Smartphone users: raise your hand if you use your phone for banking purposes. According to the Federal Reserve’s latest annual survey of consumer mobile use, more than half of you have hands in the air.
Fifty-three percent of smartphone owners with a bank account use some degree of mobile banking, the survey says. And increases are expected: Juniper’s 2013 – 2017 Mobile Banking Report predicts that there will be one billion mobile banking consumers in the next five years.
It’s a huge number, but not incredibly surprising. After all, we’re pretty sure there’s nothing more convenient than being able to pay bills and deposit checks straight from a smartphone.
Starting today, a percentage of those billion people will be users of Community West Bank’s Mobiliti™ Business app. This app allows businesses to easily approve loan payments and advances, ACH transactions and wire transfers; deposit checks securely; quickly transfer funds between accounts; and receive alerts for transactions waiting approval. Community West Bank is also launching a Mobiliti™ app geared toward consumers, providing all of their customers with the conveniences of mobile banking.
Mobiliti™ is incredibly secure, as the app is encrypted with 128-bit encryption, considered to be logically unbreakable, and uses Positive Pay verifications to enhance fraud prevention. Nevertheless, mobile banking is naturally associated with security concerns. After all, account information is rather important… wouldn’t you say?
Our friends at Community West Bank agree that banking security should be taken seriously. Here’s what they recommend:
Make sure your mobile device itself is secure. Take advantage of the ability to lock your phone with a PIN or password, and choose a strong password that isn’t easily guessable.
Avoid unsecured WiFi networks. Public WiFi – in airports, coffee shops and hotels, for example – is not recommended for secure transactions.
Be careful with your account information. Don’t send account numbers, passwords or other sensitive information through email or text message.
Be prepared in case you lose your phone. You can talk to your wireless provider in advance to find out about features that enable you to remotely erase content or turn off access to your device or account if you lose your phone.
Make your smartphone identifiable. Choose a personalized case or mark your phone in a way that will tell you it’s yours. This will distinguish your phone from others at a glance and reduce the risk of mix-ups.
With these precautions in mind (and in smartphone), you can enjoy the accessibility of mobile banking with added confidence. To learn more about Community West Bank’s brand new Mobiliti™ Business app, visit www.CommunityWestBank.com. And when you’re done, just put your bank back in your pocket and rest easy, knowing you have the convenience and the security you need.