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Credit card companies, credit reporting agencies, payment processors, and banks have all encountered cyberattacks at some point in time, impacting millions of customers worldwide. Everything from names and addresses to social security numbers and banking information can be stolen during a cyberattack. This leaves many consumers questioning the safety of their financial accounts. Although banks do everything they can to resolve issues, minimize the impact, and enhance security, it’s natural to have concerns about your finances.
Before you decide to withdraw your money and stash it under a mattress, consider these security measures to keep your financial accounts and data safe.
Choose A Bank That Prioritizes Security
When deciding where to bank, make security a top priority. Opt for banks that offer comprehensive security measures for their consumers. For example, ONE is an online bank that takes account security seriously. They have a 256-bit AES encryption for all data, which is top-level in the banking industry.
ONE also offers multi-level authentication processes, including biometrics like fingerprints and face identification. Customers can receive real-time alerts on their smartphones, quickly report lost or stolen cards, and block unauthorized transactions.
Change Your Passwords Regularly
Creating a strong password that’s hard to crack is the simplest way to protect your financial accounts. However, keeping the same password for too long can increase your vulnerability. Therefore, you should consider changing your password every six months to a year to reduce your risks. You should also change your passwords any time you upgrade your tech devices or if you share your information with someone you’ve severed ties with.
Be Careful When Providing Account Access
Most people know that it’s unwise to share their banking information with others; however, they overlook account access from other applications. When you download certain apps, they will ask for access to your financial information. The data tends to include credit card information and bank accounts. While this method may make spending and receiving money easy, it increases your vulnerability to a data breach.
Before allowing an establishment to access your accounts, evaluate their security measures to protect your data. If they don’t have any protections in place or have experienced a breach in the past, you may want to avoid giving out personal information.
Public Wi-Fi is Free (Until It’s Not)
There are plenty of times when you need to access your financial accounts, but you can’t get adequate internet access. So, you conveniently tap into the public wi-fi at a local establishment and carry out your transactions. However, what you don’t realize is that these wi-fi connections are open to the public and easy for hackers to access. You could check your accounts one day and find a laundry list of fraudulent transactions the next. Therefore, it’s best to wait to access financial accounts when you have a secure connection.
Shred Financial Documents
Thieves aren’t just on the internet; sometimes, your information can be stolen by someone in your neighborhood. Have you ever received a bank statement, credit card offer, or a bill in the mail? If so, there is sensitive information on these documents you want to keep confidential. The best way to do that is to shred any financial documents. If you’re getting rid of a credit card, cut it into pieces and throw it in separate trash cans to prevent theft. Or, you can switch to paperless methods on secure financial platforms to do away with the risk of physical documents altogether.
Take Precautions With Cloud Storage
The final piece of advice that most consumers overlook is to be cautious when using cloud storage accounts. It’s not uncommon for users to upload documents containing personal information that can be used to access financial accounts. Use encryption to keep these files safe and ensure you choose a strong password, and limit access to others.
The threat of cyberattacks can be scary and the repercussions of stolen data can be extensive. When it comes to security, stick to these tips and be sure to work with a bank that prioritizes security in everything that they do.