What Are Some Disadvantages of Mobile Banking?


Quick Answer

One of the biggest possible issues with mobile banking is security concerns, as stated by Bankrate. Because phones, tablets and even laptops can be easily lost or stolen, it makes it easier for would-be criminals to access sensitive data and financial information.

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Full Answer

Other possible concerns are problems with users taking advantage of mobile banking in public Wi-Fi areas where there is relatively no way to secure the information from being picked up by hackers skimming data nearby, notes Nerd Wallet. These connections are not usually protected in any way, which leaves the financial information vulnerable. Relying on mobile banking can also make for some logistical difficulties if the user needs something like a cashier's check that requires a stop at a branch.

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