Smartphone Banking: How safe is your money?
by Staff
We use our smartphones for lots of tasks, from texting our BFFs to watching viral videos. But when it comes to mobile banking, are smartphones really safeguarding our financial information? Take our smartphone banking quiz and test your knowledge!

What percentage of major U.S. banking institutions offer smartphone banking apps as of 2011?

  • 25 percent
  • 50 percent
  • 75 percent

How much did the global number of people using mobile banking services increase in 2011 alone?

  • from 4 percent to 21 percent
  • from 19 percent to 30 percent
  • from 68 percent to 75 percent

What is the No. 1 deterrent that keeps smartphone users from banking via their mobile devices?

  • Their fingers are too large for smartphone keyboards.
  • They have concerns about the safety and security of their financial data.
  • They would miss the candy treats that bank tellers give out with deposit slips.

What's the No. 1 way you can keep your mobile financial information safe?

  • Tell the bank if you get a new job.
  • Tell the bank when you download a new app.
  • Tell the bank if your smartphone is lost or stolen.

Typically, where's the best place to get a reliable banking app?

  • the email your friend sent you with a link to the app
  • the official Web site of your financial institution
  • an app store

What is the strongest type of password for mobile banking?

  • consecutive numbers, like 1234
  • the day, month and year of your birth
  • eight or more characters, using numbers, symbols, letters and punctuation

What is a screen lock?

  • It requires a code or pin to access your smartphone's features.
  • When activated, it freezes the screen and automatically dials the bank.
  • It sends an alert when fraudulent banking activity is detected.

Is it OK to connect with your bank via free WiFi using your smartphone?

  • always
  • Yes, but only if you are at an airport.
  • Don't risk it.

SMS (text messages) are sent on a secure wavelength, right?

  • wrong
  • right
  • only if you work at the Pentagon

Your smartphone has been lost or stolen. Can you keep your mobile banking data out of the wrong hands?

  • Only if you can find your phone -- right away!
  • Yes, but if you installed the right app beforehand.
  • Forget about it.

According to estimates in 2011, how many customers will be using online banking by the year 2015?

  • 1.1 billion
  • 1.1 million
  • 10 billion

Why is it less safe to transmit important information by text message than by cellular phone call?

  • Cell phone calls are transmitted by secure telephone wires.
  • Text messages are always transmitted on unsecured WiFi connections.
  • Text messages are transmitted on open radio channels.

As of January 2011, what was the most prevalent operating system for smartphones in the U.S.?

  • iOS
  • Android
  • Windows Phone 7

PayPal, believed by some to the be the original mobile banking application, has how many account holders?

  • 210 million
  • 90 million
  • more than 100 million

What is a smartphone "pull" banking transaction?

  • a transaction or request initiated by a banking customer using a smartphone
  • a banking transaction that causes a customer's account to become overdrawn
  • an incomplete banking request performed on a smartphone

It's convenient, but is it a good idea to store passwords on your smartphone?

  • only if you have a poor memory
  • yes
  • no

If you are the victim of mobile banking fraud, will your bank hold you responsible for the loss?

  • always
  • it depends
  • never

What is the safest smartphone for mobile banking?

  • one you treat as carefully as a wallet full of cash
  • the newest version of the best-selling model
  • one with multiple banking apps

True or false: Once you've downloaded a banking app onto your smartphone and you know it's legitimate, there's nothing more to do.

  • True
  • False

What is a "Trojan horse" app?

  • a fake app
  • an app for horse lovers
  • an app to help you save money