The scope and convenience of our digital lives has changed exponentially from where we were even two decades ago. Anywhere we go, we can access our money and our information. We can load our credit cards into an app and buy gas with a swipe of our smartphones.
But that also means it’s more important than ever to know the steps to take to protect yourself and your financial information in the online world. To do that, we’re breaking it down into five categories: Passwords and Account Logins; Smartphone Safety; Networks and WiFi; Banking Best Practices; and Additional Important Tips. (Don’t skip that last section. It’s got some good stuff.)
This is a key weak point for so many people, one that hackers are more than happy to take advantage of. If you are still using the same password on multiple sites or making personal information like birth dates or addresses part of your passwords, it’s time to chuck them and start over.
While each site often has their own qualifications for an acceptable password, in general they should:
Most browsers these days give you an option to automatically generate a strong, unique password that meets this criterion dead-on.
Many cybersecurity experts don’t recommend saving your passwords in your browser, according to PCMag. But remembering dozens of unique letter-number combinations just in your head is nearly impossible. Instead, the consensus is to utilize a reputable password manager to keep track of your crucial login information.
Password managers are companies like NordPass, LastPass, 1Password, Proton Pass, Dashlane, Keeper, LogMeOnce, and Bitwarden. They often monitor Dark Web and data breach lists and can detect when your passwords may have been compromised.
Many of us have probably been guilty of getting a reminder from a site to add a backup email, a passcode, a phone number, or some other form of secondary information that can be used for two-factor or multifactor authentication. This is a way to add additional layers of security to sensitive sites. When in use, you will input your usual login information and then be asked for something like:
While this might feel time-consuming or annoying, it’s a simple step to take to prevent you from identity theft. If that happens, you could be spending much more time trying to fix your finances.
Remember those trends that often went around social media sites that went a little like this:
The name of your first pet + The street you live on = Your rockstar name
And then what would follow was a series of comments of people trading amusing combinations like Roxy Aminda or Bowser 119th Street. But no one was quite as amused as hackers – because things like pet names and street address names are also the answers to common security questions.
So first things first: never participate in those silly trends. Just don’t do it. But also, choose carefully when you’re selecting security questions. Don’t pick ones where the answer could be publicly available information and instead try to select ones only you could answer.
However convenient it might be to just have to swipe your phone open, you don’t want to find out the hard way what the consequences could be if any random person can do the same. With the amount of sensitive information most of us keep right in our pockets these days, you can’t afford not to put some protections in place. This may mean:
A lot of us tend to have this because, hey, it’s just handy to have quick access to identification information, passcodes, account numbers, etc., but resist the urge for convenience. You shouldn’t be keeping anything sensitive like this in unsecured apps where someone could easily get at that.
Those are slightly different matters. Mobile banking can streamline our lives, making it easier to pay bills, send money to family and friends, pay for goods and services, shop, and more. The important thing is to be careful and ensure you’re selecting the official apps of trustworthy financial institutions. Those will be designed with added security to keep your financial information safe.
Virtual private networks (VPNs) are a great way to secure and protect your online privacy. Essentially, VPNs encrypt the data you’re exchanging on your computer and often mask or spoof your location, making it more difficult for other actors on the network to see what it is you’re sending and receiving. Especially if you’re someone who travels often, VPNs are a necessity.
There’s no intrinsic harm in jumping on the WiFi network at your local Starbucks when you stop for a latte, but never forget these are public, unsecured networks. You should avoid accessing any banking or financial information while using a public network, and ideally, you should also have a VPN for added protection.
This one is pretty straightforward. McAfee, Norton, Avast, Malwarebytes – find the one that works for your system and your budget and let it do its job of protecting you from malicious software and programs.
Not all websites are created equally. You want to stick to what are called security-enabled websites, designated by the “https” at the start of the URL. These sites have extra security measures and utilize companies like DigiCert to keep your information safe.
Your bank or other financial app will likely have settings you can customize where you will get a notification – email, text, or even both – when something happens. Like maybe withdrawals over a certain amount or your balance dropping below a particular amount. This way you’re aware of potentially suspicious activity right away and can check in on what’s happening.
Your checking account was designed for convenience. It’s about you being able to quickly get cash or buy a movie ticket or pay a bill. But by nature, that also leaves them more exposed than a savings account, so they’re not the safest place for substantial amounts of money to sit long-term.
Phishing scams are one of the most common ways that hackers and identity thieves will use to try to get access to your finances. The pitch is always a little different, and it can come as a phone call, an email, or a text, but the goal is always the same. Pretend to be someone legitimate to trick you into giving up your information. For example, a new one going around right now is a text scam pretending to be from a state or deferral toll agency, informing you about unpaid tolls. All you have to do is click the link or call them back so they can try to sweet talk their way into your bank account.
This seems so simple but making sure you have the latest operating system updates for all your devices – laptops, phones, tablets, the works – will keep your security software on track. You don’t want to miss out on vital patches designed for your protection.
If an unknown email address sends you an email attachment, DO NOT OPEN IT. Not even if they say it’s important. Not even if they claim it’s a bill or an invoice or something else time-sensitive. You could potentially be opening yourself up to phishers, hackers, and scammers. And if you get a strangely worded email from someone you DO know, stop before you open anything from that either. Sure, it could be a photo from the cookout your nana is sending you, but it’s also possible your grandmother’s account was hacked. It’s always better to wait and triple-check, just to be sure.