We work hard to earn and save money, so we must do everything possible to protect it—particularly when accessing or spending it online. Read on for tips to help you keep your money (and other sensitive personal information) safe online.
Set Up Strong Passwords
Passwords are one of our first lines of security when protecting our money online, so set yourself up for success by creating a strong password. When it comes to crafting a strong and secure password, here are some things to keep in mind:
- Make your password at least 16 characters long.
- Make your password randomized, or in other words, don’t use something like your child’s or pet’s name.
- Use a variety of capitalizations, numbers, and special characters.
- Don’t use the same password for different accounts; always create something secure and unique.
- Update your password every three months.
These best practices should extend beyond creating your login to check on your bank account, credit cards, or PayPal account; they should also be used for services like Netflix, Amazon, or favorite online store accounts, as each of these holds data relating to your payment methods. And don’t forget to password-protect your phone, laptop, and any other device you regularly use to further protect your information.
Safely Store Your Passwords
Because it’s best practice not to use the same password multiple times, you’ll have many passwords to keep tabs on. There are several ways to keep track of your passwords; the only catch is that none are 100% perfect.
If you prefer to have your passwords stored on the device you use the most often, there are options like keeping a note on your phone or a document (like Google Docs or Microsoft Word) with all your passwords. This method is convenient and easy to keep tabs on; however, it’s not the most secure method of protecting your information, as even our documents can be subject to security breaches.
Another solution, and one recommended by The Washington Post, is using a password keeper app. These can conveniently autofill login forms when you’re accessing an account and can be easily updated as passwords are changed or added. The con, however, is that if your password app is hacked, all your passwords will be compromised. (As mentioned, no method of password-keeping is perfect.)
The last option for storing and tracking your passwords is using good old-fashioned pen and paper, but again, not even this is perfect. With this method, there’s always a chance that something could happen to that piece of paper or notebook you’ve written everything in (like it getting lost or damaged).
Since there’s no perfect solution, yet many debates around the most secure method, it’s best to choose the option that best suits your comfort level and needs.
Avoid Using Single Sign-Ons
Single sign-on, or SSO, as it’s often referred to in the tech world, is a highly convenient login and account creation option. It lets you use an existing account login, like your Google or Facebook account, to log into another account. This means that you don’t have to struggle to create yet another strong and secure password that has all the qualities we outlined above.
The problem with single sign-ons is they compromise the security of all the accounts you use with this single login. So, if you have your banking information (and any other personal information, like a list of your passwords) associated with your Google account or any other account type with this option, it’s more likely to be compromised in the event of a data breach. It’s best to avoid this risk altogether and never use single sign-on options.
Use Multi-Factor Authentication
Multi-factor authentication adds another layer of security when logging into your banking or credit information. If someone has your password, they’ll still be unable to access your bank account or credit card account since you need to verify through a second method.
Avoid Using Public Wi-Fi
When shopping, paying bills, or checking on your financial information, don’t use public wi-fi, as it can jeopardize the security of your accounts. Public wi-fi makes it easier for hackers to access information through things like malicious hot spots or malware.
Use Anti-Virus Software
Viruses from emails or unsecured websites can infect your devices with viruses that can track and record your personal information. Adding a layer of protection through anti-virus software can help keep you safe from malware and spyware concerns.
Set Banking & Spending Alerts
Setting up spending alerts for your bank account, credit card, or other financial accounts can help you address stolen information—and the consequences—as quickly as possible if your data has been accessed. This allows you to report an incident as soon as it happens and to update things like your passwords and pins to prevent further transactions.
Avoid Unsecured Websites
Always check the security and authenticity of a website before adding any of your personal information. To do this, look at the address bar for ‘https’ at the beginning of the URL (the “s” at the end stands for “secure”), check resources like customer reviews, and review the security features of a website. For instance, if you’re thinking of trying online gambling, look for trustworthy reviews of specific casinos, like this review of JackpotCity, and double-check the URL before adding in any personal information.
Be Wary of Phishing Schemes
Unfortunately, we live in a world filled with online scams and phishing schemes that can put our finances at risk. These scams commonly come in texts or emails, so it’s imperative to exercise caution if you receive a message from your financial institution. It’s best practice to never follow links from a text or email and to never respond with details about your personal information.
If you receive a message that causes concern or sounds too good to be true, contact your bank’s local branch or go in person to find out if it’s a legitimate communication.
It’s Better to Be Safe than Sorry
These tips may sound time-consuming or excessive, but it’s much better to exercise caution and be safe rather than sorry when your hard-earned money and personal information are on the line.
