The digital boom has drastically shifted the financial world. Indeed, many consumers now rely on tech-forward online banking, contactless payment platforms, and the like.
In the United States and Canada alone, Forbes estimates e-commerce orders have grown by 129% year over year. This figure speaks to the fact that tech is indeed the future of finance. Of course, any shift to the digital realm is accompanied by the threat of cyber attacks; this is especially true for anything finance-related, which presents huge opportunities for hackers. Indeed, recent reports about the MagBo portal proves that hacking is now big business, with many paying premium prices for access to hacked servers.
It’s therefore up to the consumers to exercise necessary precautions in protecting their online transactions and portfolios.
So, below are a few tips to keep your online finances secure in an ever-evolving digital world.
Rely on the right trading platforms
First and foremost, it’s important to partner with trusted platforms that keep your accounts secure on their end. FXCM emphasizes that opening a trading account and the process involved is pretty straightforward, as users simply need to select their country of residence and desired trading platform to get started. The right trading platform should also be supported by a secure server that will keep all your transactions secure. Whether you’re depositing funds or trading. You should also check to see if your chosen trading platform is backed by a regulatory board; if not, it’s best to stay away. Beginner investors may also want to look for a platform with extensive help guides and support that they can easily contact if need be.
Set up banking alerts
It’s important to stay vigilant and regularly monitor your accounts, but you shouldn’t be glued to your screen at all hours of the day. An effective way to work around this problem is to set up alerts with your chosen bank to notify you via text or email when something goes awry. You can set notifications for transactions that go beyond a specified amount, failed log-in attempts, and even just updates on your daily balance. Aside from keeping you informed. These notifications can give you the necessary peace of mind knowing that you’ll be immediately updated if something seems suspicious. This will help you fortify any account you have as you will be able to react to any unauthorized action immediately.
Use two-factor authentication
If you haven’t set up a two-factor authentication (2FA) just yet, now’s the time. While it’s important to change your passwords on a regular basis, 2FA gives an added layer of security that helps keep unauthorized users out of your accounts. By using an SMS code or an app on your phone to access your account, 2FA helps deter future hackers who typically aim for easy targets. When it comes to choosing between app notifications or SMS verification. Apps like Google Authenticator and DuoMobile are your best bet so that these hackers can’t trace your passwords using your phone number. Furthermore, sites like Amazon and PayPal allow users to set up added security protocols for their accounts.
Pay with credit cards
As mentioned in the beginning, e-commerce transactions are now the preferred method of payment for most consumers across the globe. Whether you’re relying on payment platforms or manually inputting your information on a merchant’s page, remember to use your credit cards as much as possible. This is because credit cards allow you to dispute fraudulent payments, with many banks offering some sort of protection against compromised accounts. For those with several credit cards, you might want to consider using one card for all online transactions. Doing so makes it easier to monitor your expenditures while also keeping your other accounts secure.
Invest in a VPN service
Many are choosing to stay safe at home amidst the global health crisis, which means that most are relying on home Wi-Fi networks. As with 2FA, using a VPN provides an added layer of security that can deter hackers. Many VPN providers offer flexible payment options, which you can then tailor according to how many devices you need to protect and how much bandwidth you aim to consume per month. Considering how many devices you use is important: after all, protecting your computer with a VPN proves useless if hackers can access your accounts through your smartphone or tablet. It also goes without saying that you should avoid using public, unsecured Wi-Fi as much as possible.
Our previous post on the Europe-wide supercomputer crypto mining attack points to just how perilous the digital landscape is; even huge organizations can fall prey to cyber attacks. This isn’t to say that you should avoid the using the internet for online banking and buying, just that you should be more mindful about your usage.
Fintech companies across the globe are relying on technology to make financing accessible to as many people as possible, and these innovations are certainly useful. The tips above can help you keep your online transactions secure.
- How to Protect Your Online Transactions and Portfolios in 2021 - June 19, 2020