Beware of Mobile Banking Fraud

Consumers typically use their bank’s mobile app to conduct banking on-the-go. Banking apps can be used to check balances, pay bills, make deposits and transfer funds, without visiting a bank’s physical location.

The use of mobile banking apps has increased drastically during the COVID-19 pandemic. A recent CNBC article claimed there was an 85% increase in mobile banking traffic in early April. According to the FBI, mobile banking has surged 50% since the beginning of 2020. These numbers show that stay-at-home orders, temporary business closures and COVID-19 fears have accelerated mobile banking adoption among a large portion of the population.

Here are a few tips to protect yourself from mobile banking fraudsters:

  • Obtain apps only from trusted sources, such as official app stores and bank websites.
  • Enable two-factor or multifactor authentication on devices and accounts.
  • Use multiple types of authentication for accounts, if possible.
  • Monitor where your personal information is stored
  • Do not click links in emails or text messages; ensure these messages are coming from your financial institution by double-checking email addresses and details or calling your financial institution to verify.
  • Do not give two-factor passcodes to anyone over the phone or via text.
  • Create unique passwords that contain upper case letters, lower case letters, symbols and a minimum of eight characters.
  • To help with remembering your passwords, use a password manager or password management service.
  • Do not use common passwords or phrases, such as "Password1!" or "123456."
  • Do not reuse the same passwords for multiple accounts.
  • Do not store passwords in written form or in your phone’s Notes app.
  • Do not give your password to anyone; financial institutions will not ask for this information over the phone or by text message.
  • Regularly monitor your financial accounts and call your financial institution immediately if you do not recognize a charge.
  • Keep your smartphone up to date; install all security updates immediately.
  • If a banking app seems suspicious, call your bank.

Pioneer is here to help.

It's important to remain vigilant during these uncertain times. Please know that Pioneer will never request your confidential information through email or social media. Contact us to verify any email or social media requests or activity where your confidential information is being requested. Never send any account information in a private message through social media, even to us.

Our Branch and Customer Care Teams are skilled and ready to assist you. We have empowered our staff to support your specific needs. Should you have questions regarding your account, online resources, or are experiencing a financial difficulty, contact a Branch or our Customer Care Team at 518.730.3000 for assistance.

The material provided on this website is intended for informational purposes only. Links to other web sites are provided for reference and do not constitute a referral or endorsement by Pioneer or its affiliates. Please note that such material is not updated regularly and that some of the information may not be current. It is recommended that you consult with a financial professional for assistance regarding the information contained herein.