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Are Mobile Banking Apps Safe?

Switching to online banking has its obvious perks, most notably, having complete access to the bank and features without having to physically go into your local brick-and-mortar. However, mobile banking apps still have some consumers worried about the security threats that come with using the Internet. This brings us to the question– are mobile banking apps safe?

identity verification security

The Future of Mobile Banking

In today’s digital era, people globally are adjusting to the accessibility that fintech and mobile banking apps offer. Fintech, more formally referred to as financial technology, is an innovative economic industry banded together by companies whose main objective is to make financial services more efficient. Marygold & Co., a fintech service, offers a banking app that allows anyone in the United States to send, receive, save, and spend money directly from their smartphones.

Fintech companies are experiencing rapid customer growth, competing directly with big banks and credit unions. Other digital payment services like Marygold & Co., Venmo, and Paypal have made transferring funds over the internet swift and easy, surpassing traditional person-to-person payment methods. These online payment methods have eliminated geographical obstacles to participating in a global marketplace, making transactions everywhere more efficient.

Additionally, mobile and self-service banking has allowed customers to quickly transfer funds, check account balances, and deposit checks, directly from their smartphones.

How Safe is Online Banking?

Despite favoring the convenience of online banking, there still seems to be a certain degree of distrust with customers switching to online banking because of the ongoing threat of cyber-attacks. Due to this continuous risk, fintech companies are continuously improving security systems to prevent such occurrences.

Through secure servers, firewalls, and strong encryption, online banking is considerably safer than banking in person. 

Online Security Risks

Mobile malware, app assurance, data protection, and identity management are other security measures taken by financial institutions to ensure your money stays guarded and accessible. Online banking is generally safer than other consumer activities online, which includes many types of shopping. Therefore the security risks from online banking won’t differ too much from the risks associated with other internet activity consumers are choosing to partake in.

mobile security

Advanced Security Technology

The innovative and customizable Marygold & Co. app continuously employs rigorous encryption standards to protect your money and identity – ensuring your mobile banking experience is not only convenient but safe too. Marygold & Co. knows how important security is, which is why they have added extra security features like liveness checks, to ensure you are who you say you are. More personalized services can be provided through API (application programming interface) technology that can cater to an array of needs and preferences. This innovative app provides customizable security controls, giving the customer full control and security of their mobile banking.

EMV Technology

All Marygold & Co. customers will receive their Mastercard© Debit Card fully equipped with an EMV chip as an extra layer of security. EMV chips are specifically encrypted to stop fraudulent transactions at the point-of-purchase, proving to be effective in reducing physical card counterfeit in regions where chip cards have outdated magstripe technology. Most banking cards have the EMV chip embedded in them.

NFC Technology

On top of the magstripe technology and the EMV chip, Marygold & Co. incorporates a third level of security and embeds all Mastercard© bank cards with NFC chips (Near Field Communication). This NFC chip is the highest form of security available. These chips support tap and pay transactions that don’t require signatures or PIN numbers. An NFC chip is an innovative card chip technology that provides a secure method for businesses and customers to exchange and store credit card and debit card data. On top of embedding your card with an NFC chip, Marygold & Co. provides wearables items, such as bracelets and keychains, with the embedded NFC chip as well. Simply tap your item near the card reader and boom, transaction made.

Turn Card On & Off

One of the cutting-edge security features offered to Marygold & Co. customers is the ability to toggle a card on and off. If you’ve ever misplaced your bank card, you’re aware of the panic that overwhelms you at that moment. “What if someone finds my card and spends all my money?” is probably a thought that has crossed your mind. Thankfully, this innovative security feature allows you to disable your card through the app, preventing unauthorized purchases from being made on your account while you try to locate your card. Nothing is worse than ordering a new card and then finding your old one in between couch cushions.

Member FDIC

Additionally, all accounts with Marygold & Co. are FDIC insured, meaning your funds are federally protected against bank failure or theft. You can rest easy knowing your funds are insured and safeguarded with a government-backed guarantee.

Online Security Tips

Although there are advanced technologies in place to protect you and your money, it’s essential to remain vigilant when using technology to manage your finances. Using secure connections and avoiding public wi-fi are extra ways to protect your account. Weak passwords can also make your account vulnerable to cyber-attacks; therefore, it’s crucial to stick to a challenging password but also something you will remember.

mobil banking security verification

Account Monitoring

Online banking offers you 24/7 access, so frequently logging into your account may also make your account better at deterring any security threats. App users can easily access their recent purchases and transactions on their mobile devices and can enable transaction notifications, helping them track the movement of money in real life. Regular monitoring can help detect any changes or suspicious activity quickly. If you happen to catch any suspicious activity, make sure to contact your bank immediately.

Customizable Security Dashboard

Ultimately, online banking can give you a single view of all your finances while controlling and tracking all transactions in one place. Advanced technologies are making it easier for customers everywhere to stay safe while banking, but like with anything on the internet, individuals must remain careful.

Marygold & Co. holds the highest security standards to provide you with all the advantages fintech technology has to offer. This convenient and trailblazing app will give you access to your bank from the comfort of your home and an array of customizable security features, providing you with a banking experience that caters specifically to you.

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Tips for Online Banking Security

You earn it, you save it, you spend it wisely – now protect it!

– Chad Butler, President

Shedding credit card utilization and any associated accumulating high-interest debt balance is a truly noble accomplishment. However, some people question how they can protect their debit card information if they are not using credit cards, particularly online.  Although debit cards maintain fraud protection available through banks and networks, it is important to stay extra vigilant as fraudulent transactions can take money right out of your account leaving you vulnerable.

Monitor Your Account

The first and most important rule of thumb for all debit cardholders is to monitor your account regularly! Modern apps like Marygold & Co. provide immediate visibility to all your transactions along with customizable notification of transactions. You should not have to wait for a statement to be alerted of a red flag or fraudulent transaction on your account.

Look for a Secure Connection

The second most important rule of thumb is to make sure you never make a financial transaction on an e-commerce site that is not a secure connection.  Make sure you see an “s” in the address like “https://” rather than just “http://.”  You can also look for an unbroken key or padlock in front of the URL depending on your browser.  These indicate your information will be encrypted and is therefore safer.

Avoid Public Wi-Fi

Lastly, do not use public WI-FI connections to make any financial transactions.  Hackers can use public WI-FI to attempt to capture your account information and passwords because it is often unencrypted and insecure leaving you vulnerable to man-in-the-middle (MITM) attacks.  MITM attacks exploit security flaws in networks to potentially intercept data opening you to identity theft.  If you must use a public WI-FI, be sure to use a VPN connection which encrypts the data going to and from your device.

Controlling Your Accounts with Marygold & Co.

You know your spending habits better than anyone and certainly better than your bank.  You should be able to control and protect your account fitting your own personal needs and spending behavior. Not only should you be able to easily freeze and unfreeze your accounts, but you should also be able to freeze and unfreeze e-commerce transactions to only work when you click “submit”.

You should be able to freeze and unfreeze international transactions when you are traveling or buying something abroad.  Heck, if you’re not leaving your neighborhood or ever using your card at night, you should be able to set geographic boundaries where your account can be used or schedule the time of day your account can be used. Marygold & Co. will let you do all of this and more, right from your phone.

The Future of Banking

Additionally, Marygold & Co. will provide you with access to secure tokenized contactless payment options with your debit card, phone, and even associated wearable items like a bracelet or key fob.  All these options will include customizable security controls that help you protect your hard-earned money backed by FDIC insured accounts and advanced mobile banking security technology.

We are not just building another fintech buzzword app for the masses – we are building a customizable super app that enables our discerning customers to protect and control their money the way they prefer.

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