Featured Research

from universities, journals, and other organizations

Cell phone financial identity theft

Date:
July 26, 2012
Source:
Wake Forest University
Summary:
While the cell phone is an amazingly useful device, using it for banking — and consumers are increasingly using mobile phones as banking tools — can lead to identity theft and other financial crimes, if reasonable precautions aren’t taken.

While the cell phone is an amazingly useful device, using it for banking -- and consumers are increasingly using mobile phones as banking tools -- can lead to identity theft and other financial crimes, if reasonable precautions aren't taken.

"Anyone who has access to your cell phone has access to your identity in a few clicks," says Elizabeth Baker, an assistant professor at Wake Forest University and an expert in information system security issues. "Often, credit card companies limit your financial responsibility if your card is stolen and fraud is committed. This is not true for your checking and savings bank accounts. Money fraudulently withdrawn can be costly."

Baker offers the following tips for protecting yourself from mobile financial theft.

Never store financial information on your cell phone -- logins, passwords, account numbers, Social Security numbers, etc. -- not even in a mobile banking app. If you lose your phone, whoever finds it has immediate access to your account if your login credentials are stored. A thief can use the app and get your account info to withdraw your money. Big hazard.

Never text message any financial information from your cell phone. Text messages are not secure modes of communication, and all of the texts that you send are logged in your phone. A hacker or thief could access your phone and the text message logs to easily find your financial information.

Lock your phone or have a way to delete the information on your phone remotely. According to a survey last year by data security firm Sophos, 22 percent of respondents have lost their phones, while 70 percent didn't use password protection. Use a password.

Check your accounts frequently for suspicious activity. Every few days, if not everyday, you should check on your money. Since you will be the one without the money and with scarce opportunity to get any restitution, it is important to be on top of the account to make sure that nothing unexpected is happening.

Teenagers and young adults are particularly vulnerable to mobile identity theft because they are comfortable sharing information through their phones, Baker says. Make sure to discuss these dangers with your teens when they open their first bank accounts and monitor their accounts regularly.


Story Source:

The above story is based on materials provided by Wake Forest University. Note: Materials may be edited for content and length.


Cite This Page:

Wake Forest University. "Cell phone financial identity theft." ScienceDaily. ScienceDaily, 26 July 2012. <www.sciencedaily.com/releases/2012/07/120726180137.htm>.
Wake Forest University. (2012, July 26). Cell phone financial identity theft. ScienceDaily. Retrieved July 30, 2014 from www.sciencedaily.com/releases/2012/07/120726180137.htm
Wake Forest University. "Cell phone financial identity theft." ScienceDaily. www.sciencedaily.com/releases/2012/07/120726180137.htm (accessed July 30, 2014).

Share This




More Computers & Math News

Wednesday, July 30, 2014

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

It's Not Just Facebook: OKCupid Experiments With Users Too

It's Not Just Facebook: OKCupid Experiments With Users Too

Newsy (July 29, 2014) — If you've been looking for love online, there's a chance somebody has been looking at how you're looking. Video provided by Newsy
Powered by NewsLook.com
Why Facebook Wants You To Download Its Messenger App

Why Facebook Wants You To Download Its Messenger App

Newsy (July 29, 2014) — Facebook will start requiring users to download a separate Messenger application if they wish to continue using Facebook for mobile messaging. Video provided by Newsy
Powered by NewsLook.com
Teen's Phone Ignites Under Her Pillow; How Real Is The Risk?

Teen's Phone Ignites Under Her Pillow; How Real Is The Risk?

Newsy (July 28, 2014) — A Texas teen's Samsung phone apparently ignited while she slept, but what was the real problem here? Video provided by Newsy
Powered by NewsLook.com
Zillow Snaps Up Web Real Estate With Trulia Deal

Zillow Snaps Up Web Real Estate With Trulia Deal

Reuters - US Online Video (July 28, 2014) — Zillow's decision to buy rival Trulia is just one step in a continuing string of acquisitions, and Zillow CEO Spencer Rascoff is already thinking about his next big deal. Bobbi Rebell reports. Video provided by Reuters
Powered by NewsLook.com

Search ScienceDaily

Number of stories in archives: 140,361

Find with keyword(s):
 
Enter a keyword or phrase to search ScienceDaily for related topics and research stories.

Save/Print:
Share:  

Breaking News:
from the past week

In Other News

... from NewsDaily.com

Science News

Health News

Environment News

Technology News



Save/Print:
Share:  

Free Subscriptions


Get the latest science news with ScienceDaily's free email newsletters, updated daily and weekly. Or view hourly updated newsfeeds in your RSS reader:

Get Social & Mobile


Keep up to date with the latest news from ScienceDaily via social networks and mobile apps:

Have Feedback?


Tell us what you think of ScienceDaily -- we welcome both positive and negative comments. Have any problems using the site? Questions?
Mobile iPhone Android Web
Follow Facebook Twitter Google+
Subscribe RSS Feeds Email Newsletters
Latest Headlines Health & Medicine Mind & Brain Space & Time Matter & Energy Computers & Math Plants & Animals Earth & Climate Fossils & Ruins