Turn off this phone feature to keep your bank accounts safe

Protect Your Financial Information on Your Smartphone

In today’s digital age, smartphones have become essential tools for managing our finances.
Mobile banking apps allow us to conveniently make payments, transfers, and check our account balances on the go.
However, this convenience comes at a price: the increasing prevalence of banking scams that specifically target mobile devices.

Over the past few years, online fraud has skyrocketed, with smartphones becoming a prime target for cybercriminals.
While some scams aim to trick users into revealing their personal information, there are other methods used to steal money, such as Bluesnarfing, which exploits a feature active on our phones and should be disabled whenever leaving home.

Security Measures to Protect Your Accounts

It is crucial to implement adequate security measures to safeguard our bank accounts and personal information.
Here’s everything you need to know about protecting your financial data on your smartphone.

Mobile banking apps have revolutionized the way we manage our personal finances, offering not only convenience but also becoming indispensable tools in our daily lives.
However, these very tools can pose security risks as they are increasingly targeted by hackers.

In response to the surge in banking fraud, cybersecurity experts and financial institutions advise users never to disclose personal or banking details.
Here’s a recap of the information financial institutions may request from customers: Name, date of birth, email address, and phone number.

Conversely, banks should never ask for: access to your applications, access to your mobile banking passwords, your CVV (the number on the back of your card), your PIN (four-digit code of your card), or your Token (dynamic password).

Protecting Your Accounts from Bluesnarfing

One emerging method used by hackers to access users’ private banking information is Bluesnarfing, a Bluetooth-based cyber attack.
In this context, “blue” refers to Bluetooth wireless technology, while “snarf” in computer jargon means “grabbing” or “collecting data without authorization.”

Cybercriminals can connect to banking customers’ devices via Bluetooth, gaining access to their personal data (passwords, social networks, messages, emails, and banking passwords).
The attacker must be in close proximity to the victim, as Bluetooth has a maximum range of 20 meters.
Once they gain access to mobile banking accounts, unauthorized purchases or transactions can be made.

To protect against Bluesnarfing, users should disable Bluetooth when not in use or when leaving home.
Additionally, cybersecurity experts recommend the following measures:

• Set the device to “undiscoverable” mode to prevent intruders from finding it.
• Avoid accepting connection requests from strangers.
• Use complex passwords to enhance security.
• Keep the device’s software up to date for the best security patches.