Online & Mobile Banking Safety
Online and mobile banking is convenient and generally safe if you set it up right. Most losses come from scammers tricking people into handing over codes or moving money themselves, not from hacking the bank.
- Everyone
Set up
- Download your bank’s app only from the official app store, or type the bank’s address yourself
- Use a unique, strong password and turn on two-factor authentication
- Turn on alerts for logins, transfers, large purchases and password changes
- Keep your phone and apps updated. See Software Updates
- Avoid banking on public Wi-Fi unless you use your phone’s data. See Public Wi-Fi
Fake bank contacts
A common scam: a text asks whether you made a purchase, then a “fraud department” calls and tells you to read back a code or move money to a “safe account.”
- Your bank will never ask you to read back a one-time code someone sent you.
- Your bank will never tell you to move money to protect it.
- Don’t trust caller ID; it can be faked.
Hang up and call the number on the back of your card. That one habit stops most bank impersonation scams. See Phone Scams.
Report problems fast
| Type | Federal protection (general) |
|---|---|
| Credit card | Liability for unauthorized charges capped at $50, and most issuers charge $0. |
| Debit card / bank transfer | Your loss can grow the longer you wait. Report within 2 business days of learning of a lost card or unauthorized transfer, and within 60 days of your statement. |
| Payment you authorized (you were tricked) | Often not covered by these rules. Report anyway; banks sometimes help. |
These are summaries of the federal rules; your bank’s policy may be better. Check your account agreement.
Standards & references
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