Managing Money on the Move

besafe online

Meet your new bank manager. New teller. New financial planner. New personal broker. Meet your smartphone.

If you’re still paying the bills with checks in the mail and getting cash counted out to you by a friendly bank teller, you may not be for much longer. Whether you like it or not, the

way we manage money is going the way of nearly everything else: online and on the move.

Bank on it

Be Safe Online Managing Money on the Move www.avg.com 2

Even a decade ago, it was hard to imagine just how much would soon be at our fingertips, from

video chats while riding the bus to simultaneously following NASDAQ, watching CNN Money and buying a coffee - on a phone of all things.

Mobile banking, finance and commercial purchasing are exploding, not only in the United States but across the world. It’s estimated that, in 2013, there are 181.4 million smartphone users in America, with 44 percent of those using a device to check their account balance or do

other online banking. Research suggests this trend is only going to rise, with smartphones becoming a ubiquitous part of our lives.

Still, if you feel apprehensive about putting so much of your life, or at least livelihood, in something smaller than a purse, you’re not alone. Like a wallet full of ID and credit cards, it could be lost or stolen, but if a phone is full of passwords, apps and account details, isn’t there much more at stake? And that’s even before considering the invisible dangers of hackers, viruses and the like.

With the increasing popularity of such convenient options, though, it’s in the best interests of businesses, banks and other financial institutions to make the technology as safe and problem-free as possible - and experts say it is. The rest is up to you.

IntroductionNot so long ago, the idea that we could wave an ATM card to make a purchase seemed like the start of a brave new world. What could possibly be next?

Tony Anscombe is AVG’s Head of Free Products. He blogs at http://blogs.avg.com/author/tony-anscombe

What can you do from home or on your mobile device? In a nutshell: almost everything.

Deposit checks. Check balances and transaction histories. Move money around. Pay bills and make purchases. Most things a bank teller can do, you can do yourself, whenever and wherever you choose.

If you play the markets, are looking for a real-time quote or just want to keep an eye on stocks, shares and bonds, there’s an app for it. Most stock brokers also offer their own apps, including eTrade and TD Ameritrade.

Research shows customers are increasingly using mobile devices to research, locate, compare prices and purchase goods and services. From prepaid coffee to finding the nearest oil change and the best deal on a refrigerator, mobile devices make purchasing quick and convenient. You can even do your weekly grocery shopping from your smartphone and have it delivered to your front door.

Meanwhile, banks are increasingly moving away from face-to-face interaction with their customers and

toward a digital relationship. It’s more cost-effective and secure for both parties, and generally more convenient for customers. Apart from giving you instant, 24-hour access to your finances, mobile technology means you can travel or spend time at a second home without worrying how far you are from a bank branch.

Much depends on the type of device you’re using and your comfort level with technology. Spend some time searching the internet and your bank’s website to decide what options work for you.

Mobile moneyIt can take some time to get used to internet banking, much less performing more sophisticated financial dealings on the move. You may even be wondering where to start.

Be Safe Online Managing Money on the Move www.avg.com 3

Most things you might ask a bank teller to do you can do yourself, whenever and wherever you choose

If you’re used to accessing your accounts online - for instance, to transfer funds - it’s a natural

progression to smartphone banking. Rest assured that your bank will have protective measures in place, such as multiple layers of authentication for account access. Then download the app and away you go. Just be sure to passcode- and software-protect your device, which should provide peace of mind if it’s lost or stolen and arm it against viruses.

At least 75 percent of major banks,

including Bank of America and Citibank, offer apps for traditional services and time-saving features such as location-specific ATM finders. But that’s just the start: there are apps to help track and manage spending, pay bills and even mobile check-depositing options.

Most bigger banks, such as Chase and PNC Bank, will accept check- and money-order deposits from a smartphone camera image, but may require restrictive endorsements to reduce the risk of double deposits. While there have been a few hiccups along the way,

experts agree that advances such as smartphone deposits are generally less prone to human error, and consumer response has been overwhelmingly positive.

There can be catches. Occasionally, there are additional charges - though they’re usually minimal - for things such as depositing checks via a smartphone. But banks are responding to consumer demand: 76 percent of American consumers expect real-time access to their financial accounts, according to payment solutions provider First Data.

Get smarterGet in touch with your financial advisor or bank to find out what online options are available and what suits your needs.

Be Safe Online Managing Money on the Move www.avg.com 4

There are apps to help track and manage spending, pay bills and even mobile check-depositing options

Awareness is your first defense. Banks and financial institutions will never send e-mails requesting

verification of your password, account or personal details. Security software is essential for all devices, including smartphones, and should protect against viruses and spam; but you may still get e-mails masquerading as pleas for help from down-and-out friends or get-rich-quick scams.

Pop-up ads and downloads that look too good to be true are also prime vehicles for malware to infect your

device, gathering sensitive information or disrupting operations. If in doubt, force shutdown immediately.

Avoid any banking or other financial transactions on public computers, such as in a library or internet cafe, or using insecure WiFi networks, such as in airports or coffee shops. Your details can easily fall into the wrong hands, particularly if, like many people, you haven’t protected your smartphone or tablet. These devices have all the capabilities and vulnerabilities of a computer, so take similar precautions.

Smartphones come with unique risks, not least because they’re smaller, more portable and a good place for storing apps. With hundreds of thousands of apps on the market, it can be hard to differentiate between legitimate ones and those that can launch a malware attack on your phone. California-based network security company Juniper Networks estimated that by March 2013, there were some 276,000 malicious apps on the market. So be careful what you’re installing and what personal details you’re providing, particularly if the app is free.

Dollars...

Be Safe Online Managing Money on the Move www.avg.com 5

Your details can easily fall into the wrong hands, particularly if you haven’t protected your smartphone

We’ve all heard scary reports of identity theft, lost life savings and cyberthieves operating out of sight and beyond reach. Hackers, scammers and phishing attacks are a relatively infrequent, but persistent, part of life online.

...& SenseLike any desktop, laptop or tablet, your smartphone needs appropriate protection to keep your data safe, even if it’s never out of your possession - but especially if you ever lose it.

Be Safe Online Managing Money on the Move www.avg.com 6

Be sure to passcode-protect your smartphone and log out of any sites when finished. Set up a

SIM card lock to keep it from being used in another phone. Encrypt the SD card, which stores data, or erase any usernames and passwords. You may consider storing sensitive data remotely, such as in secure cloud storage, rather than in your phone itself; either way, it’s good practice to backup information such as contact details.

Experts say texts are easily hacked, so never send passwords or account

information via text. Also switch off wireless connections when not in use, which will save your battery and prevent others from connecting to your device without your knowledge.

You can set the Bluetooth to default to “non-discoverable” mode and make sure the phone settings don’t automatically connect to a network when in range. If you do get any unknown requests coming through a Bluetooth connection, such as invitations to ‘pair’ with another device, ignore them. As with any messages from unfamiliar sources, don’t respond.

Keep in mind that whenever you enter details, like your name or address, to access accounts or websites, that information will be retained and probably gathered by third-party sources.

When you install an app you’re also giving it access to other data, such as your phone and email contacts, call logs, calendar and the location of the device. The app’s privacy policy may state what it does with any information it collects, and whether it shares or stores it. Don’t just gloss over those details or you could be in for a surprise.

Be Safe Online Managing Money on the Move

App savvy

www.avg.com 7

Stock Twits What do professional investors and other market-watchers think about your stocks? Take a peek at relevant updates from the Twittersphere and chat with other investors who are fol-lowing the same stocks. Also offers charts, videos and other custom financial news. For iPhone or Android.

Square After downloading the app, users are mailed a free Square credit card reader for processing payments anytime, anywhere. Small business owners or others who accept card payments can do so with a smartphone. Available for iPhone and Android.

Stock TickerDoes what it says and more: highlights prospective stocks to buy while providing quotes, charts and technical analysis of your current portfolio. For iPhone and iPad.

Check Money & Bills App that provides real-time alerts and reminders about users’ accounts and helps organize and track financial dealings. Free and available for iPhone, BlackBerry, Windows Phone 7 and Android.

Mobile applications, or apps, are programs that can be downloaded to your mobile device and accessed directly without using an internet browser. Hundreds of thousands of apps are available, with more appearing every day. Here are a few that come recommended by savvy money experts.

Be Safe Online Managing Money on the Move

Stats

www.avg.com 8

= 10,000,000

$44%

21%

of smartphone users check their bank balance or do any online banking

of smartphone users on a typical day check their bank balance or do any online banking

75%of the country’s major banks are offering mobile apps,

according to a report by Corporate Insight.

57.3% of Americans havea smartphone

Moving onWith technology moving so quickly, it can seem like a full-time job keeping up with the

changes. But even younger generations who have never known life without a cellphone can do with a few pointers about how to stay safe while getting the most of

mobile technology.

It’s also important to remember that all of these options are just that: options. Bricks-and-mortar banks still exist and real, living financial advisors and brokers can be reached over the phone. You don’t have to make purchases with your mobile device. Just take it one step at a time and don’t let your smartphone replace those real-world encounters

you enjoy.

Learn more about mobile security at www.avg.comJoin us on Facebook www.facebook.com/AVGFree