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Staying on top of your finances is important at any stage of life, but it can be especially important for seniors on a fixed income. Mobile apps make life more enjoyable and convenient, and mobile checking apps can be particularly handy when you want to keep track of your money. Banking apps also come with risks and challenges, so understanding how to use them safely can help protect your money.

What Are Mobile Banking Apps?

Mobile checking uses a mobile app to give you access to your bank account information. You download the app on your phone or tablet, so you can handle banking activities remotely instead of calling or going into the bank. Once you download the app, you'll create a username and password to log in.

What You Can Do on a Mobile Banking App

Mobile apps let you interact with your checking account in many ways. Things you can do on most mobile banking apps include:

• Check your account balances
• Transfer money between accounts
• Deposit a check using your phone's camera
• Pay bills
• View bank statements
• Dispute transactions
• Manage what type of alerts you get
• Lock your debit card or report it lost or stolen
• Change your PIN
• Change security settings
• Update personal information

The features offered vary from app to app. Some banks offer robust apps with lots of features and options, while others are limited to the basics like checking your balance and transferring funds. Exploring your bank's app helps you become familiar with it.

Benefits of Mobile Banking Apps

One of the biggest benefits of mobile banking is having access to your account without leaving home. Residents of Broadmoor Court will especially appreciate that perk during cold Colorado Springs winters. The benefits of using a banking app include:

• Access to your account information at any time from anywhere
• Self-serve options that let you do things like deposit checks or transfer money
• Fewer trips to the bank
• Spotting mistakes in your bank account faster

You can use your banking app as much or little as you feel comfortable. Some people use them for quick balance checks, while others handle almost all banking tasks through the app.

Drawbacks of Mobile Banking Apps

Despite the convenience of using banking apps on your phone, there are some drawbacks to consider. Some potential negatives include:

• Risk of being hacked and having financial information compromised
• Learning how to use a new app, some of which aren't user-friendly
• Losing the personal connection of going into the bank
• Limitations on types of banking transactions that can be done on the app
• Lack of live support if you need help

Being aware of these issues can help protect you and your banking information. Most bank apps have very secure features, but there are still risks of being compromised, especially if you fall victim to scams related to your banking app use.

Tips for Banking App Safety

Having your account compromised is perhaps one of the biggest threats of using any mobile app. These tips can help you use a mobile checking app safely:

• Use phone security features: Engaging the safety features such as facial recognition and passcodes provides a layer of security on your phone. If someone gets hold of your physical phone, they'll have more difficulty getting into your checking app.
• Keep everything updated: Updating your phone and mobile app ensures you have the latest version. Updates often fix security vulnerabilities, so keeping everything updated means you have the latest protection.
• Verify you download the correct app: When you're downloading your checking app, ensure it's the official app from your bank and not something that looks similar. If your bank has a mobile app, they'll likely have a link to download it on their official website, so you can be sure it's the correct app.
• Don't give out information: Scammers might call you and ask for your login credentials or to confirm other information, which can give them access to your account. Phishing emails that look like they're from your bank or other real companies can also compromise your account. They ask you to click a link or download an attachment that can install malware and steal your personal information. To avoid common scams, don't take any action or provide any information, even if it seems like it's from your bank.
• Use multifactor authentication: If the app offers it, turn on the two-factor or multifactor authentication. This forces you to enter at least two pieces of information to prove it's you. If someone tries to log into your account from a different phone that the system doesn't recognize, it'll require multiple authentication factors.
• Skip public Wi-Fi: Public Wi-Fi networks aren't typically secured networks. Only use your banking app with your phone data or when connected to a private, secure network.
• Use alerts: You can often sign up for alerts for online banking that will notify you of unusual activity. This helps you notice fraud sooner to correct it as soon as possible.
• Contact your bank quickly: If you notice that something's not right with your bank account, call your bank immediately. They can help you stop any additional unauthorized charges and sort out the problems.

Banking apps can be completely safe when you use an authentic app and practice safe online banking strategies.

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