Mobile Banking from Belco Community Credit Union is so Safe that the App Itself Contributes to Banking Safety

Mobile banking is safe. Credit unions, as protectors of member assets, simply would not offer the service if it were not. But as with any mobile service, there are safety precautions of which the member needs to become aware.

What Exactly is Mobile Banking?

Mobile banking lets members engage in financial transactions using mobile devices like smart phones and tablets. Internet banking is not included in this definition. Mobile banking uses special Applications (apps) designed especially for your financial institution. These apps offer 24-hour access, however, there may be limits on what type of accounts can be accessed and how much money may be transacted.

Common-Sense Safety Precautions

Mobile banking transactions are no different than other apps where the authorized free flow of money is involved. The same common-sense safety precautions prevail. These include:

·         Creation of a PIN to unlock your smart phone or mobile device

·         Not saving login information on your device

·         Purchase a device which locks remotely

·         Setting up Touch ID to log into the app

·         Using the mobile app versus logging on via the device’s browser

Super Convenience of Mobile Banking Improves Account Security

Members can benefit from added security for their accounts and transactions by having the option to monitor events more often. Members experience:

·         Ease of confirming balances and individual transactions allows members to monitor their accounts at the touch of a finger.

·         No need to carry cash; members may use their devices for purchases.

·         Making instant check deposits by snapping a photo with their devices.

·         Creation of push notifications for events such as low balances or large transactions.

What if Fraud is Suspected?

If an unusual transaction appears in an account, members should immediately report it to their credit union. Also, credit unions will never ask for personally identifiable information by telephone, text or e-mail. If this happens, members need to report this to the credit union as well.