Though mobile banking is taking off across the country, some Canadians still have concerns about paying bills and transferring funds by phone. But with a few easy steps, you can take precautions to ensure that your banking information isn't compromised:
1. Always keep your phone with you, and lock it when it's not in use.
2. If you lose your phone, call your bank promptly so it can change your password or disable your banking application.
3. Choose your banking password and personal verification questions carefully, and never share them with anyone, not even family or friends.
4. Don't keep your banking password or other sensitive information stored on your smartphone, where it could be discovered if your phone is stolen.
5. Don't send your banking credentials by e-mail or text, which could be intercepted.
6. Review your banking statements frequently, and report any errors promptly.
7. Put anti-virus software on your phone and stay away from unknown websites.
8. Choose apps wisely. Get them from the official app store for your phone type, because fraudsters may e-mail links to apps that contain malware (software designed to gain unauthorized access to your computer).
9. Don't follow links in any e-mails that claim to be from your financial institution. Go directly to your bank's website to do your banking.