Financial Cybersecurity: Tips for Protecting Your Data Online 

Most of our finances are managed online, from our 401(k) accounts to mobile bill-pay. Keeping all of your sensitive data safe while embracing the convenience of technology is imperative.  

You wouldn’t want your personal information, account numbers, and other financial information to fall into the wrong hands. This could result in fraudulent charges, stolen funds, or identity theft.  

At ePlan Services, we want to help you feel safe and secure when planning for your future. That’s why we are bringing you six tips for maintaining adequate financial cybersecurity.  

Takeaways:

• Your devices should always be locked and password-protected for extra protection.  
• Multi-factor authentication functions help to increase account security.  
• Enabling failed login attempt notifications can help you identify and report fraudulent activity. 
• When using public Wi-Fi, be careful not to share any sensitive information. Banking and other money management should be done on a private network. 
• When browsing the web, look for secure site indicators like the small lock in the upper left-hand corner of the URL bar and the “https” at the start of the URL.  
• Checking your bank account statements regularly can help you detect unauthorized charges or withdrawals.  

1. Keep Your Devices Locked

You should always set up a password on your devices.  

2. Enable Multi-Factor Authentication

When it comes to online banking and other finance management platforms, enabling multi-factor authentication can help secure your accounts from unauthorized login attempts. To further protect your cybersecurity, consider financial institutions or companies that use multi-factor identification as part of their login processes. 

3. Enable Failed Login Attempt Notifications

Similar to how multi-factor authentication helps to keep your accounts secure, being alerted (via email or text) of failed login attempts will let you know that there may be unauthorized attempts to access your account. If you receive a failed login attempt notification, consider changing your password. 

4. Use Public Wi-Fi with Caution

Paying bills or checking your account balance on your phone while you’re standing in line at your favorite coffee shop may be tempting. However, for your cybersecurity, wait to do your banking and other financial tasks at home away from unsecure connections. Why? Because unsecured public Wi-Fi networks can be an entry point for malicious actors to access your device.  

5. Use Secure Websites

Like Wi-Fi connections, it’s important to use websites that are secure and trustworthy. One hint that a website is secure is a URL that starts with “https”. If the URL is missing that “s,” the chances are the website is not secure. Some browsers also display a small lock symbol in the URL bar. This is also a good indicator that the website is secure. Visiting unsecure websites may leave you vulnerable to cyberattacks and potential identity theft.  

6. Always Review Your Bank Statements

If you store your credit card and banking information online, check your statements regularly. This will help you spot unauthorized charges or withdrawals you don’t recognize. You can then contact the bank or financial institution to dispute any unauthorized changes to your account and have the issue corrected as soon as possible.  

Conclusion:

Sharing data and managing finances online has become so common that most of us don’t even think twice about it. However, ensuring that your data is secure can help to give you peace of mind.