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Credit card companies, credit reporting agencies, payment processors, and banks have all encountered cyberattacks at some point, affecting millions of customers worldwide. Everything from names and addresses to social security numbers and banking information can be stolen during a cyber attack. This leaves many users questioning the security of their financial accounts. While banks will do all they can to resolve issues, reduce the impact, and improve security, it is only natural to worry about your finances.
Before you decide to withdraw your money and store 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. Choose banks that offer complete security measures to their customers. For instance, ONE is an online bank that really cares about security. They have 256-bit AES encryption for all data, which is high in the banking industry.
ONE also offers multi-level verification processes, including biometrics such as fingerprinting and face marking. Customers can receive real-time notifications on their smartphones, quickly report lost or stolen cards, and block unauthorized transactions.
Change your passwords regularly
Creating a strong password that is hard to crack is the simplest way to protect your financial accounts. However, keeping the same password for too long can increase your sensitivity. Therefore, you should consider changing your password every six months to a year to minimize your risks. You should also change your passwords whenever you update your technical devices or if you share your information with someone you have linked to.
Be careful when accessing an account
Most people know that it is not sensible 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 and bank account information. While this method may make money easy to spend and obtain, it does increase your vulnerability to data breaches.
Before allowing a center to access your accounts, evaluate their security measures to protect your data. If they have no protection or have experienced a breach in the past, you may want to avoid personal information.
Public Wi-Fi is free (So no)
There are plenty of times when you need to access your financial accounts, but you do not have enough access to the internet. So you conveniently use the public wi-fi at a local center and do your business. However, what you do not realize is that these wi – fi connections are open to the public and easily accessible. You could check your accounts one day and find a laundry list of fraudulent items the next day. So, it is better to wait to access financial accounts when you have a secure connection.
Shred Financial Documents
Thieves are not just on the internet; sometimes someone in your community can steal your information. Have you ever received a bank statement, credit card offer, or bill in the mail? If so, there is sensitive information about those documents that you want to keep confidential. The best way to do that is to crack any financial documents. If you are getting rid of a credit card, shred it and throw it in separate rubbish cans so you don’t steal. Alternatively, you can switch to paperless methods on secure financial platforms to completely eliminate the risk of corporate documents.
Take care with Cloud Storage
The last piece of advice that most users overlook is forgetting when using cloud storage accounts. It is not uncommon for consumers to upload documents containing personal information that can be used to access financial accounts. Use encryption to keep these files secure and make sure you choose a strong password, and to restrict access to others.
The threat from cyber attacks can be frightening and the effects of stolen data can be widespread. When it comes to security, follow these tips and make sure you work with a bank that puts security first in everything they do.