With the ever-increasing risks of scams, hacks, and data leaks, keeping your finances safe, and personal information secure, is now more important than ever. Let’s take a look at some of the recent developments in financial security that may be changing the game when it comes to internet safety.
Cryptocurrencies
One of the many advantages of using crypto over regular currency is its increased security. Cryptocurrency works by using cryptography to encrypt data, making it nearly impossible to trace transactions. Furthermore, crypto uses blockchain technology on a decentralized network, which makes it incredibly difficult to alter transactions. Crypto is currently experiencing an unprecedented boom after the recent election of Donald Trump. His presidential win saw the value of Bitcoin rise above $90,000, meaning the overall value of this currency has increased by over 80% this year alone. Trump has promised to make “America the crypto capital of the planet” and encouraged investors by investing himself. Additionally, with developments being made, such as those between Ingenico and crypto.com, to bring crypto as a regular method of payment to real-life businesses, this currency is rapidly gaining traction in wider society. Keeping up to date with the advancements of crypto, new and emerging currencies and crypto coins on presale is a great way to decide which currency works for you.
Two Factor Authentication
With the increasing risk of cyber attacks, many companies are introducing two-factor authentication as a requirement when logging into their sites. Two-factor authentication involves ensuring an individual is who they say they are by checking through a different site, such as through an email or text message. Using Two-factor authentication can prevent real threats from hackers attempting to access your information and accounts. For example, earlier this year the US Security and Exchange Commission and the security firm Mandiant both had their X accounts hacked. Although they regained control quickly, this was still a major concern. When investigating it was discovered that Two-Factor authentication was turned off for both of their accounts. Having it on would have made this kind of hacking impossible. Therefore, It’s a good idea to always sign up for two-factor authentication if given the choice, and businesses are encouraged to provide it to all service users.
Staying Vigilant
One of the best ways to protect your finances online is by displaying a level of vigilance and personal responsibility. One way to do this is to create a separate email just for financial communications. Such a thing will enable you to keep all your important financial information in one place. Using a separate email also means you’ll be able to stay alert for any updates, or anything that doesn’t look right, allowing you to deal with anomalies before they develop into bigger issues.
Additionally, one way to contribute to the safety of your finances is to take the time out to read the terms and conditions before making any transactions. If you are supplying any kind of information to a company, it is wise to gain a good understanding of how it will be handled and if it will be sold to third parties. This kind of information can usually be found in the terms and conditions. Finally, it is well advised that you do not share any of yours or your children’s personal information online. Recently, a new term, ‘sharenting’ has arisen to describe how parents often share their children’s pictures and information on social media accounts. Psychiatrists and banks have spoken up about the greatly negative effects this can have on children, both for their mental health and for their future financial security.
Use a Password Manager or Strong Password
Earlier this year, a file containing over ten billion unique passwords was leaked onto a popular hacking forum. The file contained the passwords of individuals from across the globe and greatly highlights the risks involved with re-using the same, simple passwords across multiple accounts. To combat this, many services are offering to generate unique and complex passwords for you, and store them somewhere only you can access. Apple users will have likely seen the option to generate a strong password come up on their phone, alternatively, password managers such as Nord Pass, can create passwords for you while also keeping an eye on data breaches and leaks, allowing you to take action as soon as a leak has been detected.
Check Your Credit Score and Bank Transactions
A simple way to keep your finances safe is to stay aware of your own accounts and transactions. It is recommended that you check your transactions on your online banking site at least once a week and report anything that doesn’t seem right immediately.
Not only that but keeping an eye on your credit score through sites such as Experian and TransUnion means you can be on the lookout for any drastic changes in your score, that may suggest transactions have been made without you knowing.
