or desktop browser, for example, you can utilise safe or private browsing to create an additional layer of security for your most sensitive data.

3. Online Shopping and Payments

It’s estimated that the revenue generated through mcommerce will more than double between 2019 and 2024, with this expected to peak at $105.28 billion in four years time.

This has spawned a wide range of mobile-focussed payment apps, from native tools on iOS and Android to Samsung Pay and PayPal.

Arguably, Apple Pay is the best of these, as it negates the need to download an app, can work seamlessly with iMessage and enables you to safeguard your information through integrated 2FA.

Android users can also access Google Pay, which boasts similar levels of security and widespread acceptance in online outlets across the board.

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