As the smart market continues to grow at a rapid rate, more and more people are choosing to take advantage of the simplicity of smartphone banking which has been introduced by a growing number of banks.

Consumers have come to rely upon smart phones for an increasing amount of functions, and now with smart phone banking, many have become away of the risks of their phones containing such information.

Whilst theft is always an issue for many, there are other risks involved with this type of functionality. Malware is developed at an incredible rate and can leave phone users incredibly vulnerable, especially when it comes to banking. Most consumers risk exposing their confidential financial information to mobile app malware.

Understanding the risks

It’s important to look at a smartphone not as a phone as such, but as a smaller computer. With this in mind, you soon realise that this device requires as high a level of protection as any PC. This is especially true of the most high-end smartphones such as the iPhone 5, as well as tablets such as the iPad and Kindle Fire.

Download only official apps from the financial institution

The simplest and most important step to take is ensure that the app you are downloading is the official app of your bank, rather than a rip off used to trick unsuspecting customers into giving away their card details.

These official apps are usually offered at the top of the company’s webpage you can access using the internet browser on the phone. Some financial institutions are also developing official apps for your iPhone or Android mobile device and are usually available at the App Store or the Google Play Store for free download.

Fraudulent apps are an issue throughout the app libraries, especially within Android, which have become overrun with malware which seeks to leak your personal information including financial details and call logs.

As the use of smartphones becomes more widely used, experts are warning against a further influx of fraudulent apps which seek to gain information, and the banking feature is a massive target for these fraudsters, so ensuring the validity of your app is vital. Share your financial information only with trusted and credible sources your can verify and protect your personal financial information today.

Protection against viruses

Mobile protection tips offered by experts suggest more must be done outside of checking the app itself. Anti-virus software should be considered as important for a mobile device as it is for PCs, especially as mobile banking becomes more prominent.

Anti-virus software is available for smart phones, just as it is for tablets and PCs. As many of these devices use Cloud software to share information within a personal network, choosing a product which offer protection to all of your devices simultaneously makes sense.

Consider investing in the right app for your smartphone and protect your data. There have been instances of credit card fraudulent activities among mobile users. Take measures to protect your data by installing only credible apps, when downloading other equally important apps, be careful of how you allow access  to your contacts and files.