iPhone 5 Online Security

I have a layman's understanding of online security issues, and I am confident that my MacBook Pro and Airport wifi are properly protected. However, I have no idea about my iPhone 5.

My question is this:

Is it safe to do things like banking on an iPhone 5? Is it safe to use an iPhone 5 as a personal hotspot for the purpose of doing banking on my laptop?

It depends on where you use your iPhone 5. If you're using it at home on your home network which is protected - even as a hotspot, you'll be OK. Again, provided your network is properly protected.

Go into Starbucks and jump on their network.... I wouldn't be too anxious to do business with my bank or anywhere else that involved my money or credit cards... Some folks will tell you it's OK because your bank uses security; well, let them have at it because that won't stop hackers.

Thanks, cag. However, I think you misunderstood me. I am referring to using my phone, and my data plan, independent of any other network.

Is there a Security setting for iPhone 5? (Like my Airport Extreme is password protected, etc.)

Another way to ask this question: Dies everyone here use their phone for banking and stock trading, etc.?

I knew what you meant and was trying to tell you that it depends where and how you use your iPhone 5. Your iPhone 5 is not protected in the same way as your Mac.

Look here for security tips for your iPhone 5: LINK