Identity theft, scammers and phishing are unfortunately a risk of doing business or even being online. (That’s why we’ve made it our business at AVG!) But smartphones are even more problematic. Because they’re smaller and portable, they’re more liable to be forgotten in a hurry and easy prey for folks with sticky fingers. A just released report by Consumer Reports found that a staggering 3.1 million Americans had their cell phones stolen last year!

In the US, there is a Mobile Theft Deterrence Act in the works, introduced by Senator Charles Schumer of New York, which would mandate that stealing or tampering with a smartphone will have added criminal weight. (You can read the proposal here.  And the major US phone carriers agreed this Spring to voluntarily implement a “Kill Switch” feature, which allows phone owners to wipe and shut down their phones remotely; this may be a standard feature as soon as next year.

That’s all good news. But in the meantime, if you manage finances online you have twin issues: keeping your financial information safe, and keeping your phone protected. Some simple precautions can go a long way.

First here's some advice specific to mobile banking:

• Go straight to the bank. Get your official banking app from your bank, not from an app store. And be wary of sites that offer to connect you to multiple banks.
• Get up to speed on scams. For example, a bank is never going to send you an email requesting your security passwords. A good resource here is the Association of Certified Fraud Examiners, found at www.acfe.com.
• Read our e-book, “Bank on It,” It not only has other great advice, but also goes into more detail about banking apps and the risks of other sorts of apps.

 
Now for five more general smartphone safety tips:

• Get some security software for your device. Apps such as AVG’s Antivirus for Android can help keep your phone free of malware that may spy on you but can also help recover your phone should it get lost or stolen.
• Lock it! As soon as you get a new phone, set a hard-to-guess password.  (You can generate a truly random password. Also, if you don’t know how to set your password, it’s a good place to go for instructions, whether you have an iPhone, Android or other device.

• Get a mobile theft tracker, if you don’t have one. This will help you and the authorities if your device is stolen. Many are free.

• Set up a SIM card lock to stop it from being used in another phone.

• Back up any valuable materials, including photos, documents, and data.  We all know this one, and still often fail to do it!

Mobile banking gives us convenience and allows us to be in charge of our finances while we’re on the go. A little awareness can go a long way to secure the process and our mobile devices - and give us a little more peace.