Consumer Tips for Wireless Banking

Most consumer advocacy organizations offer a standard set of tips or banking security: Know your bank policies, check your transaction records regularly to make sure nothing is amiss and beware of scams in which thieves purporting to be from your financial institution initiate contact with you, via phone or e-mail, and request that you divulge financial information.

In addition to these principles, the Federal Reserve Bank of New York has a series of suggestions for consumers to help them conduct wireless online banking safely:

  Mobile phones and PDAs are small and easily lost or stolen, making it even more important that a password be required to access account information or perform transactions.

  Check to ensure that the information being sent to you is encrypted.

  Your bank's Web page should provide the terms and conditions of wireless services as well as privacy, security and other basic information.

  Contact your particular bank and wireless service provider to determine what happens if a transaction is interrupted, and check your monthly statements to make ensure that all transaction amounts are correct.

  Since mobile devices sometimes lose their signal, it is important to find out how transactions are completed and verified.