Top 5 Ways to protect your financial information

Top 5 Ways to protect your financial information

Top 5 Ways to protect your financial information

Ninety-four percent of the more than 160 million Americans who use online banking services access their accounts at least once every month.

Although speed and convenience are advantages of online banking, it’s difficult to overlook the growing risk that one’s financial or personal information will end up in the hands of fraudsters.

Banks and credit unions are being attacked by hackers

More than 100 million Capital One accounts in the US and Canada were compromised in 2019, affecting both individuals and small businesses.

Users’ names, birthdates, bank account numbers, Social Security numbers, email addresses, credit scores, balances, and mailing addresses were among the personal and financial data exposed in the incident.

JPMorgan Chase experienced a significant data breach in 2014 that exposed the names, mailing addresses, phone numbers, and email addresses of almost 83 million account holders. At the time, it was one of the worst financial data breaches to ever happen.

How to safeguard your financial data

One of the greatest methods to safeguard your financial information is to take preventative measures, but many customers are unsure of where to begin. Here are some pointers to keep your data safe:

  • Avoid saving your credit or debit card information online

To speed up future purchases, 64% of credit card users keep their card information online or in mobile apps.

Security experts advise against doing this, despite the convenience it might provide, as it makes it simpler for thieves to access and steal your financial information.

Even though it takes more time, manually inputting your information is a far safer option when making online purchases.

Additionally, only shop on reputable websites that have checkout security measures in place. Unsure if a website is reliable? To confirm its legitimacy, input its address here.

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  1. Develop and use more robust, lengthy passwords

One of the best methods to guard yourself against online thieves is by using a strong password. Unfortunately, employing a short, obvious password has the same negative effects as not using one at all.

Choose entire phrases that combine letters, numbers, and symbols rather than piecing together one or two words.

Avoid using your initial or last name (or other terms that could be easily guessed, like your favorite sports team), and swap out any letters with characters that have a similar appearance, like “@” and “A.”

Websites like allow users to create strong passwords and rate the efficacy of potential passwords.

Since almost 50% of conventional antivirus systems don’t catch well-known online dangers, choosing a strong password is crucial to safeguarding your data.

  • Make multi-factor or two-factor authentication available

Make certain that your bank or financial institution has two- or multi-factor authentication, a service that gives users more opportunities to confirm that they are who they say they are.

This could entail responding to personal security questions or entering a real-time number code that was delivered to their email or smartphone.

Customers now have a variety of options and ways to safeguard their financial information.

Customers can submit a unique code made up of letters, numbers, and special characters to authenticate their identification in addition to supplying the right answers to inquiries presented on your bank’s website, such as “What was the make and model of your first car?” or “What was the mascot of your high school.”

  1. Remain watchful

You can detect fraudulent transactions as soon as they occur by consistently monitoring all credit and debit card activities on your online bank accounts.

You can feel at ease and confirm each transaction performed by logging into these accounts at least twice or three times a week.

  1. Take immediate action

Speed is crucial. It’s advisable to get in touch with your bank right away to freeze your cards and set up alerts on your accounts to spot any fraudulent activities if you think your financial information has been hacked.

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