Tips for Keeping Your Personal Finances Safe

Since the beginning of human history, when mankind learned to trade currency for goods and services, someone has attempted to take it. Your earnings are legally yours and should be protected from those who would steal them. The need for protection has never been higher in the digital age, with the trade of digital currencies. Because the majority of our business interactions, commerce, purchasing, and other forms of connection that keep the economy running are increasingly digital, we must secure our digital assets in the same manner that we do our physical ones.

Every second of the day, hackers hunt for ways to compromise your financial assets, credit history, and online identity. It is critical to maintain vigilance against these attacks, both personally and professionally. Once breached, it can be extremely difficult to resolve your financial information with your banks or other institutions, which is why using robust cyber security and protecting your digital financial accounts is critical. This would include password protection against account hacking, credit card security, and secure internet banking. If you're concerned about the security of your online financial accounts and digital possessions, keep reading.

Avoid clicking on suspicious links.

The Hollywood image of a committed hacker targeting a specific individual to compromise their information, while not entirely wrong, is not typical. In actuality, hackers use a variety of tactics to get access to your financial accounts, the majority of which are sent out at random while casting a wide digital net in the hopes of catching someone. Phishing is one of these techniques. This is a method by which a hacker sends an unwanted email, usually from a fake email account, that appears real or could be from someone you know. These emails frequently contain an urgent message urging you to click on a link to a website, which usually takes you to a location on the Internet where the hacker can gain access to your system by installing malware or other malicious programs designed to infect your computer and steal your personal information. To prevent this, thoroughly analyze the email message. Is the email address from which it originated legitimate? Did it come through at an unusual time, such as early in the morning? Could you verify the message's content by calling the person who appears to have sent it? Never click on any links in unsolicited messages when their validity is questionable.

Never give your banking information or credit card without proper verification.

Another tactic that hackers occasionally employ is social engineering, in which they use a program to call random people and pretend to be technical assistance or a tax collector, hoping to deceive you into giving them your bank information. Hackers typically use the same approaches, whether they accomplish this through email phishing or phone calls. The hacker will pose a scenario where non-compliance could result in financial or legal consequences, such as informing you of an IRS audit and requiring you to comply with their instructions, which may include providing your bank account information.

It is critical to understand that financial institutions and government bodies will usually never call or email you if there is a severe problem with any of your accounts. Instead, you will most likely receive something via mail or another type of confirmed communication, prompting you to call them. It is simple to conduct a Google search for the relevant contact information for these organizations and call them yourself. However, even if the situation appears serious, urgent, or time-sensitive, never give out your financial information over the phone or over the Internet. If they're calling from a respectable financial institution, they'll already have access to your financial information. They shouldn't have to ask you for it.

Use strong passwords and multi-factor authentication.

Two-step authentication is essential for all of your financial accounts. This method allows you to add a second authentication method to your password, such as opening a mobile app or receiving a text on your phone, to access your account, even with the correct password. For example, to get into your Google email account with two-factor authentication enabled, you may need to open the YouTube app on your phone to confirm that you are attempting to sign into this account.

Financial institutions, such as Chase and other banks, have smartphone apps that allow you to perform your banking on the go while also sending you a text message to confirm that you are the one logging in to these apps. This is a very effective line of defense against hackers because they must also have access to your mobile phone in order to access your account. Hackers can use tools like John the Ripper to force guess your password, but if you enable two-factor authentication and they don't have your phone, they can't access your account, even if your password is correct. In general, avoid using weak passwords, such as terms with only lowercase or uppercase letters. Do not use your child's name or your mother's maiden name, as they are searchable on public databases such as FamilySearch and Ancestry. Instead, use a password that is 18 to 16 characters long and includes upper and lowercase letters, digits, and special characters, as these are much harder to hack.

Report suspicious activities.

If you receive questionable emails or phone calls at work, notify your IT department immediately. You may feel ashamed or fear censure if you mistakenly open a strange email or click on a link, but if you report it promptly, before any actual damage occurs, you will likely face fewer consequences. Everyone makes errors; do not try to hide yours. If you do not report suspicious activities, hackers will swiftly obtain access to your workplace data. If you are unsure whether an email came from a financial institution, contact customer service. In many cases, firms like PayPal and Amazon have dedicated email addresses to which you can forward suspected emails so that experts can determine their origin.

Keep your account private.

Do not reveal your financial account information with anyone, including trusted family members. You may keep the information in a protected file in case of your death or other disaster, but generally, the fewer people who know how to access your accounts, the better. This is especially true if you defy conventional wisdom by using the same password for various accounts, such as your Netflix account and your bank account. It is better not to do this at all. Avoid sharing these passwords with anyone, as you never know if they will accidentally leak them. Use a password keeper like KeePass to manage your passwords.

Shred your documents.

Hackers often gained access to critical accounts in the past by rummaging through the garbage can, looking for scraps of paper containing passwords or account information that people had briefly written down for memory before forgetting. Even though most of our interactions these days are digital, people still occasionally scribble critical information and passwords on paper, which they subsequently shove under a keyboard or toss away. Also, if you still receive paper mail from financial institutions, most of the time it will not contain your full account number, but there may be enough information on the paper documents for a hacker to determine your financial information if they grab it from your garbage can. Make sure to shred all paper before throwing it away, and completely destroy any written documentation of passwords or account numbers. Keep a personal shredder on your desk if necessary.

Avoid sharing personal information via public WiFi.

While free Wi-Fi is convenient at public libraries and coffee shops, these networks often lack the necessary security for critical financial banking transactions. Be aware that even inexperienced hackers can readily access public Wi-Fi networks, view the devices on them, and get access to them using applications such as Wireshark. Save sensitive tasks like banking or account management for times when you have access to your home Wi-Fi or another secure network. Do not share any personal information on social media, and avoid using public networks to discuss sensitive information such as account details or possible password hints.

ATM Safety Tips

While automatic teller machines typically provide protection against physical break-ins, they are less effective against digital attacks, leaving your digital information vulnerable to hackers. Using devices known as skimmers fitted over the ATM card slot, when you insert your banking card into them, they read the magnetic strip and get your account information while you think you are simply using the ATM. When you input your pin number, the skimmer also captures it. Before using any machine, make sure to thoroughly inspect it and jiggle the card access port to check for any signs of a skimmer attachment. Cover your fingers while tapping out your pin number with your other hand to prevent anyone with a camera from seeing it.

Limit the amount of money you carry.

With the introduction of debit and credit cards, as well as debit allowance cards like Greenlight cards for children, few people now carry cash. It is usually a good idea to maintain at least a $5, $10, and a couple of $1 bills in your wallet in case you need them for parking or other places that do not accept cards, but you don't want to carry a lot of cash with you. If you are robbed, you will lose everything in your wallet. Debit and credit cards can be immediately revoked and replacement cards acquired, and in many situations, financial institutions will reimburse any money stolen using your cards. However, it is nearly impossible to recover stolen cash, so don't carry too much currency.

Notify your bank when traveling.

Although certain credit cards and banks no longer require travel alerts, it is always a good practice to call and notify them when you plan to travel outside of your area. Your bank may deny the charges or temporarily shut down your card if you make large transactions from places where they know you do not live, fearing unauthorized purchases. However, if you notify your bank or financial institution before you leave, they can make a note in your records indicating any anticipated spending in other states or countries are most likely valid. This way, you won't find yourself with an incorrectly frozen or canceled credit card while on vacation.

Be Vigilant!

As with all aspects of crime and criminals, prevention is the best approach to avoid becoming a victim. By following these procedures and exercising caution and good judgment online, hackers will have a far more difficult time gaining access to your digital financial assets or compromising your data. If your data is truly compromised, do not hesitate to contact your banking institution's fraud hotline. Unfortunately, this happens every day, and your financial institution is well-versed in mitigating the damage caused by digital thieves. Stay up to date on emerging trends in technology and how hackers are using them to compromise data, which will give you a head start on how to protect yourself and your assets from thieves. Make sure your electronic devices have current malware protection, and avoid questionable websites and shopping vendors when browsing the Internet. If something seems off, always listen to your instincts and take precautions.