As more and more aspects of our lives migrate onto the Internet, cyber security continues to increase in importance. Much of our financial existence is housed online as well, with both accounts and transactions a regular part of our day-to-day routine. The following tips can help you keep your finances safe from cyber crime.
- (1) Creating strong log-in credentials
- (2) Making privacy a focus
- (3) Remaining vigilant against potential scams
- (4) Regularly monitoring your account activity
- (5) Encouraging good cyber practices among family members
Create Strong Log-In Credentials
Cyber security starts with ensuring that only you have access to your accounts by creating strong log-in credentials. A good password is both a straightforward and fundamental component of cyber security.
Choose a unique password at least 12 characters in length, one that does not use obvious names or numbers like your birthday or address that a criminal might be able to surmise. In addition, avoid using the same password for multiple accounts–if one gets compromisedת they all are at risk. It is also good practice to change your password on a regular basis.
If your bank gives you the option to use multi-factor authentication to access your accounts, you would do well to take advantage of this security feature. Multi-factor authentication means that you must have at least two distinct credentials in order to access your account. This generally means inputting a randomly generated number that will be emailed or texted to you after you enter your username and password. This adds another layer of security that can help your information remain secure.
Make Privacy a Focus
Making privacy a focus can thwart attempts to steal your data. Its not just how you access your data, but where you do so that matters.
For instance, it is important to log into your accounts only from private networks. Using publicly available networks could allow others to view your information, so do so only if absolutely necessary.
The same principle holds true for public devices, such computers at a hotel business center or public library. It is always better to access sensitive information from trusted sources, using secure networks that are known to you. If you have no other option, make sure to log out immediately after you have finished conducting your transaction.
Lastly, make sure that you have antivirus software installed on your computer and that you are updating to the latest operating system when prompted.
Remain Vigilant for Potential Scams
Cyber criminals are becoming increasingly more adept at tricking you into disclosing sensitive data, so it is essential that you retain a healthy sense of skepticism when you receive an email or text asking you to supply information.
Pretending to represent a reputable institution or individual in an attempt to convince you to share your data is known as phishing, and it is a common practice among Internet thieves.
Though spelling and grammatical mistakes are telltale signs of a phishing attempt, these communications often look completely official and legitimate. However, banks and other financial institutions will never email you asking you to share your account information, pin number, or social security number, so if you receive such a query your suspicions should immediately be aroused.
Another common trick used by criminals is to add a sense of urgency to their emails. This could be from a friend or family member in dire straights (I’m abroad and was robbed! Send money quick!) or from your financial institution needing to urgently verify a piece of information.
If you are unsure or have your doubts about the fidelity of the sender, trust your instincts and call your financial institution’s customer service number to confirm whether or not the communication is authentic. If you get a suspicious email from a member of your social network, find another way to contact them to verify whether or not it is actually them.
It is absolutely essential that you do not respond directly to the email, or click on any link enclosed until you are certain that the communication is legitimate.
Regularly Monitor Your Account Activity
Taking a few minutes every month to regularly review your account can alert you to suspicious activity.
Reviewing your account will allow you to identify potential fraud and unauthorized access to your finances. Spotting issues in their early stages can prevent much more painful losses down the road.
Beyond the benefits to your account security, regularly reviewing your expenditures can help you realize if there are certain expenses that you can do without or reduce. This can help your savings grow.
Encourage Good Cyber Practices at Home
Helping your family to practice good cyber hygiene can assist them in protecting their data, and yours. Other members of your household will likely borrow your devices, and if they fall prey to a phishing attempt or have their password hacked this can make your information susceptible to theft.
This is especially true if your spouse or significant other shares a financial account with you. All the safety precautions and complex passwords will be for naught if the co-owner of your account is careless with their information.
Conclusion: Safeguarding Your Finances Online
As long as we store and access data online, there will be devious actors seeking to steal our information and our money. Taking the following precautions can help your keep your data secure, and your finances safe.
- (1) Strong log-in credentials: Making it difficult to access your account is a key component of any cyber strategy, especially for your finances.
- (2) Focusing on privacy: Avoid public networks and devices when possible, and always make sure to have the most updated operating systems and software installed.
- (3) Remaining vigilant against potential scams: Never voluntarily share information, and always verify your counterparty’s identify.
- (4) Regularly monitoring account activity: Reviewing your accounts can help you spot fraudulent activity immediately, before it becomes a major source of pain.
- (5) Encourage all family members to maintain healthy cyber practices: Unsuspecting family members who are less careful online can give criminals access to your information.
These tips can help you keep your online presence secure, your data private, and your finances safe from scammers.
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