Wells Fargo & Co (WFC), Bank of America Corp (BAC) & Citigroup Inc (C): Feeling Insecure About Mobile Banking? You’re Not Alone

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Bank of America Corp (NYSE:BAC) has a dedicated page on its site for mobile banking security, with tabs explaining the specific types of fraud customers can learn to recognize, as well as tips on self-protection. B of A offers layers of protection, including a special passcode feature for any online transaction, including mobile.

Citigroup Inc (NYSE:C) offers account encryption for both online and mobile and doesn’t store account information on mobile devices, in case of phone theft or loss.

New protections on the horizon
A recent article in Consumer Reports noted that some big banks are testing new security measures meant to make passwords — which are hackable — obsolete. Though the piece couldn’t name names, their source indicated that this new technology could be available later this year. If successful, this new layer of protection may be just what banks need to break through the fear factor and get more customers on the mobile banking bandwagon.

The article Feeling Insecure About Mobile Banking? You’re Not Alone originally appeared on Fool.com.

Fool contributor Amanda Alix has no position in any stocks mentioned. The Motley Fool recommends Google Inc (NASDAQ:GOOG) and Wells Fargo & Co (NYSE:WFC). The Motley Fool owns shares of Bank of America Corp (NYSE:BAC), Citigroup Inc (NYSE:C), Google, and Wells Fargo.

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