Is Mobile Banking Safe for My Business?
As a prudent smartphone user, it’s natural to wonder if your smartphone bank transactions are secure. Rest assured, mobile banking is safe and secure because banks are in the business of securing sensitive customer data.
Here are some of the ways a bank protects your data:
- Direct Connect
Your individual smartphone is coded to link directly to your bank accounts to conduct banking business when you’re on the go. This means that other smartphone users – even those with your PIN – can’t access company accounts without an authorized, coded smartphone linked directly to your online accounts.
This prevents unauthorized access to accounts using another smartphone. Only those smartphones you approve can access accounts.
- Password Protection
It’s always a good idea to use the “lock” feature on your smartphone – an electronic lock that can only be opened using your PIN. This protects all data stored on your smartphone in case it gets lost.
Banks also add another layer of security by requiring a password to access your online accounts using a mobile phone. Without the password, unauthorized access is all but impossible.
- Data Encryption
To protect your company’s highly sensitive financial data, banks employ heavy encryption – special coding – that eliminates the likelihood of transmissions being intercepted.
You can contact your bank to conduct online activity assured that your transactions and account information are encrypted to protect what’s yours – the company’s online “books”.
Banks also send alerts and other information regarding account activity to your smartphone. These messages are also heavily encrypted to protect bank account numbers, PINs, and other sensitive data.
- Banks Respect Your Privacy
If you’re a busy business owner, you store a lot of information on your smartphone. Your contacts list, snapshots from the latest job site, emails from the field. Today’s smartphones offer a lot of different features used by businesses every day.
Your bank’s security system respects your privacy. It doesn’t access other information stored on your smartphone. Your bank simply uses smartphone features – like the camera to take pictures of checks for remote site deposit – and keeps clear of the other information stored on your smartphone.
Mobile Banking Increase Efficiency
Mobile banking has become an invaluable tool used by more and more businesses with remote site offices, service technicians on the road, and outside salespeople. Businesses run more efficiently with mobile banking services.
To learn more about mobile banking with F&M Trust, visit fmtrust.bank or call 717-264-6116.
Cynthia E. Marconi is Vice President and Treasury and Business Services Manager for F&M Trust.
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