How to Maintain Both Your Safety and Security While Using Digital Banking Apps

1) Ensure the App Is Recognized by Financial Regulators

Before downloading or using any digital banking app, it’s important to verify that the platform is recognized or approved by the appropriate financial regulatory bodies. Apps developed and maintained by licensed banks or financial institutions are typically subject to oversight and compliance standards designed to protect consumers. For instance, digital bank Maya has a BSP digital bank license. This means it’s regulated by the Bangko Sentral ng Pilipinas and meets strict requirements for cybersecurity, risk management, and consumer protection.

You can count on an app like Maya to utilize robust security protocols, such as end-to-end encryption, and to offer regulated financial services that consumers trust. As a result, many Filipinos consider it to be the #1 digital bank in the Philippines.

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2) Keep Software Updated

Next, keeping your banking app and the operating system of the device it runs on up to date is a critical security measure you should undertake. Developers regularly release updates to fix bugs, patch security vulnerabilities, and improve overall performance, so the latest versions of these applications are typically more secure and reliable than previous ones.

Failing to install these updates on time can leave you exposed to known threats that hackers are actively exploiting. Make it a habit to routinely check the latest versions of your banking app, mobile operating system, and antivirus software to ensure all known security issues have been addressed. If you’re having difficulty manually tracking these updates, consider enabling automatic updates whenever possible.

3) Always Use a Secure Network

While public Wi-Fi networks in coffee shops, airports, or hotels are convenient and almost always free, they’re often unsecured. These networks typically lack strong encryption and are accessible to anyone within range, making them attractive targets for cybercriminals looking to intercept sensitive information. As such, when accessing your banking app, it’s best to use a private, password-protected network or your cellular data connection. These options offer a much higher level of security because they restrict access to authorized users. They also use stronger encryption protocols, significantly reducing the risk of data interception.

If you must access financial information while on a public network, consider using a reputable virtual private network (VPN) to encrypt your internet traffic. A secure connection ensures that your login credentials, account details, and financial transactions remain protected from unauthorized access.

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4) Create Strong Passwords and Update Them Regularly

Even with regulatory oversight, secure networks, and updated software, your digital banking experience can still be compromised if your login credentials are weak. Your password is often the first, and sometimes only, line of defense against unauthorized access, which is why it’s essential to create one that’s strong and unique. Passwords that use a mix of letters, numbers, and special characters are difficult to guess or crack, and even hackers using automated tools may struggle to break them.

But strength alone isn’t enough. Passwords should also be updated regularly to reduce the risk of long-term exposure. This is especially true if you've used the same one across multiple accounts. Therefore, make it a habit to change your passwords every few months, even if there’s no sign of suspicious activity.

For an additional layer of protection, enable your digital bank’s multi-factor authentication (MFA) whenever it’s available. This way, even if your password is compromised, unauthorized access will still be blocked by the need for a second verification step, such as a one-time code or biometric scan.

5) Monitor Your Accounts Often

Consistently monitoring your bank accounts is one of the most effective ways to stay in control of your finances and quickly identify any irregularities. Even with built-in app protections, unauthorized transactions can still occur, sometimes as a result of card skimming, data breaches, or compromised login credentials.

Review your transaction history regularly to spot unfamiliar charges before they cause significant financial damage. If anything looks unfamiliar, acting quickly can help prevent further issues and improve your chances of recovering lost funds.

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6) Report Suspicious Activities to Your Bank

If you notice unusual activity in your account, it’s important to contact your bank immediately. Prompt reporting allows the bank to investigate the issue, freeze or secure the affected account, and take necessary steps to prevent further unauthorized access.

Delaying your response can not only increase your financial exposure but may also affect your ability to recover lost funds, depending on your bank’s fraud protection policies. Most banks have dedicated fraud hotlines or support teams available 24/7 through the app or website.

All in all, digital banking has transformed how people manage money, offering speed and convenience that were once unimaginable. But with that progress comes the need for greater vigilance, as cyber threats continue to grow in scale and sophistication. Fortunately, we have more tools and knowledge than ever to protect ourselves. On your part, stay proactive and make smart choices that will allow you to reduce your risk exposure, thus enabling you to use your preferred digital banking tools with greater confidence and control.