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7 Ways to Protect Your Finances While Banking Online

As you experience the convenience of online banking, it’s important to be reminded of the life-long inconveniences that can occur if your financial information is compromised. First, of course, an identity thief could steal your money. Still, your financial identifying information, such as Social Security numbers, bank account numbers and credit card numbers, can be stolen. It can result in a persisting worry over a lifetime if this happens.

Knowing a few ways to protect your finances while banking online will help give you peace of mind as you continue to enjoy the conveniences of online banking.

1. Reinforce Protection on Your Devices

Protecting your finances starts with protecting the devices that you use against hackers and viruses. Besides ensuring that your devices are equipped with antivirus software and effective firewalls, it’s good to instill good security practices that will help make it less likely that your information will be compromised. 

2. Ensure the Operating System Is Updated to the Latest Version

Viruses and malware are continually evolving to penetrate updated security measures. When it is discovered that a virus or malware can bypass security measures in the operating system, the software is upgraded to fix and repair the holes or bugs that allow the virus or malware to enter your device. Updating the operating system to the latest software upgrade makes it less likely that a virus or malware will enter your device.

3. Clear Cache and Browsing History

When logging into websites, the username and passwords you enter can be saved in your cache or browsing history so that you won’t have to re-enter them. If someone gains access to your device, they won’t have to enter your user name or password in your banking website or mobile app, just as conveniently as it was for you. So, it’s always best to clear caches and browsing histories regularly.

4. Turn Off Device When Not In Use

When your device contains sensitive data, the device should be turned off when not in use so that the information cannot be breached through an open connection. Also, this is especially true if your device is utilizing public or an unsecured network.

5. Use a Password Manager

A password manager helps with the security of your passwords and bank information in the following ways:

  • Generate strong and distinctive passwords.
  • Stores the passwords in an encrypted place. To access those passwords, you need one master password to unlock the encryption.

6. Sign Up for Credit Monitoring

Constant monitoring of your credit with major credit reporting agencies, such as Equifax, Experian or TransUnion, will immediately alert you to significant changes that usually indicate fraudulent use of your personal information.

Also, locking credit scores from prospective creditors will help protect your accounts from being opened without your knowledge. Creditors won’t offer credit if they can’t access your credit reports.

7. Invest in Cybersecurity Insurance Coverage

Some companies such as Norton LifeLock offer cybersecurity insurance coverage for personal expenses lost with limits of up to $25,000. These insurance coverages can also provide up to $1 million if you need lawyers and experts to help restore your identity should it become stolen.

Protect Your Finances Everywhere 

As more and more financial transactions are accomplished online, it’s good to know how to protect your financial information. Knowing different ways to protect your finances against online threats and fraud can make you feel at ease that your financial information is safe and protected.

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