4. Download trustworthy apps only
A malicious app can put your mobile phone at risk, so make sure any app you download comes from a reliable source. Limit your app selections to highly rated, well-known developers.
If you have an Android device, the best practice is to download apps only from the Google Play Store. An iPhone's settings won't allow you to download apps from anywhere except Apple's App Store.
5. Beware of "smishing"
Smishing is a type of scam using text messages. With smishing, fraudsters send text messages to your phone that look like they're coming from a credible source. In these text messages, fraudsters try to trick you into sharing personal financial information like your password, bank account, or credit card number. Get more information here about how to identify and avoid smishing attempts.
6. Stay off open WiFi networks
Connecting your phone to the Internet via public WiFi is a risky move, especially for mobile banking or any other use that involves sensitive personal or financial information. Even if the open WiFi network requires a password for access, the connection is still not secure. Your best bet is to stick with the connection you get through your mobile provider's data plan for these kinds of transactions.
Your smartphone is a handy and valuable tool. Make sure you keep the treasure trove of data you store on it secure.