Protecting your financial information requires proactive cybersecurity in an ever-digital world. Security tips for protecting money against fraud and unauthorized access - from securing accounts to monitoring activity.
1. Why Use Strong & Unique Passwords for Financial Accounts
Weak or reused passwords let hackers gain access to multiple accounts if one is breached.
How to Implement:
- For each financial account, use complex, unique passwords combining uppercase/lowercase letters, numbers & symbols.
- Using a password manager to store/autofill your passwords is smart.
Recommended Tools:
- LastPass
- 1Password
- Bitwarden
2. Activate Multi-factor Authentication
Why It's Important: Multi-factor authentication requires a second verification step beyond your password - a code delivered to your phone or email.
How to Implement:
- Enable MFA for all accounts in banking, investments, and payments.
- Use an authenticator app instead of SMS for added security - SMS-based MFA is open to SIM swapping attacks.
Recommended Authenticator Apps:
- Google Authenticator
- Authy
- Microsoft Authenticator
3. Use a Trusted, Secure Internet Connection
Why It's Important: A few public Wi-Fi networks can also be often unsecure - making information a piece of cake for cybercriminals to get hold of. A secure connection reduces data interception risk.
How to Implement:
- Avoid accessing financial accounts via public Wi-Fi.
- You need a Virtual Private Network in order to access accounts on an unprotected network.
- Use a private network for online banking & other financial activities.
Recommended VPNs:
- NordVPN
- ExpressVPN
- ProtonVPN
4. Watch Your Financial Accounts Regularly
Why It's Important: Finding unusual activity early may prevent minor problems from becoming major financial losses.
How to Implement:
- Set up alerts for bank and credit card transactions for real-time alerts.
- Check account statements often for unauthorized transactions - even the ones that are small.
Recommended Services: Most banks and financial institutions offer account alerts and monitoring via their apps.
5. Maintain Updated Software and Devices
Why It's Important: Older software might be hacked. Patches for these vulnerabilities often accompany updates.
How to Implement:
- Set up automatic updates on your devices/apps - especially banking apps, operating systems, and antivirus.
- Update all security software - firewalls and antivirus - regularly.
Best Practices: Change router firmware - many financial transactions pass through it.
6. Phishing Scams: Why You Need to Know
Phishing attacks get users to give sensitive information in false emails, websites, or messages that look real.
How to Implement:
- Avoid clicking on links in unwelcome emails or messages requesting personal or financial information.
- Contact financial institutions directly to confirm any communication via official channels.
- Detect suspicious sites with a browser extension such as McAfee WebAdvisor or Norton Safe Web.
7. Activate Account Activity Alerts
Why It's Important: You get alerts about account activity so you can see unauthorized transactions quickly.
How to Implement:
- Set up real-time notifications via your bank or credit card provider for purchases, logins, and transfers.
- Set alerts for unusual activity like logins from new devices and large withdrawals.
Recommended Alerts: Set up alerts for all transactions over or for international transactions - depending on your bank.
8. Why Use Dedicated Devices for Financial Activities
A dedicated device reduces the risk of malware coming from normal browsing or app installations.
How to Implement:
- If possible, limit one computer or tablet to banking and financial transactions only and avoid all other activities.
- Scan this device for malware regularly and update the software.
Best Practices: Never make payments on public or shared devices.
9. Invest in Identity Theft Protection Services
Why It's Important: Identity theft protection services monitor your financial information, alert you to suspicious activity, and even recover from an identity theft.
How to Implement:
- Pick one that gives you real-time alerts, credit monitoring & dark web scans.
- Some services provide insurance that pays for identity theft recovery costs like legal fees and lost wages.
Recommended Services:
- LifeLock
- IdentityForce
- IDShield
10. Why Use Credit over Debit Cards for Online Purchases
Some credit cards offer greater fraud protection than some debit cards, and fraudulent charges on a credit card don't affect your cash flow while the charge is being disputed.
How to Implement:
- Make use of credit cards for internet purchases whenever you can rather than debit cards.
- Monitor your credit cards and report unauthorized transactions immediately.
Best Practices: Use virtual cards or one-use numbers if your credit card issuer offers them for added protection while shopping online.
11. Keeping Financial Documents Secure
Why It's Important: These financial documents may contain information useful for identity theft. Secure storage blocks unauthorized access to these details.
How to Implement:
- Place confidential documents in a locked, fireproof safe or encrypt your cloud storage.
- Shred outdated or unneeded documents containing personal information before you toss them.
Recommended Secure Cloud Storage:
- Tresorit
- Sync.com
- Google Drive with encryption tools
12. Be Wary of Financial Apps
Why It's Important: Some third-party financial apps ask for bank accounts and are easily hacked or misused.
How to Implement:
- Use apps from reputable providers and read the permissions they request.
- Avoid logging your main bank account into financial apps.
- Invest in a separate account with limited funds.
Best Practices: Check out and disconnect apps that no longer need your financial information.
13. Why Use Antivirus & Anti-Malware Software
Antivirus and anti-malware protect your devices from malicious software that steals login credentials.
How to Implement:
- Use reputable antivirus software on every device you use to make payments.
- Start automatic scans & updates.
Recommended Tools:
- Norton 360
- McAfee Total Protection
- Malwarebytes
14. Review Your Credit Report Regularly
Why It's Important: You can spot unauthorized activity or new accounts opened in your name with regular credit report reviews.
How to Implement:
- Check your credit report annually for errors or unusual activity.
- Use free services from big credit bureaus like Experian, Equifax, or TransUnion or apps for regular credit monitoring.
Recommended Services: AnnualCreditReport.com gives free credit reports from all three big bureaus.
15. Freezing Your Credit Is Essential
Why It Is Important: A credit freeze prevents thieves from opening accounts in your name.
How to Implement:
- Contact each of the big three credit bureaus - Experian, Equifax, and TransUnion - to begin a credit freeze.
- You can lift the freeze temporarily when needed - for example, when applying for credit or loan.
Best Practices: This is especially handy if you rarely apply for new credit accounts and want to limit identity theft risks.
Final Thoughts
Your finances require proactive cybersecurity. You are able to lower the chance of unauthorized access, safeguard your financial details, and also keep your accounts secure. Staying vigilant, regularly monitoring your accounts, and combining strong passwords, alerts, and security tools will protect your wealth from potential cyber threats and give you peace of mind.
