Internet Banking With a Mobile Number: Can You Do Without It?

The internet has revolutionized almost every aspect of daily life as we know it — whether we like it or not. Maybe one of the most significant changes has been to how we manage our finances. Instead of using a checkbook to keep track of our finances, we can now access our banks from the comfort of our homes or even on the go using our phones.

As you might expect, internet banking requires a lot of personal information to set up. You’ll need to provide several key pieces of highly sensitive information to get started, and it’s highly likely that you’ll be asked to include your phone number along with this important info.

Why Use a Mobile Number for Internet Banking?

Phone numbers can be very useful as unique identifiers to help create a secure and personalized banking experience. They offer a variety of benefits that can make internet banking more efficient and safer: 

• Simplicity and Convenience: Providing your mobile number can allow you to access your banking service anytime and in any place. It helps to simplify the process of logging in and eliminates the need to remember long or complicated usernames and passwords.
• Security: Adding your mobile number to your account can provide an extra layer of security. By doing so, banks can use two-factor authentication to verify your identity by sending a temporary code to your cell phone. 

• Personalization: Banks can use your mobile to offer personalized banking services, including transaction alerts, account balance updates, and reminders of upcoming bills.

Digital banking is constantly evolving to keep up with the latest advancements in technology. The improved services have led to more and more people embracing mobile banking. In 2023, nearly 64% of bank account holders had processed bank matters either on a smartphone or a tablet. It’s safe to say that the percentage will only increase in the future as more of our daily lives are moved online. 

Can You Use Internet Banking Without a Phone Number?

Though there are plenty of positives when it comes to using a mobile number for accounts on the web, giving out your number has become more and more risky. It’s often the first piece of information that a scammer learns about their victims. These days, it’s wise to be wary of giving out your phone number to anyone, including your bank. 

Many banks prefer that you link a phone number to your account, but it’s not mandatory for you to do so. However, there are a few risks that you’ll be taking by not providing your phone number:

• No Two-Factor Authentication: One of the main features of attaching your phone number to your bank account is 2FA. Without a mobile number, this layer of security isn’t an option, and it could leave your account more vulnerable to threats. 

• Missed Alerts: Banks often provide the option to receive instant alerts about transactions within your account. Without a mobile number, you wouldn’t be able to see important notifications and updates, possibly resulting in overspending or fraud. 

• Account Recovery Difficulties: It can be very easy to forget the username or password attached to your online banking account (we’ve all done it!). By not providing your mobile number, it can make account recovery much more challenging and you could get locked out of your account for a while.

However, at Burner, we’re solution-oriented. We’re not going to bring up a bunch of issues and not give you a way to get around them! 

If you’re dead set on not providing your number to your bank, then here are a few ways that you can avoid these risks:

• Use Email for 2FA: Emails aren’t as fast as SMS texts, but they can still be used to verify your identity. However, they’re not as secure as your phone, so make sure that you’re using a secure email provider and keeping your email password strong and unique. 

• Enable Email Alerts: Linking your email to your bank account can also allow you to receive email alerts regarding your account. You can get the same timely updates of your banking activities, but as an email instead of text. 

• Set Up Security Questions: Most banks will allow you to generate security questions that can help you to recover your account. Ensure that you’re choosing questions with answers that you know and are impossible for someone to guess.

How Can You Use Burner for Secure Internet Banking?

If you’re looking for a middle ground, it’s time to check out Burner. We offer you the option to attach a phone number to your banking account without any risk of your information slipping into the wrong hands. 

The way that it works is pretty simple. We give you a second phone number that’s separate from your personal number. Any calls or texts intended for that number are rerouted through Burner and sent to you. There’s no personal information attached to this number and you can “burn” it for a new one anytime that you like. 

Best of all, Burner numbers can be used for all kinds of online activities — including internet banking. 

Using Burner With Your Mobile Banking App

Keeping your personal phone number private doesn’t mean you have to miss out on all the benefits of linking a mobile number to your bank account. By downloading Burner, you can experience all the best features of internet banking with none of the privacy concerns. 

Here is how you can use Burner to meet your internet banking needs: 

• Download Buner: You can find Burner in both the App Store and the Google Play Store. Download the app to start your free trial and set up your account. 

• Get a Burner Number: Once you set up your account with Burner, choose your new number. Simply pick the area code that you want, and you’ll be offered a list of 10 numbers.

• Add Your Burner Number To Your Bank Account: Enter your Burner number when setting up a new account or updating the details of an existing one. All verification codes, alerts, and other banking communications will be sent to your Burner number and transferred over to your cell phone. 

That’s all that it takes to enjoy the convenience of internet banking while also taking action to keep your personal data safe. Of course, it’s important to keep in mind that your Burner number is attached to your account. 

Should you decide to get a new Burner number or deactivate your account, then make sure that you update your banking settings before you do. Otherwise, it might be a headache trying to make changes to your account without having your Burner number to verify your identity.

What Are the Best Practices for Secure Internet Banking?

While Burner provides an added layer of security, it's also important to follow best practices for secure internet banking:

1. Regularly Update Passwords: Change your banking passwords regularly and do your best not to use obvious choices like birthdays or names (we know, it’s hard sometimes). Use a combination of letters, numbers, and special characters to create a strong password.
2. Monitor Account Activity Frequently: Regularly check your account for any unusual activity. If you notice anything suspicious, report it to your bank immediately.
3. Use Secure Internet Connections: We know sometimes you need to check your bank account on the go to see if you can manage one more coffee before your next paycheck. However, try to avoid using public Wi-Fi for internet banking. Public networks may not be secure and can expose your banking details to potential hackers.
4. Install Reputable Banking and Security Apps: Use trusted banking apps for financial transactions. Also, install security apps that can protect against malware and phishing attacks.
5. Be Aware of Phishing Attempts: Be aware of emails or messages that ask for your banking details. Banks will never ask for your password or other sensitive information via email or text message.

Make the Most of Internet Banking

Internet banking using a mobile number represents one of many tech advances we’ve seen in banking throughout the years. It provides a way to manage your finances anytime, anywhere. However, with the rise of online threats, it’s ever-important to make sure your bank info remains safe and secure in your hands only.

Using a Burner number for your internet banking needs can help maintain that balance. Burner offers a secondary, disposable number that keeps your personal number private. Coupled with best practices like regularly updating passwords, using secure internet connections, and staying alert against phishing attempts, you can enjoy the benefits of internet banking securely.

Security online is a shared responsibility. While banks and services like Burner do their part in providing secure platforms, it's equally important for users to be proactive in protecting their personal information. 

Get started with Burner today to secure your financial transactions with ease and confidence.

Sources:

Is Mobile Banking Safe? | Norton

U.S: mobile banking usage 2023 | Statista

How Often Should You Change Your Passwords? | McAfee. 

How to Protect Your Mobile Banking Information | Forbes Advisor