Latest news with #bankingapps
Globe and Mail
10-06-2025
- Business
- Globe and Mail
A surprising answer to the question: Which big bank has the best mobile app?
The basics of a good mobile banking app are seamless and speedy log-in, modern appearance and easy navigation. According to a new J.D. Power customer satisfaction survey, the Big Five banks all deliver on these points. 'It's getting harder to tell the nation's banks and credit card company mobile apps and websites apart from one another,' the survey concludes. Do Canadian banks have a homogeneity problem? Their earnings and stock market performance certainly differ, but there's a sameness to the customer experience once you get beyond logos and colour schemes. App parity reflects this, but so other aspects of consumer banking. Does any bank do chequing, mortgages or investments demonstrably better than the rest? Canadian Imperial Bank of Commerce took top spot in banking app satisfaction with a score of 641 out of 1,000, Toronto-Dominion Bank scored 631, Bank of Montreal and Royal Bank of Canada 626 and Bank of Nova Scotia 620. On credit-card apps, American Express led a larger field of competitors with a score of 692 and Tangerine was second at 669. After that, most competitors were bunched in the mid- to low-600 range. J.D. Power says banks have spent years maximizing the functionality of their apps within the limits of their current technology. The next frontier will be adding AI-based functions, which clients are encountering more in other aspects of their lives. I use a few alternative bank apps and haven't yet found any that crush the competition. But as we look ahead to open banking, let's not concede that all apps will be more or less the same. Open banking will allow bank clients to securely share financial data with alternative players. Let's see whether they can use it to build a better app. A surprising finding in the J.D. Power customer satisfaction numbers is that people like multi-factor authentication when logging into a mobile app. MFA can be a hassle if you're in a hurry. For example, you may be asked for a verification code sent to by your bank via text, or to use a fingerprint reader. Still, J.D. Power said overall customer satisfaction is 12 points higher when customers use multi-factor authentication before logging in. This shift reflects improvements banks have made in the usability of MFA, and an increased focus on security by bank customers. Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for Carrick on Money here. Housing affordability: Canada vs. the U.S. Vancouver, Toronto and Victoria top this ranking of North American cities by housing affordability – specifically, mortgage payment as a percentage of income. The list highlights just how much cheaper homes are in the U.S., even in big cities like New York. Top choices for simple and great investing An investing blogger sorts through some of the biggest asset allocation exchange-traded funds and identifies some top choices. Asset-allocation ETFs are a simple, cheap and excellent way to build a fully diversified portfolio of exchange-traded funds. Personal finance's independence movement Christine Benz, director of personal finance and retirement for the investing analysis company Morningstar, recently attended an event held for people who follow the F.I.R.E. philosophy – financial independence, retire early. She picked up a few lessons to pass along on balancing work and the powerful idea of financial freedom. Bet you lose Toronto Life on the betting scandal involving a former Toronto Raptor. What I took away from this story is a sense of shock about the amount being wasted on ridiculous sports betting. The player in question was a day trader, and a gambler. Subscribe to Stress Test on Apple podcasts or Spotify. Q: If we are going to experience rough seas for the next two to four years, I want to be on the largest warship in the fleet. That would be U.S. equities. Is that approach reasonable? A: As dominant as the U.S. stock market has been in the past decade, strong returns from Canadian stocks lately mean the five-year annualized total return of the S&P/TSX composite index is now more or less even with the S&P 500. Meanwhile, international stocks have been coming on strong. The U.S. market offers exposure to leading companies in tech, health care and consumer discretionary stocks, but investors are looking at other markets these days. Do you have a question for me? Send it my way. Sorry I can't answer every one personally. Questions and answers are edited for length and clarity. Tools and guides A beginner's guide to guaranteed investment certificates. In the social sphere Social Media: How often do people upgrade their smartphone? Watch: Thoughts on the worries involved in home ownership. Not buying so much, but living up to the responsibilities of owning a property. Money-Free Zone: Paul Weller has to be one of the most eclectic and versatile musicians around. He's been a new-wave rocker, a neo-soul musician and, more recently, a singer-songwriter who puts out nuggets like this new cover of a 1974 song called Pinball by singer-actor Brian Protheroe. You can catch Weller at his new wave peak in That's Entertainment, an all-time great song. Weller's soul-era band was called The Style Council – here's one of their most enjoyable songs, The Big Boss Groove. More PF from The Globe - Five tax tips for cottage owners this summer season - The best time to make a lump-sum mortgage payment, according to the experts - Canadians go elbows up on U.S. travel, opting for these destinations instead - Trump-proofing your wallet
Phone Arena
13-05-2025
- Phone Arena
Android rolls out several in-call protections to stop scammers in their tracks
Android is rolling out a new set of protections aimed at stopping phone scams before they can do real damage. These new tools are built right into the phone call experience and are designed to stop scammers from tricking people into lowering their device's defenses. The main update is a smarter in-call protection system. It activates when you're on the phone with someone who isn't saved in your contacts. If that caller tries to convince you to do something risky—like turning off Google Play Protect, sideloading an unknown app, or giving special permissions to an app—Android will step in and block or warn you before you make a mistake. If you're screen sharing during a call, the system will also remind you to stop sharing when the call ends. In-call scam protections. | Image credit — Google To go even further, Android is testing a new safety feature for banking apps. In the UK, users of Monzo, NatWest, and Revolut will get warnings if they open a banking app while screen sharing during a call with an unknown number. You'll get the option to end the call or stop sharing your screen with just one tap. This is aimed at stopping scams where fraudsters pose as banks or government agencies to get users to send money. Scam protection in banking apps in the UK. | Image credit — Google Google Messages is also getting better at spotting scams. Its AI-powered detection tool can now recognize more types of fraud, like fake toll charges, crypto scams, and tech support cons. All of this scanning happens on your phone, so your messages stay private. Scam Detection in Google Messages. | Image credit — Google Another feature called Key Verifier is coming soon. It lets you check that the person you're messaging is really who they say they are, using a simple identity check through the Google Contacts app. This can help spot issues like SIM swap attacks, where someone takes control of a friend's phone number. Key Verifier feature. | Images credit — Google These changes come as scams are getting harder to spot. By building security tools directly into Android, Google is trying to make it easier to stay safe without relying on extra apps or settings. It's a smart move, especially since real-time warnings during a call could stop someone from falling into a trap at the moment when it matters most.
Yahoo
10-05-2025
- Business
- Yahoo
8 Ways To Stay Safe When Using Mobile Banking Apps
Unfortunately, your bank's mobile app can offer hackers access points to your most private and sensitive information — on your device, during data transfer and at your bank's server. Even if your mobile phone is secure, if you are on a public Wi-Fi network or your money app has weak security, your financial information could fall victim to fraud when online banking. Read Next: Learn More: Banks have made great advances in financial cybersecurity and limiting mobile device security risks, but there are still plenty of ways you can chip in to keep your most critical personal data as safe as possible when banking online. Here are eight tips to help protect your banking information. The FTC advises that you'll give hackers a harder time if you lock your phone, back up your data and keep your software up to date on both your devices and apps. This applies to mobile banking and all other mobile activities such as sending emails or text messages. Start by choosing solid security measures such as strong passwords that you don't recycle across platforms, guard your personal information closely and make sure you download the genuine bank app and not a fake banking app looking to steal your account numbers. For You: When you download something from Google Play or the Apple App Store in order to help you with your daily banking needs, remember that banking apps are often more advanced than their parent organizations' underlying operational systems. You should keep in mind that your app is only as secure as your network. So, don't open your banking app when you're on public Wi-Fi, and make sure you're on a password-protected network or using your own cell phone data. If your banking app doesn't enable multi-factor authentication by default, switch it on manually. A verification email or message is an extra step, but one that's more than justified considering the added layer of protection that it provides. Make sure to also use 2FA for your budgeting app or anywhere else your bank account might be linked. No verification credential is un-hackable, and some security professionals disagree about the safety and privacy of biometrics. However, according to Norton, the industry consensus is that fingerprint recognition and face ID are harder to crack than alphanumeric passwords. Also, you should make note that if you store your passwords on the cloud, they are therefore more vulnerable than biometric data, which lives on the device itself. If you get an email, text, phone call or message purporting to be from your bank that asks you to take any action — no matter how seemingly small or immediate — assume it's a scam and do nothing. Don't respond to a text, submit a code, verify any information, answer any questions, click on any links or open any messages in case it's a bank phishing scam. There are countless variations, for instance, where identity thieves hijack the actual bank's fraud department phone number and use it to send a text asking if you just made a purchase. When you reply 'no,' you immediately get a call from the bank's legitimate phone number asking you to verify your identity by revealing your most important information. If you receive a request claiming to be from your bank requesting any action, suspend communication and call the number on your statement or bank card to verify the message's authenticity and/or report the scam. Many banks remind their customers that some of the most important steps happen after you finish a session. Apps are vulnerable when they're open in the background, whether you're using them or not. So be sure to log out before closing your banking app and delete any messages or codes your bank texted you during your session. A little bit of intellectual upkeep to keep your financial literacy frosty can help you live a safer online life in banking and beyond. Many who use p2p payment services such as Zelle through their bank of choice may not know these platforms are susceptible to scams. Consider adding updates about online security and cyber threats to your news app of choice so you'll at least see the headline when the inevitable next new threat emerges. Just as with biometrics, the safety of cloud-based password managers is a cause of controversy. But Forbes reflects the industry consensus that — while nothing is bulletproof — password managers can be a reliable and convenient way to enhance mobile security and data management. Before you jump in, however, there are many pros and cons to mull over. Considerations include password managers concentrating your most critical data in one place, the risk of losing the all-important master password and potential difficulties with backup. As always, proceed with caution. Caitlyn Moorhead contributed to the reporting for this article. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early How Far $750K Plus Social Security Goes in Retirement in Every US Region 12 SUVs With the Most Reliable Engines This article originally appeared on 8 Ways To Stay Safe When Using Mobile Banking Apps Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
