Lost your wallet?  Don’t worry, just don’t lose your phone.

If you’re old enough to remember what it was like before smartphones, you remember the panic losing your wallet could cause.  Everything was in it, not just cash.  Credit cards, drivers license, maybe even the gym membership card.  If you lost it, you had a ton of work in front of you to get everything replaced.

Today, your smartphone has replaced your wallet.  Sure, you may still carry one, but look and see how much is left inside.  You can pay with your phone at most merchants, cash is not used as much anymore to pay for things, it’s mostly credit cards, and apps have replaced gym memberships, rewards cards and so many other items that used to be in your wallet.

Losing your smartphone today is just as daunting as losing your wallet.  Its actually even worse as the phone is your connection to the world, if you lose it, no more text messages, notifications, and yes, phone calls. Your smartphone is also a lot more vulnerable than your wallet. Hackers will try and extract information off your phone and as is the case with any device connected to the internet, there is some risk.

To help protect your smartphone, and other devices, Magyar Bank has put together some tips 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.
• Protect your phone from viruses and malicious software, or malware, just like you do for your computer by installing mobile security software.
• Use caution when downloading apps. Apps can contain malicious software, worms, 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 on your mobile device.
• 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 especially when you’re punching in sensitive information.
• Wipe your mobile device before you donate, sell or trade it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen.
• 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.
• Watch out for public Wi-Fi. Public connections aren't very secure, so don’t perform banking transactions on a public network. If you need to access your account, try disabling the Wi-Fi and switching to your mobile network. Consider using a Virtual Private Network (VPN) app to secure and encrypt your communications when connecting to a public Wi-Fi network.
• Report any suspected fraud to your bank immediately.

If you have not yet downloaded the Magar Bank mobile app, you can do so in Google Play or the App store. For more information on our app, visit https://www.magbank.com/Mobile-Banking.aspx.