(Excerpt from the American Bankers Association, aba.com) 

The increased popularity of Mobile Banking has caught the attention of fraudsters. According to a survey by the ABA, two in five Americans (39%) use a mobile device to manage their bank account at least once per month. ABA suggests following these 12 steps to protect your mobile device:

• Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen.
• Log  out completely when you finish a Mobile Banking session.
• Watch out for public Wi-Fi. Public connections aren’t very secure, so don’t perform banking transactions on a public network.
• Use caution when downloading apps. Apps can contain malicious software and viruses. Beware of apps that ask for unnecessary “permissions.”
• Download the updates for your phone and mobile apps.
• Avoid storing sensitive information like passwords or a social security number.
• Beware of mobile phishing. Avoid opening links and attachments in emails and texts, especially from senders you don’t know. And be wary of ads (not from your security provider) claiming that your device is infected.
• Wipe your mobile device before you donate, sell or trade it.
• Tell your financial institution immediately if you change your phone number or lose your mobile device.
• Be aware of shoulder surfers. The most basic form of information theft is observation. Be aware of your surroundings.
• Protect your phone from viruses and malware just like you do for your computer by installing mobile security software.
• Report any suspected fraud to your bank immediately.