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Are Financial Transactions and Services on your Mobile Phone Safe?


As smartphones become increasingly advanced, our reliance on technology increases. Whilst most of us are happy with what we have, we’re constantly looking to the horizon as some impressive phone models are in the pipeline. For example, there is some exciting news about the eagerly anticipated Telsa Pi phone release expected by the end of 2022.

However, even with all the new features and apps available, we have to question whether phones are as secure and reliable as desktop devices. Can we really perform all the same functions, such as applying for jobs or making large financial transactions, from a smartphone device? And even if so, is it truly safe to complete one of the biggest financial transactions of your life on your mobile phone?

Take Safety Precautions

Applying for a loan through your online banking app is incredibly fast, and many banks now offer this service. The problem with convenience is that it can make us a little complacent. It is one thing to get scammed purchasing fake airline tickets online and quite another to deal with deposits and down payments for your home over your mobile phone. Before engaging with any mortgage broker or online platform, the first step is to take some safety precautions, such as using a trusted app source, keeping your phone updated, and having any safety features switched on. Never use a public WiFi source when doing financial transactions online or dealing with private and sensitive personal data online.

Verifying that a website or app is legitimate is not that complicated. Firstly always use your official app installation providers, such as the App Store or Google Play, and always double-check reviews or app review websites to see what other people have experienced. For example, use Trustpilot, a review platform that includes financial institutions, ranking them out of five stars and helping you to determine whether they are trustworthy or not.

Get Expert Assistance

We have all become used to speaking and interacting with chatbots, with many perks, including ease of use and efficiency. However, when making the most important purchase of your life, having a human interaction is vital for many of us.

The good thing about applying for a mortgage through your mobile phone is that you do not necessarily have to lose the human factor. For a simple and straightforward solution, use an online broker such as Trussle, which provides mortgage advice as well as a mobile mortgage application process that is easily accessible across different devices. The advantage to this is that online services allow you to create a profile, upload documents and receive your mortgage offer from your mobile device. However, you also get the benefit of expert and personal assistance from an experienced mortgage adviser over interactive helplines that are monitored efficiently.

Another practical step you can take to ensure your finances are safe while embarking on your mortgage application process is using a credit monitoring service. Find a credit monitoring service that gives you monthly updates and reports of your financial situation, flagging any irregularities and sending alerts so you can react to the potential problem immediately. 

Applying for a mortgage on your mobile phone is convenient, giving you access to the best deals, and is transparent, allowing you to keep track of the progress of your application. But before embarking on your journey to find your dream home, make sure you are using safe and secure sites, apps and brokers, never become complacent with your personal information and use the safety steps outlined above.