Do You Use Mobile Finance Apps?
3 Things You Should Know to Stay Secure

 

mobile-finance-appsPaying for a purchase at your favorite store is now as simple as swiping your phone in front of a designated scanner. For many people, their mobile phone has virtually taken the place of their wallet—especially if their credit and debit cards are linked to it.

Losing your wallet can give identity thieves an opportunity to steal valuable information. And they can be long gone before you make the discovery. Losing your phone can also yield the same results. If you’re concerned about the safe use of your mobile phone in making payments and using online finance apps, here are a few safety tips that can help you adapt to the technology and prevent identity theft.

• Activate your phone’s safety features.
Set your phone’s safety feature so that it will lock when inactive. You can set this feature to your own comfort level. Establish a PIN to unlock your phone. You can also choose to enable remote tracking or software that will completely wipe clean your phone’s data if it’s lost or stolen.

• Don’t link to debit cards when making mobile payments.
A debit card, as opposed to a regular credit card, can link directly to your real money in the bank. Money stolen is money that could have been used to pay a mortgage or bill.

• Take fast action if you lose your phone.
If you’re making mobile payments, your creditors should be alerted immediately to be on the lookout for any fraudulent activity. In addition, many apps have a companion website that you can log onto and change your password.

Mobile apps are likely here to stay. If you’re an early adapter to new technology, you may already be comfortable making mobile payments. If you’re new to the technology, take your time in the discovery process.

YOUR TURN

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This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.