Safe Banking On Your Mobile Device

Mobile banking has experienced rapid growth over the last three years, in the U.S., more than doubling from 5% of online adults in 2007 to 12% by June 2010. Furthermore, Forrester predicts that one in five–or 50 million–U.S. adults will be using mobile banking by 2015.

However, identity theft is a major concern and studies show that many Americans are still uncomfortable with mobile banking, citing security as a top concern. In fact, 35% of US online adults said that they do not use their device to do banking for this reason.

Responding to these concerns, banks have been working to improve mobile security by offering a consistent sign-on experience for both their online and mobile channels, including multi-factor authentication programs for mobile.

While banks are trying to do their part, users have to take additional steps to make sure that their mobile data is protected. Consumer Reports estimates that almost 30% of Americans that use their phones for banking, accessing medical records, and storing other sensitive data, do not take precautions to secure their phones.

So, here are some tips for mobile bankers of all ages to keep you safe while banking on the go:

Connect to your bank’s mobile site or app securely by making sure that your wireless network is secure. Never send sensitive information over an unsecured wireless network, such as in a hotel or café.

Download your bank’s mobile application, so you can be sure you are visiting the real bank every time, not a copycat site.

Configure your device to auto-lock after a period of time.

Don’t store data you can’t afford to lose on an insecure device.

Use mobile security protection like McAfee Mobile Security™ that offers layers of protection including: antitheft, antivirus, antispyware, antiphishing and app protection.

Robert Siciliano is an Online Security Evangelist to  McAfee. See him discuss mobile phone spyware on Good Morning America. (Disclosures)