You know the best features of my Chase Internet Banking is not the direct user interface on the web, which is very VERY nice, but I really don't need to use it that much except for the occasional questionable item, or at tax time.

But what really is beneficial is the ability to set alerts.  I have all kinds of alerts set that create my own personal security monitoring.   For example, gas station charges always generate an email...why...because people who steal credit cards often run between stations trying to get cash and goods before the card is deactivated.

For example, I just spent a week in Puerto Vallarta, Mexico, and I was always worried about getting bad exchange rates when I used my credit card or cash card.  With the alerts, I would instantly see the US dollar value of each transaction.

I also have many other category of alerts that are a combination of type of purchase and value of goods.  I also have a daily balance sent just to check and see if anyone has tried to clean me out.   

I haven't gone so far as to set up SMS messages yet, because I check my email often, but, I feel really secure having these alerts.

Mmm...good point.  I was thinking of the vulnerability of the device more than the network..but yeah, Wifi is a sieve for data predators!   

@Usman, I'd think it depends on personal usage. When my daughter was a baby, I'd placed my phone in her diaper bag. When I went to look for it hours later, I couldn't recall where I'd put it (it's usually in my purse or pocket). Since I'd been out and was worried I'd lost it, I simply called my carrier and asked them to lock it. As soon as I found the phone, I called the company from a different phone, gave them my 'secret' info, and reactivated my cell. Nowadays, of course, you can lock your phone via the Internet. But if you don't use your cell often or have a tendency to misplace it, then yes, keeping personal info on your cell probably isn't the best choice.

@Alison

It's not that easy to prevent your mobile data from wrong people, took me two days to find that my cell has gone missing.

@jabailo

you are lucky that your bank is good with technology, i wailted quite a long time to get internet banking service from my bank and turns out that it's not worth it.

I had my identity stolen and, from what we were able to figure out, it was done using the good ol' USPS. Since I try to rarely use credit cards -- these crooks used one I hardly use and rank up about $17K (I wasn't liable) -- I didn't know it was being used all the way across the country; the bank didn't call me, oddly enough. We only found out because my husband was waiting for a package and went to the local post office to try and find out what had happened to it since USPS said it was delivered--it was, to California. 

Anyway, in some ways I'd prefer to have all my info on my phone because I'd at least know where everything was. And I can always call my phone company and immediately freeze it or, if I know it's in a criminal's hands, virtually blow the sucker up. 

I've occasionally had no choice but to use WiFi for financial transactions (laptop rather than phone).  It's a matter of crossing your fingers and hoping.

I love my bank, Chase, partly because they have one of the best websites and really do technology right.   For example, whenever I use a new device for accessing my accounts, they "vet it" by sending me a security code that I have use before being allowed to log in.

I tried their mobile app and also found it great.  They were the first people to have the app that can scan a check for a deposit (my mother still sends me checks...the only person who does so).

However, as I thought about it, I realized...do I really want this much power on my smart phone?   Even if I have all the security features enabled (and I do), what if someone got through them all and accessed my accounts and transferred the money?   What if someone could do this in 10 seconds before the screensaver kicks in...or what if they used a near field reader to tap into my app?   I didn't save the password, or the user name, but who knows what "trace" could be in my phone.

The end decision came down to -- what exactly would I do with a mobile banking app.   Look at my money all day and decide if I could work less hard, or maybe get a second job?  It wasn't worth it...those things I really needed to do could wait for using the laptop.  So I removed it.

Maybe at the point my smartphone becomes my credit card -- and I long for that day -- it will be different.