You probably use your phone for almost everything—from paying bills to checking your account balance. But as convenient as it is, you might sometimes wonder if your money is truly safe when using these digital tools. With data breaches and online scams becoming more common, it’s natural to feel uneasy about storing your financial details in an app. 

Fortunately, there are ways to make sure you’re protected. Understanding the security features your banking app should offer can help you stay confident every time you tap to transfer, pay, or save.

1. Multi-Factor Authentication in Your Mobile Banking App

When you log into your mobile banking app, your password shouldn’t be the only thing standing between your money and a hacker. Multi-factor authentication (MFA) adds an extra layer of protection by requiring a second form of verification—like a text message code, fingerprint scan, or face recognition. 

Even if someone somehow gets your password, they still won’t be able to access your account without that second confirmation with SoFi. Banks that prioritize MFA are already a step ahead in protecting you from fraud and unauthorized access.

2. Strong Data Encryption for Secure Transactions

Every time you make a transaction, your sensitive information—like your account number and password—is sent over the internet. Without proper encryption, that data can be intercepted by cybercriminals. 

A trustworthy banking app uses end-to-end encryption, which means that your information is turned into unreadable code until it reaches the bank’s secure server. This way, even if someone tries to snoop on your data, all they’ll see is scrambled information that’s useless to them.

3. Real-Time Alerts and Notifications

One of the simplest but most effective security tools is real-time alerts. These notifications instantly tell you when money leaves your account, when your card is used, or when someone logs in from a new device. 

If you didn’t authorize a transaction, you’ll know immediately and can take action to block your account or contact your bank. It’s like having a digital watchdog that never sleeps.

4. Biometric Login for Extra Safety

Using your fingerprint or facial recognition to log into your banking app isn’t just about convenience—it’s about safety. Biometric data is unique to you, making it incredibly hard for someone else to replicate. 

Unlike passwords that can be guessed or stolen, your biometric information adds a layer of personal security that helps keep hackers out. Many modern banking apps use this technology to protect both your identity and your money.

5. Automatic Logout and Session Timeouts

You’ve probably left an app open on your phone before without realizing it. In the case of banking apps, this can be risky. Automatic logout features protect you from that mistake by signing you out after a period of inactivity. 

So, if you forget to close your app or lose your phone, it becomes harder for anyone else to access your financial data. It’s a simple security measure that can prevent serious trouble.

6. Fraud Monitoring and Account Protection Systems

Even with all these layers of security, things can still go wrong. That’s why many banks have built-in fraud detection systems that constantly monitor for unusual activity. 

If your spending pattern suddenly changes—say, a purchase appears in another country or a large amount is withdrawn unexpectedly—the system flags it right away. These systems are designed to identify suspicious transactions before they cause harm, keeping your account safer from criminals who try to outsmart traditional defenses.