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Using mobile banking/investment apps - Security and liability
stphnstevey
Posts: 3,227 Forumite
I haven't moved to mobile banking, although I think it would be more convenient. I still consider myself relatively young and it's not due to not being technically minded. My job allows me access to a laptop most of the day, so I have remained with that, somehow believing it is more secure when accessing banking.
My concerns with mobile are:
- Laptop only leaves house on business trips, where as mobile phone comes with me on every trip out of the house. Therefore there is more chance of mobile phone being lost or stolen? (Although I see Google Pay's argument is your more likely to notice your mobile phone missing as you check it more often than you check you have your credit/bank card - I have lost a bank card before and it took me several hours to notice (ie the next time I went to pay for something), where as I had checked my mobile phone several times in that time)
- Phone security vs laptop - laptops generally have antivirus and firewall where as I have none of that on android phone. Does Android have viruses or need firewalls? Any issues with accidentally downloading a fraudulent apps that might then take over your phone, spyware etc?
- Liability - If someone where able to obtain and use your mobile, would the liability be any different than if someone were able to do the same with your laptop?
- Banking App security - some apps seem to reduce the number of information you need to enter to access eg. some it is only a four digit pin. This seems less secure than the 4-5 pieces you are asked for on a laptop
- Public wifi - this is not solely a mobile issue, but this is likely where I might use it. Are their security concerns with public wifi? I have read of copycat wifi sites broadcasting a similiar named signal in public spaces. Is the safest to use mobile internet, at least when using banking apps?
My concerns with mobile are:
- Laptop only leaves house on business trips, where as mobile phone comes with me on every trip out of the house. Therefore there is more chance of mobile phone being lost or stolen? (Although I see Google Pay's argument is your more likely to notice your mobile phone missing as you check it more often than you check you have your credit/bank card - I have lost a bank card before and it took me several hours to notice (ie the next time I went to pay for something), where as I had checked my mobile phone several times in that time)
- Phone security vs laptop - laptops generally have antivirus and firewall where as I have none of that on android phone. Does Android have viruses or need firewalls? Any issues with accidentally downloading a fraudulent apps that might then take over your phone, spyware etc?
- Liability - If someone where able to obtain and use your mobile, would the liability be any different than if someone were able to do the same with your laptop?
- Banking App security - some apps seem to reduce the number of information you need to enter to access eg. some it is only a four digit pin. This seems less secure than the 4-5 pieces you are asked for on a laptop
- Public wifi - this is not solely a mobile issue, but this is likely where I might use it. Are their security concerns with public wifi? I have read of copycat wifi sites broadcasting a similiar named signal in public spaces. Is the safest to use mobile internet, at least when using banking apps?
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Comments
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Re your last point, never use public WiFi for banking or any other sensitive transactions, use mobile data.
Re Android, yes it's definitely not as secure as iOS. But it's decent as long as you aren't downloading obscure games and the like. Keep up with new releases (harder on android, one reason it's not as good) . There are antiviruses for it. No idea how good they are b
It's probably also a wash between WIindows laptop and mobile security ,after all there must be 100x as many malware "opportunities" on those than mobile. Apple and Linux laptops much safer.
Liability - not sure what you are asking. Liability for what ?0 -
Do you feel you need to start using mobile banking?
I know for a lot of people it is very convenient but I, currently, have no need of it and bank happily online.Things that are differerent: draw & drawer, brought & bought, loose & lose, dose & does, payed & paid0 -
AnotherJoe wrote: »Re your last point, never use public WiFi for banking or any other sensitive transactions, use mobile data.
Re Android, yes it's definitely not as secure as iOS. But it's decent as long as you aren't downloading obscure games and the like. Keep up with new releases (harder on android, one reason it's not as good) . There are antiviruses for it. No idea how good they are b
It's probably also a wash between WIindows laptop and mobile security ,after all there must be 100x as many malware "opportunities" on those than mobile. Apple and Linux laptops much safer.
Liability - not sure what you are asking. Liability for what ?
Liability for fraudulent use - I was thinking it would be the same for either, but if there is only say a pin for access for mobile, is there less liability as that is easier to crack?0 -
oldernonethewiser wrote: »Do you feel you need to start using mobile banking?
I know for a lot of people it is very convenient but I, currently, have no need of it and bank happily online.
Logging in is a little bit of a chore online (not massive)
Convenience is really speed I guess, as much as I worry about just a PIN to access, it does mean quicker access0 -
which mobile banking app only requires a PIN to access?stphnstevey wrote: »Liability for fraudulent use - I was thinking it would be the same for either, but if there is only say a pin for access for mobile, is there less liability as that is easier to crack?0 -
stphnstevey wrote: »Logging in is a little bit of a chore online (not massive)
Convenience is really speed I guess, as much as I worry about just a PIN to access, it does mean quicker access
If you feel that is enough to make you move to banking apps and the like then go for it.
It isn't for me as it is not something I need but seems to be popular with lots of people. App only banking has many supporters but as I say, depends on your personal needs.Things that are differerent: draw & drawer, brought & bought, loose & lose, dose & does, payed & paid0 -
If you see yourself using public wifi (in particular open wifi) for sensitive things, get a VPN. There are convenient services to cover your laptop or smartphone. In general, mobile apps afford somewhat better security than internet banking websites, and as AnotherJoe says, mobile operating systems are somewhat safer than a Windows laptop if you are still receiving and installing updates. Antivirus/firewall on Android are of limited use as you aren't running with administrative privileges to install an effective one (unless you have rooted your device, which is a big security vulnerability in itself). I presume the same is true of iOS.0
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stphnstevey wrote: »Liability for fraudulent use - I was thinking it would be the same for either, but if there is only say a pin for access for mobile, is there less liability as that is easier to crack?
If the bank itself provides the system that has an easy to crack PIN why would you be liable for using it ????
Do you see them denying your claim on the grounds their application wasn't secure enough ?? Also you surely would have security to access your phone - these days often biometrics.0 -
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Because it was executed from your mobile device therefore you are responsible for whatever was carried out. It cannot be argued any other way. This will be/is the banks position should any untoward activity occur on your account executed from your mobile device. There cannot be any argument.AnotherJoe wrote: »If the bank itself provides the system that has an easy to crack PIN why would you be liable for using it ????
Do you see them denying your claim on the grounds their application wasn't secure enough ??
You're not really setting the bar too high then. You also have to be mindful of the physical possibilities also.AnotherJoe wrote: »Also you surely would have security to access your phone - these days often biometrics.Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0
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