I Never Thought About It Until I Was Mugged!

I recently heard the term “frictionless” used to describe an experience that is simply integrated into a person’s daily life, one that we don’t have to plan for, train for, or go too far out of our way to use.  I associate frictionless experiences with worry-free, easy things to do.  As technology advances, online and mobile experiences are becoming more and more “frictionless” – but are they really free from worry?  We may think so – until we have reason to believe otherwise.  I mean, I never worried about using an ATM at night until that one time when, as a college student, I left the ATM only to have a scary dude stretch out his hand for my $20.  You better believe that I paid much more attention to my surroundings from that point forward!

It occurred to me that this is precisely what banks and credit unions are seeking:  a superior (frictionless) user experience that integrates with my daily life and is both secure and private. No scary dudes!  For the first time ever, mobile banking volume surpassed online banking in 2014.  Bank of America recently reported a 24% increase in weekly mobile check depositing over 2014 numbers.  And, Bloomberg Business reports that 52% of all consumers have accessed some form of mobile banking in the past 6 months.

Credit Unions and Banks will not compromise when it comes to security for their mobile and online banking – and they continue to make my environments safer with technologies like touch identification, fraud analytics, enhanced authentication practices, and future biometric-based security practices.  However, there are things that a responsible mobile banker can do to further ensure protection.  Just like I learned that it was not a good idea to go to an ATM at night and alone, there are things that we can learn to keep ourselves safe in the digital world.  Here are a few:

1. Make sure your mobile device automatically locks after a short period of inactivity – and requires a password to unlock.
2. Install a phone tracking app like Apple’s “Find My iPhone” or Google’s “Device Manager.”
3. Don’t store your passwords on your phone.  Memorize them!  Always logout of your mobile banking applications and do not have your browser remember passwords.
4. Secure your smartphone with anti-malware and ensure you keep the software current.  This is kind of like taking a friend to the ATM.
5. Secure your connection on public hotspots.  Make sure the network is the actual one you intend to hop on.  It is easy to “name” a network.  Is Marriott_wifi or Hotel_wifi_guest the one supplied by your trusted hotel?   One could really be a “scary dude.”  Make sure you turn off sharing and protect your passwords and private information.
6. Still review your bank statements – looking for any evidence of fraud.

While our banks and credit unions will continue to be uncompromising and trustworthy, it is also my responsibility to be smart in a digital world that contains some of the same lurking hazards as in my physical world.  With a little extra precaution, we can avoid those “scary dudes.”

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