No doubt about it, Smart Phones have completely changed the experience of banking and accessing your financial information. The ability to make transactions from your phone has made banking much easier and convenient, but it does come with a higher risk of your financial data being stolen. There are things you can do to protect yourself, and decrease the likelihood of your personal information being leaked.
Overall, the apps created by financial institutions are very secure. In 2015, only 71 of 781 hacks were bank related, but bank hacks are on the rise, with their frequency increasing at a rate of 50% per year. Established financial companies spend a lot of money making sure their apps are not vulnerable to security breaches. These companies hire “white-hat hackers” (ethical hackers) to break into their sites and identify any security liabilities. However, hacks on financial institutions do happen, and it did happen to JP Morgan Chase. The data of 83 million customers was compromised.