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Best Banking Apps Individuals Should Use to Stay Safe from Fraud

Apps for mobile banking are being used more than ever before. Nowadays, almost all banks offer a way for you to manage your accounts through an app. Additionally, an increasing number of “app-only” or “challenger banks” have altered how we conduct banking on mobile devices. You can handle all of your banking needs while on the road thanks to banking applications. 

No need to use a computer to access your online banking or go to a branch. You can easily manage your money with the press of a button by using the app from your bank. Wondering which banking apps are the best.

How Do Banking Applications Work?

Simply, mobile banking apps simplify your life. The bank’s mobile app is accessible to even the busiest people. They let you access your bank accounts from anywhere and are free and simple to use. With just a few clicks, you can download applications from many high street banks that will allow you to transfer money, pay bills, or track your spending

Even utilizing the camera on your smartphone, you can deposit checks. Additionally, the number of digital and app-only banks is expanding. There is no high street presence for these. Instead, they provide internet and mobile app-based digital banking services. You can easily apply through their website to open a current account with a “challenger bank” or digital-only bank.

Are Banking Apps Safe?

Yes. Because banking apps don’t keep any data, they may be safer than online banking. Well-designed apps, unlike your browser, offer built-in security and don’t save your personal information on your device. Additionally, banking apps encrypt your data before it leaves your device, allowing you to use them worry-free. 

However, mobile banking is not completely risk-free. In-app marketplaces, fakes might appear, and there is malware that targets mobile devices. We advise downloading banking applications only from legitimate app shops and updating your software regularly. Many people ask the question Does AI help fraud detection in banks

The simple and short answer is yes. They use AI technology to detect fraud.

Top Banking Apps 

Discover

Discover consistently receives good marks for consumer satisfaction, and its app is excellent. The greatest full-service bank app at The Ascent is Discover’s mobile banking app. This powerful program is simple to use and compatible with a variety of gadgets. 

Through the Discover mobile app, you can use several online banking services to access your bank accounts and discover credit cards. You may customize a simple “Quick View” that doesn’t require a full login, for example. 

The app allows you to transfer money, pay bills, deposit checks, view account balances, and review transaction history. You can manage all of your credit card needs, send and receive encrypted messages, do Zelle transactions, and more from the online banking app.

Alliant Credit union 

Alliant Credit Union constantly earns the top spot among credit unions, to sum it up. In a nutshell, its wide range of low- to no-fee account choices and competitive rates are among the best you’ll find from a credit union or bank. 

Nonetheless, the lead goes beyond the range of the company’s products. Users that appreciate the ease of use, variety of features, and simplicity of the Alliant mobile app give it high marks.

Wells Fargo’s

The mobile banking app from Wells Fargo has been recognized as a 2018 Mobile Banking Award winner by Javelin Strategy and Research, a private financial research company. According to the study, applications were rated on their ability to move money, ease of use, empowerment for security, financial wellness, customer support, and account opening. 

The Wells Fargo app has large, strong text at the top of the screen for each function, making it simple to read. You may simply check recurring payments and control account access by selecting a “Control Tower” button. Additionally, you’ll receive facial and voice recognition identification as well as bill payment technology.

Chase

Chances are you have at least one Chase card. Luckily, managing all of your Chase accounts is simple with the help of the mobile app. From the same mobile app, you may securely access your Chase banking and credit card accounts. Additionally, you may set up fingerprint or face recognition sign-in for additional safety. 

You may send or receive money using Zelle inside the app, as well as check balances, pay bills, and deposit checks. Users of credit cards can keep track of their spending, redeem cash back or Ultimate Rewards, and update their preferred card with the newest Chase promotions. Users value Chase’s in-app 24/7 help, which is a key differentiation.

MoneyLion

According to Finovate, MoneyLion is America’s Best Digital Bank, and the user-friendly app has a 4.7/5 rating on the Apple Store. The MoneyLion app provides managed investments, interest-free cash advances, credit builder loans, and digital banking. You may track your expenditure and make financial improvements by using the Financial Heartbeat tracker in the MoneyLion app. 

This app may be downloaded for free from both the Google Play store and the iOS app store. Once you have the app, you may access a variety of personal finance tools that can help you get on the right track. A free online banking app called MoneyLion offers a lot more than that. 

In addition to a network of more than 55,000 ATMs, they offer Credit Builder Plus customers budget management tools, incentive programs, and cashback deals.

Bank of America App

Bank of America received recognition from J.D. Power for its high customer satisfaction rating of 871 in 2021. But security is where this program shines. For qualifying accounts, you can set up travel notices so you never run out of money while you’re away from home. Additionally, you can use the app to directly activate your card or request a replacement.

Additionally, if the bank notices any unusual behavior, they will get in touch with you so you can check the validity of any transactions. Additionally, if you inform Bank of America within 60 days of a fraudulent mobile banking transaction first appearing on your statement, you won’t be held responsible.

Conclusion 

The market for mobile banking is expanding quickly, and you can guarantee that how far it goes will depend on consumer demand. Additionally, banks that put a strong emphasis on technology will spend a lot of money to improve their services. However, with so many options available, you must consider what you need from a banking app.

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