Picture this: You get an email saying that the passwords on your email and social media accounts have been changed. ![]() Here are some mobile scams that every consumer should know about. ![]() Mobile accessibility provides convenience, but it also opens consumers up to fraud. When it comes to managing money, Bank of America found that 54% of consumers use a mobile banking app, with 84% accessing their financial information from their phones at least once a week. All of this leaves consumers vulnerable to theft. Even more, customers often choose convenience over security safeguards and criminals are constantly improving their hacking methods. ![]() Payfone is used by six of the top 10 banks in the United States.Įven so, not all apps have up-to-date security features, and some may leave the door open for interference. Many also use financial companies like Payfone to verify the phone that’s attempting to log into a banking or financial app. Most banking apps are protected by software that verify your identity when you log in. ![]() At the same time, they require us to enter private information, like our bank account numbers, which could become vulnerable if our phones are hacked or stolen. On the one hand, banking and payment apps have made it easier than ever to stay on top of our finances. The relationship between smartphones and securing personal information can be complicated.
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