Mobile Banking Is On the Rise, But is it safe? @McAfeeConsumer

It is no surprise that smartphones and tablets have changed the way we bank. We can check our balances, we can deposit money, even transfer funds. No doubt it is really easy to do, but are we putting our information at risk? Robert Siciliano is a McAfee online security expert. He joins us live from our Beacon Hill studios this morning to provide some insight. Robert, good morning, good to see you.

Good morning to you.

So many of these financial institutions have these apps that we can put on our phone, we can put them on our tablet, but are they safe to use and does it make a difference between using the phone or the tablet?

So they, um, have their pros and cons. In general, I would say they are safe. The applications go through a series of security developments, application security developments. However, it's, uh, when you use free wireless that they can be risky, but overall I think consumers should pay attention to them because they really are going to be the way we're going to be banking in the future.

Is there any other additional type of software that you can put on your tablet or phone, or essentially are you just relying on whichever bank that you use to have that security in place?

You definitely want additional security. So for one, you want antivirus, anti-spyware, anti-phishing, and a firewall. You want mobile security, especially on an Android application. When using wireless, you want to use— I work with a company called Hotspot Shield, and then antivirus and a VPN are two tools that you definitely want to have on a mobile device.

So many, whether it be a restaurant or a coffee shop, maybe go to the airport, they've got free wireless available. Is your recommendation not to use the free wireless then when you're using these types of accounts?

So I use free wireless, but you You have to have what's called a virtual private network. And again, uh, there's this tool called Hotspot Shield. It's free. You install it on your mobile device, whether it's a tablet or a phone, and it encrypts your wireless connection so it protects all that data. Otherwise, your data essentially is available for everyone to see. Bad guys have tools that can sniff out your wireless connection. They can see all of your information unless you have a virtual private network that encrypts that information.

So many people, obviously, if they're not using your phone, the tablet, they're using their laptop to manage their accounts. Is there a difference between the laptops and the, the smartphone or the tablet in terms of security that's in place, or are they essentially relying on the same type of security measures that are out there?

Well, that's a good question because your laptop is a PC and your mobile phone is in fact a PC. That's what consumers need to understand, is that your mobile phone is in fact a little tiny computer and it is as risky, at much risk as a laptop or desktop is.

So overall, how do you recommend managing most of your funds to protect your information?

So I lock down my mobile device with a password in case it's lost or stolen. So in the event that anybody was to get access to it, they wouldn't be able to get access to the data. You might want to log out of specific applications like mobile banking applications if they don't already automatically log you out. Never store usernames and passwords in a file that can be easily accessible. Again, antivirus, anti-spyware, and a virtual private network, and in general, you should be in pretty good shape.

All right, Robert Siciliano, we appreciate the time this morning. Thanks so much.

Thank you.