The relationship between smartphones and securing personal information can be complicated.
On the one hand, banking and payment apps have made it easier than ever to stay on top of our finances. At the same time, they require us to enter private information, like our bank account numbers, which could become vulnerable if our phones are hacked or stolen.
Most banking apps are protected by software that verify your identity when you log in. Many also use financial companies like Payfone to verify the phone that’s attempting to log into a banking or financial app. Payfone is used by six of the top 10 banks in the United States.
Even so, not all apps have up-to-date security features, and some may leave the door open for interference. Even more, customers often choose convenience over security safeguards and criminals are constantly improving their hacking methods. All of this leaves consumers vulnerable to theft.