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.

Related Articles


"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 Money fraudulently withdrawn can be costly."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 October 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 October 30, 2014).

Share This



More Computers & Math News

Thursday, October 30, 2014

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

Mind-Controlled Prosthetic Arm Restores Amputee Dexterity

Mind-Controlled Prosthetic Arm Restores Amputee Dexterity

Reuters - Innovations Video Online (Oct. 29, 2014) — A Swedish amputee who became the first person to ever receive a brain controlled prosthetic arm is able to manipulate and handle delicate objects with an unprecedented level of dexterity. The device is connected directly to his bone, nerves and muscles, giving him the ability to control it with his thoughts. Matthew Stock reports. Video provided by Reuters
Powered by NewsLook.com
Robots Get Funky on the Dance Floor

Robots Get Funky on the Dance Floor

AP (Oct. 29, 2014) — Dancing, spinning and fighting robots are showing off their agility at "Robocomp" in Krakow. (Oct. 29) Video provided by AP
Powered by NewsLook.com
IBM Taps Into Twitter's Data With New Partnership

IBM Taps Into Twitter's Data With New Partnership

Newsy (Oct. 29, 2014) — The new partnership will allow IBM to access Twitter’s data and analytics to help IBM clients better understand their consumers. Video provided by Newsy
Powered by NewsLook.com
Google To Use Nanoparticles, Wearables To Detect Disease

Google To Use Nanoparticles, Wearables To Detect Disease

Newsy (Oct. 29, 2014) — Google X wants to improve modern medicine with nanoparticles and a wearable device. It's all an attempt to tackle disease detection and prevention. Video provided by Newsy
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:

Strange & Offbeat Stories

 

Space & Time

Matter & Energy

Computers & Math

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