Like many investors, you are more dependent than ever on technology to control your financial transactions. Technology helps you manage your cash flow, remittances, and investments more efficiently and effectively.
Unfortunately, your reliance on technology also makes you more vulnerable to cybercrimes from crooks who are experts are breaking into your accounts and wiping them clean. Recent studies show that cybercrime’s financial impact is almost 1% of the global gross domestic product (GDP), which is nearly $600bn a year.
Take your financial security into your own hands by adopting some easy security measures to avoid becoming a victim of online financial theft.
Keep Your Network Secure
Use your network firewalls and good cybersecurity software to secure your network connection. Don’t conduct online financial transactions on public WiFi, as such networks are unsecured. Likewise, never use free proxy and VPN services, as such platforms are full of security problems.
Remember, a good VPN can secure any network, including public WiFi. Turn to the right experts if you have ever asked yourself: do I need a VPN to send and receive sensitive data securely?
Look Before You Click
The most common way for a cybercriminal to get a hold of your sensitive information is to trick you through a phishing attack. Learn about common phishing scams to protect your banking credentials.
Always check a link before you click it, even if it’s from your financial adviser. After all, everyone is vulnerable to a hacker. Move your mouse cursor over a suspicious link to see where it leads. If the link is for stock tips but leads to a strange website, then listen to your sixth sense.
Likewise, use antivirus tools to scan a file before you open it. It’s best to download a highly rated cybersecurity software that offers real-time protection from fake websites, infected websites, malicious links, phishing scams, and more.
Always visit secure financial websites and explicitly log out after you’ve completed your session. This safety measure will make it harder for crooks to breach your financial platforms if they access your computer.
Secure Your Accounts
Secure your login credentials with a long and sophisticated password that carries symbols, numbers, and letters. Use two-step authentication to protect your financial accounts from thieves who get a hold of your computer.
Don’t Share Information
Share as little personal information as possible on social media. Cybercriminals can gather your data and use it to crack into accounts. Likewise, never share financial updates, even if the news appears harmless. For example, keep it to yourself if you’ve made a killing on a stock: Random Joe certainly doesn’t need to know.
Regularly back up your private data on an encrypted drive in case you lose access to your financial platform. Most reputable financial entities will immediately lock your accounts at the first sign of trouble. If you have your data handy, you’ll find it easier to regain access to your accounts.
Above all, use common sense to stay on top of cyberthreats. Trust no one, keep a low profile, and use the best security tools to keep your financial security intact.
Interesting Related Article: “15 Actionable Steps to Maximize Your Financial Data Security Online“