These days, a rising number of people are signing up to online banking, with many enjoying the convenience and ease of this method of financial management. In addition to running their banks accounts online, many also manage all other areas of their finances online, such as credit card account management, savings, investments, and more.
While the Internet can prove invaluable in terms of convenience and ease when it comes to managing your money, one thing that you have to be mindful of is the risk of financial or identity theft. This type of crime has increased dramatically with the increasing popularity of the Internet, but there are ways to minimise the risk of falling victim to this type of crime.
Tips to cut the risk of financial or ID theft online
There are a number of ways in which you can protect your financial and personal details online, which in turn can help to cut the risk of fraud and identity theft. Some of the ways in which you can do this include the following.
Passwords: Make sure you do not use account passwords that are screamingly obvious, as fraudsters can quickly uncover these with minimal research. Also, use different passwords for your different accounts. For example, make sure the password you choose for accessing your current account is different to the one that you use for a separate credit card account. This means that if fraudsters are able to get hold of one password, they will not be able to access all of your accounts with that same password.
Saving details: When it comes to sensitive data such as your banking or personal details, you can should avoid saving the details on your computer so that they come up automatically. Make sure you are very mindful about doing this and never do it for sites that contain sensitive data. Also, never do this on a shared computer, as this makes access even easier for others.
Don’t use public unsecured networks: Many of us now have devices that we use to get online while on the move. This offers total convenience and ease for consumers, but you have to be very careful about accessing account and sensitive details while on the move. Never access these details when using a public, unsecured network, as this could make it easier for others to hack into your data.
Check your credit statements: Many people are guilty of simply throwing or filing bank and credit card statements away without a second glance. However, checking these is an important way of ensuring you have not fallen victim to theft or fraud. Make sure you carefully check all statements, whether on paper or online.
Keep documentation safe: Even though your account and personal details may be online, you may still have hard copy documentation relating to these details. Make sure you keep them safe and secure if they are kept in the home. When it is time to dispose of them, use a shredder or tear them up rather than just throwing them in the bin.
With these simple steps, you can better protect your money and your identity, which means that you can fully enjoy the convenience of the Internet while reducing the associated risks.