Is Mobile Banking Safe???

With banking services no longer confined to in-branch facilities, we can now access our accounts by telephone, online, and more recently by mobile phone. Although the convenience this provides us makes it an attractive option, it may also have safety implications.

How does it work?

Mobile phone banking can allow you to access your current account in two princi
ple ways.

• By receiving text message alerts. Some banks will send you free text messages which are designed to alert you to different aspects of your account. For example, you can request to be sent an alert if you are nearing your overdraft limit, or to be notified of your weekly balance. Other banks offer this useful current account facility but currently charge for the privilege.
• By enabling you to transfer and manage your money. Some banks offer more than just text message alerts, and allow you to actively manage your money from your mobile. Your phone must be able to access the internet, and you’ll usually have to download software that will connect you to the service. When you have done this, however, you’ll be able to check that payments have been made successfully and even move money between accounts, just as you would with regular online banking.

What are the potential safety hazards?

One thing to consider is that when using your mobile phone to connect to the internet you are opening up the possibility of viruses or hackers being able to access your phone, just as when using a computer to connect to the internet. Therefore your personal information and even your banking details could be at risk when used in transactions between your phone and a wi-fi internet network.
Additionally, by using your mobile phone to type in passwords, PIN codes and other sensitive data, you could potentially be exposing yourself to the risk of others seeing that data, just as with typing your PIN at a cash machine or at a checkout.
There is of course also always the danger that someone could steal your mobile phone and thereby access files and data that are stored on it – particularly if it is not properly security-protected.

How can I make mobile banking safe?

Anti-virus software
Just as you would protect your computer from external risks with anti-virus software, you can do the same with your mobile phone. This is particularly important if you intend to use your phone to regularly connect to the internet to check your bank balance or make money transfers.
It is recommended that you buy an anti-virus software pack such as those available from Norton or Kaspersky, as these will be able to delete spam messages and block malware from entering your phone.
Stick with text message alerts
If you would like to use your phone for mobile banking but are worried about the security implications, you can reduce the risk by only using text message alerts. As these are simply texts sent to you from your bank as with any other messages you might receive, there is next to no risk of fraudsters being able to access your information.
The data that is sent to you in these texts is not enough for fraudsters to access your bank account should your phone be stolen, and information about your account won’t be stored on your phone, making this the safest form of mobile banking.
Lock your phone
To greatly decrease the risk to your phone with minimal effort, you can set up a PIN code to lock your phone. This should be available from the security section of your phone’s menu, and allows you to protect your phone with a unique pass number. It’s advisable not to use the same PIN that you use for your bank account, as this could be stolen in other ways.
When you have PIN-protected your phone you’ll be asked for this number every time you switch your phone on, meaning nobody will be able to access your data without the unique code. You can further protect your phone by making sure not to store any sensitive data on your SIM or on your phone such as your internet banking username or password.
Don’t fall for spam
Although investing in anti-virus software is a good step towards reducing the risk of spam messages as these will often be automatically deleted, remember never to download attachments from unknown senders on to your phone.
Also, remember that your bank will never ask you to provide your security details via email, so if you receive a message asking you to do this, mark it as spam and send it to your junk folder. See our guide on phishing for more information on how to protect your personal information online.

Be Debt Free???

Are you in debt? Do you want to be debt free? Do you think that being debt free is getting to be too hard for you or is impossible? Well, maybe this guide will help you.

1. Assess your problems. If you are in debt, figure out how much money you owe. Who do you owe it to? Is it the bank, a car dealership, or simply a friend that you lost a bet to? If it is just $0-100.00's look for a job to work and as soon as you get your paycheck, pay-up your debts. If it is a little bit more, keep working until you have worked it all off. If you need more than a few hundred dollars, you can either work it off, go to step two, or both! If you are deep in debt, you may need help. Churches and economic assistance will have information of where you can go.
2. Change your behavior. If your debt is a result of overspending (for example, you buy mass quantities of everything and/or buy things that you want, but are not necessary for living), do some budget planning. Get a friend who can save and doesn't have the spending habit. Bring him/her along when you need to purchase something. That person will be able to provide some advice to you.
3. Itemize your highest interest debts (generally credit cards, then car payment, then mortgage, etc.) and make minimal payments on everything but one, which you choose to pay off first. If one debt has much higher interest rate, pay that off first (This is called "Laddering", and may be more cost effective). If interest rates are similar for your debts, pay off the one with the lowest balance first ("Reverse Laddering"). This will allow you see your progress faster, and will make you feel good after each smaller debt is payed off. Review your finances thoroughly, crunch the numbers, and see which method would be the most effective for your situation.
4. After debt 1 is paid off, put the payment amount that you used to get it paid off in record time into the next highest interest (or lowest balance) debt, and so on. The new extra money that you put forth into the next debts is called your accelerator margin and you continually build it. Those of you who own Transforming Debt into Wealth know exactly what I mean. You are compounding the money that you are using to pay off your debts. These two steps are IT in a nutshell...except it assumes you have some cash flow.  
5. Prevent debt. Every paycheck, put aside some money for bills, food, and other needed necessities of living, and some money aside to save. Also put aside a little money for non-necessities; it is important to be able to buy things you want without going into debt. Keep saving money, and paying off bills so that you can pay off your debt.
6. Starting without a plan makes the job of getting out of debt so much harder and so its probably helpful to have some form of a guide