Is it safe to download banking app

Because protections have been removed, the third-party apps might contain malware. They might, for example, be able to spy on your mobile phone activity, including your use of banking apps. Since smartphones travel with you, they give fraudsters unique opportunities. If a customer is standing in line at a grocery store and decides to check her bank balance on her phone, someone could be looking over her shoulder and guess the password.

That kind of situation is unlikely to arise when banking on a computer at home, Wolverton says. A caveat: Stay up to date with computer security releases.

Otherwise, your computer bank transactions could still be exposed, Wolverton says. We do not include the universe of companies or financial offers that may be available to you. While we adhere to strict editorial integrity , this post may contain references to products from our partners. Here's an explanation for how we make money.

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Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Further, these apps run in sandboxes to prevent them from doing bad things.

PCs, by contrast, can run unvetted software from any source, including malware-infected websites, unless your anti-virus software blocks them.

When Microsoft redesigned Windows 8 to run on tablets and smartphones, it introduced a similar subsystem for apps. This enabled Windows to run sandboxed apps installed by the Windows Store. These apps are much safer than the old programs, because there are limits to what they are allowed to do. They are rather slow to catch on The biggest threat to banking security comes from using a compromised device: one with malware that captures logons etc and sends them to someone else without your knowledge.

Zeus has been around since Zeus is usually delivered as an email attachment with a text that persuades some users to click on it. It may say your bank or email account has been hacked and that you need to log on to confirm or change your password, etc. Zeus collects your logon details, or puts up a fake screen that mimics a legitimate website, or redirects you to a fake website.

Most importantly, avoid having your phone "remember" your login information or pre-fill the username and password fields. If you want to use a third-party banking app that lets you monitor and interact with more than one account, take the time to research popular apps and select one that has positive reviews and a large number of downloads. Before you install any mobile app -- banking or otherwise -- be sure you understand what areas of your phone it will have access to.

If the permissions seem excessive, consider whether you really need the application, and whether you understand why it needs to access the areas it does. Avoid using mobile banking apps or sending sensitive e-mails or texts over public or unsecured Wi-Fi networks; instead, use your wireless carrier's network. Even if you don't use your smartphone for banking, it's a good idea to activate the screen lock function. Again, be sure that the password doesn't automatically pre-fill; you should be required to enter it every time.

Be sure to delete any e-mails, text messages or documents containing financially sensitive information. Last but not least, install mobile security software such as Mobile Defense or Lookout for Android or MobileMe for iPhone , which allow you to remotely "wipe" your phone, erasing all of your information in the event that your phone is ever lost or stolen. The bottom line: Don't be afraid to enjoy the convenience of mobile banking apps, but proceed with caution.

Know what you're signing up for and who's providing it! Before too long, it may replace them both! Sign up for our Newsletter! Look for two-factor authentication in your financial apps.

Although some mobile phone users are using face recognition or eye scans, more apps are likely to require this in the future. Biometrics is one example of a two-factor authentication method. Two-factor authentication is a second layer of security, asking for a second method to verify who you are. Many banks use a password and a PIN, or a fingerprint and a password, are two examples.

It used to be that we had to do all aspects of banking in person.