View Full Version : Is banking through your cell phone riskier than using your home computer?
Someone wants to send me money from a different bank, using Zelle. It appears that my bank only uses Zelle as a mobile app. I would prefer not to have that info on my phone.
Is it riskier to have your banking info on your phone, versus just on your home computer?
Thanks.
Teacher Terry
2-16-19, 12:17pm
I have my banking app on my phone.
TabbyCaticus
2-16-19, 12:19pm
I do mobile banking, and I haven't personally heard of any problems with it. Paypal may be a more secure way to go. In the many years they;ve been operating, I think there MAY have been one breach, many years ago. It's easy and anyone can connect their accounts to it. I've never heard of Zelle
Someone wants to send me money from a different bank, using Zelle. It appears that my bank only uses Zelle as a mobile app. I would prefer not to have that info on my phone.
Is it riskier to have your banking info on your phone, versus just on your home computer?
Thanks.
I’ve been using the Chase app for years. No problem. I love Zelle. I think you’re being a bit too worried. The issue with banking apps on your phone is if you use public WiFi. If you don’t, you should be fine.
SteveinMN
2-17-19, 12:45am
Tradd has it right. The banking app comes from a proven entity (your bank) and operates on your phone (which, to not get too technical, puts pretty much every app in its own sandbox so its interaction with any other app and, to some extent, with the operating system, is limited). In a sense, that's more secure than using your bank's site through a Web browser.
The big dangers in remote banking are using non-secure Wi-Fi and very simple passwords; both of which you could do (but shouldn't) with a laptop or desktop computer.
ToomuchStuff
2-17-19, 12:02pm
It is also more risky, due to the odds of leaving your phone somewhere, verses your home computer.
Can you get the transfer then uninstall the app?
Teacher Terry
2-17-19, 12:18pm
I have security on my phone so no one could even use it.
It is also more risky, due to the odds of leaving your phone somewhere, verses your home computer.
Can you get the transfer then uninstall the app?
That was a good idea. But the payment will be monthly. I suppose I could install/uninstall monthly on that expected date?
I have security on my phone so no one could even use it.
What kind of security do you have? And I guess I was thinking of things that could happen just in cyberspace.....whatever that means. I'm not too knowledgeable about this stuff!
People can also break in and steal your home computers.
It’s best to have strong passwords or biometrics for logging into all electronics. Then the thief can not use it so it’s not a worry.
Teacher Terry
2-17-19, 3:25pm
Finger print and code needed to open it
You can also remotely wipe your iphone in the event that you lose it. But make sure you have Find My IPhone turned on on it now. I don't believe you can wipe it remotely otherwise. (you also can't use find my iphone to, ahem, find your iphone if it's turned off.)
It is also more risky, due to the odds of leaving your phone somewhere, verses your home computer.
Can you get the transfer then uninstall the app?
I'm amazed at the number of people I know who regularly lose their phones. I've never done that or left it somewhere.
iris lilies
2-17-19, 3:57pm
I hate carrying a phone and the only way I dont lose it is to put it in my billfold.but then, it has no case so it wont fit in there with a case. Subject to dropping and breaking.
Perhaps I am paranoid but I'd ask an experienced security officer at a long established bank, credit union or mutual fund company before doing lots of transactions by phone. I think of myself as having alot of experience with banking but was scammed by people from overseas! It might not happen but there are some creative con artists out there. Today, I received a message that I had asked for a new password for
I may be a bit paranoid but I would ask an experienced security officer at a bank, credit union or mutual fund before doing much phone banking! Although I consider myself quite experienced with banking and managing money, I was scammed by people from overseas who claimed to be a major computer company. Fortunately, my bank called me to question my payment to the scammers and did not make the transfer! Nothing may happen to you but there is always the possibility.
An iPhone is just a tiny MacBook. As long as you are on your own secured WiFi network, there is no difference between them as far as security.
SteveinMN
2-21-19, 11:43pm
An iPhone is just a tiny MacBook. As long as you are on your own secured WiFi network, there is no difference between them as far as security.
Exactly. All of the insecure things people do on desktop and laptop computers -- using (or reusing) lousy passwords, not using two-factor authentication, opening and responding to phishing emails, not checking for malware (more of an issue on desktops/laptops than phones), using questionable Wi-Fi networks, etc. -- can be done on phones and "real" computers.
(As I probably say way too often) technology only amplifies what people would do anyway. Phishing and social engineering occurred long before we all had access to computers and the world's networks. Computers may speed things up but the threat always has existed.
Hubby is cybersecurity. His position: direct banking only. No apps.
He also has grave concerns about biological passcodes. If someone get's your fingerprint? They've got it for life. You cannot change it. And yes, it's been done. He is a firm believer in a 24 character password with illogical sequences of letters/numbers/characters.
Hubby is cybersecurity. His position: direct banking only. No apps.
What does DH believe are the differences between banking apps and the extensive electronic data interconnections the bank uses to function?
1Password is my security blanket
What does DH believe are the differences between banking apps and the extensive electronic data interconnections the bank uses to function?
Direct banking: via Chrome (our preferred product)..not an app. When you load apps, you're putting your personal info directly into your phone and there it lives. When you direct bank via Chrome your phone holds no personal info.
I only do online banking or transactions with my other finance accounts on my iPad. My phone is android and my home computer is PC based and I don't trust those systems against hacking, although the odds are probably low.
Agreed - The device is not the important part - the software is where one is protected.
Phones are computers. Computers use apps too. And phones can go straight to the internet without an app.
Things have changed a lot in the last few years. A password protector like 1password and the Apple universe seem the most secure setup to me.
I will defer to the certified cybersecurity officer I live with.......YMMV
SteveinMN
2-23-19, 11:05am
Direct banking: via Chrome (our preferred product)..not an app. When you load apps, you're putting your personal info directly into your phone and there it lives. When you direct bank via Chrome your phone holds no personal info.
Hmm. Cookies set by the bank Web site, cached pages, and a browser from a company notorious for not keeping user information private ... I don't see the difference myself. But since no one is paying me for my computer security knowledge, I'll defer. What I've been doing has worked for me so far.
ToomuchStuff
2-23-19, 4:27pm
I tried it once and I did do it in a more secure method then most. No possible persistent cookies, etc. Direct banking, from a bootable Linux distro (starts as a new install every time, via dvd), and would go through a VPN now.
Rather just go to the bank once every couple weeks and mail my bills.
SteveinMN
2-23-19, 10:59pm
Meanwhile, in most cities and towns, ordinary citizens log onto their bank accounts on outdated phones with public Wi-Fi and type in a password of 1234#1234... !Splat!
ToomuchStuff
2-24-19, 12:24am
Meanwhile, in most cities and towns, ordinary citizens log onto their bank accounts on outdated phones with public Wi-Fi and type in a password of 1234#1234... !Splat!
And ask those in the know, why they have problems, while not listening to the answer.
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