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Mobile Banking Security

Mobile banking has come a long way from basic, text-only services. The advent of the smartphone brought with it a revolution in the way people interacted with mobile services, including mobile banking. Once the domain of 160-character text messages, mobile banking has now leveraged the power and flexibility of apps to provide users with more interactive and reliable experiences.

Security is one especially critical component of mobile banking that has benefited much from advancements in mobile technology. With a 2015 Statista survey showing that nearly three out of four Americans cited security as the biggest hurdle to their adoption of mobile banking, it is notable that more and more app offerings by banks have begun to incorporate more robust security features to help allay those concerns.

For example, where the limitations of text messaging meant that SMS banking services were provided to users in cleartext — i.e., without any encryption that could prevent unauthorized access — advancements in mobile technology have enabled most current mobile banking apps to implement both at rest and in-transit encryption of data as standard features.

Wirex’s Mobile Banking Security

Wirex takes the security of your mobile banking account very seriously. That is why all Wirex accounts are protected by multiple layers of security to help keep your funds and personal information from falling prey to unauthorized usage or access.

For starters, all Wirex bitcoin wallets are secured with two-factor authentication and multi-signature technology. This ensures that access to your bitcoins in your Wirex bitcoin wallet is restricted to you and you alone.

Also, the Wirex card requires you to enter your unique four-digit PIN before a transaction is authorized. This prevents you from falling prey to signature-based card fraud. Any transaction made from your Wirex account similarly requires a time-sensitive confirmation. All Wirex accounts can be further protected by optional two-factor authentication.

And lastly, the Wirex mobile banking app encrypts all data sent from the app, protecting your sensitive financial information from unauthorized third parties.

Mobile Banking Security Tips

Nevertheless, no matter how robust Wirex’s security measures may be, it is important to keep in mind that no system is 100% immune from security vulnerabilities and user negligence. It is therefore critical that you inform yourself regarding security best practices when interacting with Wirex’s services, and that you always remain diligent when handling your sensitive personal and financial information.

Never Respond to Suspicious Requests

For starters, never respond to any requests for your passwords or any other sensitive information over text and/or email. Such requests are almost always made by malicious actors who are looking to steal your sensitive information and your funds. Wirex would never directly request for your sensitive information over public channels.

Use Strong, Unique Passwords

No security technology is going to be able to keep your account safe if you use a password that can be easily guessed or cracked. Worse still if you reuse your password across multiple services — if that particular password has been compromised by a data breach or something similar, all accounts using that password are likewise compromised.

An easy way to help you use different difficult-to-guess passwords across all of your services, without needing to remember every single one of them, is to use a password manager like KeePassX. A password manager is a program that generates unique passwords for all of your services and securely stores them in encrypted form.

Note, however, that using a password manager creates a single point of failure and establishes an obvious and lucrative target for malicious actors. While the benefits of using unique passwords across multiple services greatly outweigh the risk of using a password manager, you should nevertheless exercise caution when determining whether or not a password manager is the right tool for you.

Enable Two-Factor Authentication

Wirex offers the option of securing your account with two-factor authentication. You should enable it. Two-factor authentication prevents your account from being hijacked by a malicious actor who has access to one of your two factors — e.g., your password or your code generator, but not both. While not completely bulletproof, two-factor authentication does provide much more robust protection against unauthorized access when compared to a password alone.

Get Started With Wirex Today

That said, you can get started with Wirex’s flexible and secure mobile banking platform today by registering for a free Wirex account here. You may also download Wirex’s mobile app for your iOS or Android device here.