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In today’s digital-first world, your smartphone serves as an all-in-one hub. From conversations to online purchases, directions to online banking, our mobile devices provide unparalleled convenience. This convenience brings with it a real security concern though – especially without proper precautions. In fact, your phone could end up being your biggest financial risk.

So, here’s how your smartphone can put your banking security at risk, and the steps you can take to help protect yourself and your device.

How your smartphone can be a risk

Unsafe public Wi-Fi

Open Wi-Fi networks are prime hunting grounds for cybercriminals. Accessing your banking app on an unprotected connection makes it easy for hackers to intercept your private data, including your login details.

Old software versions

App and system updates frequently fix known security flaws. Ignoring these updates or using outdated browsers and apps leaves you vulnerable to attacks that exploit these weaknesses.

Risky app downloads

Not every app is legitimate. Some are designed to embed malware on your device, which can then harvest your personal information or monitor your behaviour.

No device encryption

Without encryption, your stored data is exposed. If your phone is stolen or misplaced, even a locked device can be cracked which gives criminals easy access to your sensitive info.

Phishing and text scams

Phishing has evolved beyond email. Fraudulent texts, or ‘smishing’, can trick you into entering login details or clicking links that download malicious software onto your device.

6 ways to protect your mobile banking

  1. Skip public Wi-Fi when banking or use a VPN to secure your connection.
  2. Activate two-factor authentication (2FA) and biometric security like fingerprints or facial recognition. Create strong, unique passwords and enable your phone’s auto-lock functionality.
  3. Only download apps from trusted sources like the Google Play Store or Apple App Store.
  4. Keep your phone updated with the latest security patches by enabling automatic system updates.
  5. Use tracking features like ‘Find My iPhone’ or ‘Find My Device’ to lock or erase your phone remotely if it’s lost or stolen.
  6. Stay alert to scams and avoid clicking links in unexpected texts or emails. Never enter your banking details unless you’re certain of the source.

Your smartphone holds immense power, but with that power comes the need for caution. As mobile banking becomes more commonplace, criminals are increasingly looking for ways to exploit smartphone vulnerabilities. Taking simple, proactive measures can help transform your phone into a safe and reliable financial tool.

Stay scam aware

We’ve seen a recent increase in phone porting scam incidents. This type of scam can leave victims without their phone service and vulnerable to identity theft and financial loss.

If your mobile service is suddenly disconnected or you receive a text message stating your number is being ported to a different network provider, act quickly and alert us as soon as possible so we can secure your P&N Bank accounts. You should also then contact your network provider to reverse the port.

Tips to help you stay safe online

It’s important to ensure you stay safe online to protect yourself from scams, fraud and identity theft. Read our top tips for protecting yourself.

Security & scams

Detailed information about P&N Bank's comprehensive security measures in place to protect your account and personal information from unauthorised access.

Need help?

Whether you’d prefer to chat to us by phone, online, or face-to-face in our branch network, we have a range of ways for you to reach out.

Important information

Banking and Credit products issued by Police & Nurses Limited (P&N Bank).

Any advice does not take into account your objectives, financial situation or needs. Read the relevant terms and conditions, before downloading apps or acquiring any product, in considering and deciding whether it is right for you. The Target Market Determinations (TMDs) are available on our website or upon request.