Clipped from: https://www.financialexpress.com/money/your-money-financial-apps-do-make-life-simple-but-click-with-caution-3289100/
If an app asks for excessive access to your device’s data, then it is a red flag.
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Downloading financial apps and sharing your personal information can be convenient, but it’s crucial to take precautions to protect your sensitive financial data. It is also important to know that financial data is highly sensitive, and the consequences of a breach can be severe.
Here are some precautions you must take before downloading financial apps and sharing your info.
Verify the app’s authenticity
Before downloading any financial app, do some research on it. Check for user reviews, ratings, and the developer’s reputation. Stick to well-known and trusted apps from reputable financial institutions. Though most of the mobile apps seek every information related to your device, this information should not go to companies who may misuse it. Therefore, review the permissions the app requests. Ensure they are relevant to the app’s functionality. Be cautious if an app asks for excessive access to your device’s data and features.
Download from official sources
Download financial apps only from official sources such as Google Play Store for Android or the Apple App Store for iOS. Avoid third-party app stores or sideloading apps. Adhil Shetty, CEO, Bankbazaar.com, says, “Do not download financial apps from third-party websites, forums, or unofficial app stores. These sources may offer compromised or fake apps that could compromise your security. As a best practice, visit the official website of the financial institution or service provider. Look for a link to the official app or mobile banking section. Download the app directly from the official website if available. Also look up the user reviews and ratings.”
When you download a financial app, you may be asked to provide personal information such as your name, address, phone number, and bank account details. Only share the information that is necessary to use the app’s features. For example, if you are only using the app to check and buy certain things, you do not need to share your banking details.
For instance, financial apps such as banking or investment apps generally do not need access to your contact list, call logs, camera, microphone, SMS or multimedia messages, or even location permission. While some may need some of these permissions at times, for instance, if you are using it to track the nearest branch or ATM, it may need your location access. However, if any financial app should need all of these mandatorily to function, then it is a red flag.
Secure your device
Ensure your device is protected with a PIN, password, or biometric authentication. Keep your device’s operating system and apps up to date with the latest security patches. Be cautious of phishing attempts, where scammers impersonate legitimate financial institutions through emails, SMS, or fake websites. Always verify the sender’s authenticity.
Avoid conducting financial transactions on public Wi-Fi networks, as they can be less secure. Use a trusted and secure network. Often public networks may lead to your phone data being stolen or misused.
Keep an eye on your financial accounts for any unauthorised or suspicious transactions.
Report any discrepancies immediately to your bank or financial institution. If you notice any suspicious activity on your account, such as unauthorised transactions or login attempts, be sure to report it to the financial app’s customer support team immediately. Sometimes, timely action may save you from being duped.
SAFEGUARD YOUR FINANCIAL DATA
- Stick to well-known and trusted apps from reputable financial institutions
- Ensure your device is protected with a PIN, password, or biometric authentication
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