6 Ways to Keep Money in Your Phone Safe

  • Money
    A display of a phone showing Money transactions on Phone
    Capital Group
  • The high smart phones penetration in the country has seen millions of Kenyans access a wide range of tools that help them with managing their finances online and offline. A majority of Kenyans now prefer mobile banking since it is cheap and simple.

    However, keeping the money in your phone safe calls for cyber hygiene and staying informed about threats that you may be exposed to.

    The question on how to keep the money in your phone safe has become a major concern for many. Kenyans.co.ke takes a look at six ways you can ensure this.

    Kenyan Currency notes.
    Kenyan currency notes.
    File

    Limit the number of mobile money apps on your phone

    Limiting the number of mobile money apps in your phone will help to keep money on your phone safe. This is because having a lot of apps increases the risk of keeping some malicious ones.

    Monitor your mobile money accounts and keep records

    It is important to monitor your mobile money accounts and keep records of your account balances. This will help you when your phone gets lost or your SIM card is lost or stolen.

    Keeping the records will help you remain updated with your mobile banking financial services.

    Have at least one offline savings account not connected to your mobile phone

    Having at least one offline savings account that is not connected to your mobile device will allow you to hold the money you don't plan to spend immediately.

    This account helps you set aside money for specific purposes and goals.

     Do not share your card details with many e-commerce sites

    It is important not to share card details with many e-commerce sites. Most of these sites have encryptions that keep anybody from seeing or recording your credit card number.

    However, some sites can be prone to cyber criminals. Therefore, it is important to be careful when sharing your card details and most importantly, use a strong password to secure the card.

    Update your phone regularly; only install apps from the Play Store or App Store

    Updating your phone regularly is the most basic thing that you should do. Google pushes out new updates and security updates regularly to smartphone users.

    It is always recommended that you install apps from the Play Store or App Store to improve your phone's security. This is because online scammers have now resorted to developing fake apps that can steal your data which can be used to steal money through your phone.

    File image of Kenyan banknotes held in a hand on January 25, 2020.
    File image of Kenyan banknotes held in a hand on January 25, 2020.
    Simon Kiragu
    Kenyans.co.ke
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