With the advent of technology, more and more things are going online, ranging from your personal and financial information to digital money. Although, technology comes with its own variety of benefits, like being convenient and time-saving, it does not lack a few drawbacks. One of the worst drawbacks of going online financially is cyber theft.
When you opt for online banking or online banking services, you are vulnerable to cyber theft. In simple words, cyber theft is the stealing of personal and professional details of an individual or group of people. And, why just in banking, your details are in danger, when you do online shopping or book online tickets. In any online transaction, where you use your money, you are exposed to cyber theft.
Although, you cannot do much to stop cyber criminals from attacking financial transactions, you can take some measures to protect yourself and ensure your financial information is safe and secure. We have listed 5 handy tips that will make you aware about how to avoid cyber theft.
Do your financial transactions on a separate computer
You should keep a separate computer for your financial transactions of any type. When any of your family members want to do an online transaction, they can use this desktop for the task. Moreover, when you need to check your bank and investment accounts, then too you should use this computer.
This is because cyber criminals steal your details with the help of programs to which only you can give access, such as when you click on an infected advertisement, e-mail, download, attachment, photo, etc. When you use a selected device for this purpose only, you would not use it much and thus not click on unwanted material online. This significantly reduces the chances of your data violation as well as allows you to manage your funds online in a carefree manner.
Download latest malware scanners
Your computer, or whichever device you use for your online transactions, should have malware scanners on it. Such security programs scan your device and inform you about the virus, along with deleting it from your computer. They keep your device protected against any type of malware, spyware, and spam by removing potential threats from your system earlier than they cause any harm to your system. Good and latest anti-virus software can provide a stronger shield of cyber security and thus guard you against phishing activities.
Make use of uncommon usernames and passwords
The username and password of your online financial accounts should be unique and rare. You should use different usernames and passwords for your different accounts, since if a hacker in some way accesses one of your passwords, they can access all of your accounts.
Although, using same or simple passwords is easy for you to retain in your memory, they also jeopardize your financial information. Moreover, you should change your passwords occasionally, generally after every 2 or 6 months. Make sure that your password has at least six characters, including both uppercase and lowercase letters, special characters, and numbers.
Change your PIN and check bank statements regularly
Using ATMs may seem safe to most people, in reality this is not the case. In India, nearly 70 per cent of ATMs run on out-of-date Operating Systems, which make them exposed to fraud and malware. Therefore, it is important that you change your PINs frequently, like in 6 months and at least once every year.
Moreover, you must use different PINs for your different cards, so in case if one PIN is hacked, other cards remain secure. Additionally, you must analyze your debit card statements on a regular basis in order to be aware about transactions and any inconsistencies.
If you notice small transactions on your debit card, you should instantly inform your bank authorities about it, since it may indicate mistreatment. By informing the fraudulent usage as soon as possible, your bank can stop any upcoming misuse of your bank details and can also help you get your money back.
Register for security alerts
You can register yourself for security alerts at your bank. Through this, you can receive notifications on your phone. This way you will come to know whenever any transaction occurs on your account or card, including any fake one. Moreover, SMS alerts on your debit card can notify you of any misuse of your card or PIN instantaneously.
You should not underestimate cyber theft, as it is very much prevalent these days. Make sure that you follow these tips and protect your online financial transactions. Now that you know how to avoid cyber theft, you can guard your money and information against erroneous usage by a swindler.