Online fraud is rising, and cybercriminals are coming up with ever more inventive ways to separate you from your hard-earned cash. Itโs not just about monitoring your online bank accounts โ from shopping through to running a small business, knowing how to safeguard all your online financial transactions is critical. Read on for five simple, practical steps that you can implement right away and keep your finances secure.
Use strong passwords and two-factor authentication
Itโs critical to use strong, unique passwords for every single account that involves financial transactions โ especially banking and crypto accounts, and shopping or social media sites where you have saved your card for purchases. A password manager can help you quickly generate complex passwords and will also store them securely.ย
Still, even if you have good passwords, itโs a good idea to enable two-factor authentication (2FA) for added security if possible. If an account has 2FA, youโll have to go through a second step (such as a code sent to your phone, or opening an authentication app) before you can log in, making it much harder for hackers to get into your accounts.
Make your tech and network crack-proof
When you get an alert on your phone, tablet, or computer that thereโs a software update or security patch, donโt ignore it. Itโs critical to keep your devices updated to the latest operating system and software since they come with fixes to known vulnerabilities.ย
Always use a secure Wi-Fi network โ never pay someone or do other financial transactions over public or unsecured connections. If youโre in a situation where you must use public Wi-Fi (such as when traveling), use a Virtual Private Network (VPN) to connect so that hackers canโt snoop and access your private details.
Spot phishing and scams
Phishing continues to rise โ and the use of AI by cybercriminals has made it even more of a threat. Be cautious of unsolicited emails, texts (smishing), or calls (voice phishing) asking for personal or financial information. Double-check website URLs and never click links from suspicious messages.
Stick to trusted retailers and secure sitesย
Itโs important to only shop from trusted websites and always check for the padlock symbol and โhttpsโ in the URL. Regularly review your bank account statements and credit card transactions for any unusual activity. Make sure any website you process a payment on is trusted โ from platforms offering games like jackpot slots through to online shops. And remember, if a website is offering an unbelievable discount or valuable freebies if you give them your financial details, itโs likely to be a scam.ย
Choose secure ways to pay
In addition to being more convenient, paying for purchases with a credit card or a secure online payment service will offer better fraud protection than bank transfers or prepaid cards. Look for options with chargeback features (such as alerts, and the ability to dispute a transaction and get a refund) in case someone does manage to buy something from your account.
Stay alert to stay safe online
You donโt have to go to great lengths or install complicated systems to protect your money online. With just a few smart habits, you can enjoy all the convenience of the digital world without the financial risk.
