Updated October 12, 2023

Most banks in Australia want us to do all our banking on our mobile phones and have produced banking apps that are useful, convenient and secure. This article describes the steps you can take to make sure you can bank safely on your mobile phone and highlights a video I have made to summarise and demonstrate the app from my bank.

In order to achieve the security needed for mobile banking these are the considerations to be taken into account.

The phone itself

  1. Phone Software: make sure you keep your phone updated with the latest release of the manufacturer’s software. Your phone will prompt you, don’t ignore that prompt.
  2. Security patches: some phones release small updates called security patches. Again make sure you apply them as soon as your phone prompts you to do so.
  3. Whenever you pick up your phone to use it make sure you have to verify yourself to the phone. This usually means one of:
    1. Typing a PIN
    2. Swiping a pattern
    3. Pressing a finger to the fingerprint reader
    4. Using the phone’s camera for face recognition

Banking app

  1. Use only the trusted and secure banking app from your own bank
  2. The banking app will have its own additional security requirements such as:
    1. Bank user ID and strong password
    2. An additional PIN, fingerprint or face recognition
  3. The bank may also offer 2FA (2 factor authentication) with an additional step like sending a text security code or using a special authentication app recommended by the bank. It is recommended you use 2FA if it is available.
  4. Ensure you are in a safe environment with your phone which means either you are using your mobile data connection to a cell tower or a secure Wi-Fi network like NBN in your own home. Never use public Wi-Fi when using your banking app
  5. Frequently check your bank account transactions for any suspicious activity

Video Summary and Demo

https://youtu.be/rs69ri07CaU?si=Ghhcy23_mYYfF1Rh

Michael Rees

Updated October 12, 2023