Mar 12, 2014

How safe is it to deposit checks using smartphones?

In my bank statement this month, there was an insert about depositing checks to my account using either an Android phone or iPhone. It looks pretty much all you do is take a photograph of the check, confirm that the amount is correct, and Bob’s your uncle. I’m a little skittish about this though; is it really secure?

I doubt the bank would be advertising it if it wasn't encrypted and protected. But you might want to check with them directly and find out what precautions they take to insure security.

I would think that a lot of that would depend on the app you are using - I would make sure that it doesn’t store data locally, and I would make sure to use a lock screen password on your device. The data you send to your bank is going to be encrypted, so it shouldn’t be exposed even if someone gets hold of the data during transmission. The bank is going to check the routing and account numbers to make sure it is legit before it ever gets published. So I would say that it is probably pretty safe to make deposits using your smartphone, but I’m not a security expert and I couldn’t swear to it.

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