We are quickly becoming a cashless society. As we rely more on technology and less on the change in our wallets, internet banking is now something most of us use on a daily basis. While convenient and efficient, digital banking does come with risks.
Cybercriminals spend their time looking for vulnerabilities, in an attempt to steal one of your most valuable possessions: your identity.
If you want to protect your finances, it is time to start banking better online. To help you reduce the risk of identity theft, we have compiled a list of simple strategies that can have a big impact:
Identity Theft Protection
There are services that can help you make online banking safer, and there are even identity theft protection discounts available.
If you are searching for a company that offers identity theft protection there are a few things to look for.
Reputable brands such as LifeLock offer real-time monitoring and alerts, dark web checks, free credit scores, in-depth reporting, and email scanning.
If you do become a target and need assistance recovering your details and accounts, your plan may have insurance and support which can get you through this stressful period.
Never underestimate the power of a strong password. It all starts with your internet banking password, and this is something you should change intermittently.
It should be unique and not used at multiple sites. Despite this, your online banking password isn’t the only thing you have to worry about.
Your Wi-Fi password should also be strong, and it is recommended that you avoid accessing public networks as they can be a target for criminal behavior.
Use a mix of upper and lower case letters, plus numbers and symbols.
Keep your home network password-protected, and be careful of who you share your personal details with.
A Relationship With Your Bank
Your bank can be an ally when it comes to preventing identity theft.
The right institution will help to protect your account and make it difficult for third parties to access your funds.
Some banks will notify you if they detect any unusual activity.
For example, if your credit card has been used overseas you may receive a phone call to confirm the purchase.
Before making any large purchases or traveling aboard, it is recommended you have a chat with your bank so they are aware of your movements.
When identity theft is spotted early it will be easier to rectify, and banking with an organization you trust could make all the difference.
Lose the Paper Trail
Paper bills and statements can be used to steal your identity. Sign up for e-statements from your bank and avoid paper altogether.
Besides being convenient, this option is better for the environment and may also save you money on postage fees.
Apps have made tracking your budget simple, and you don’t have to wait for the monthly mail to check your account.
By virtually tracking your accounts, you may discover something that should not be there.
Bank Better Online
You can make the most of online banking while protecting your finances and identity.
Invest in identity theft protection for ongoing monitoring, as this will flag any potential issues quickly.
Choose stronger, unique passwords and change them regularly, and try to avoid public networks.
Reduce the risk of letterbox theft by switching to online correspondence, and build a relationship with your bank.
With these strategies, you can make your accounts less attractive to cybercriminals.