Protect Yourself in the Age of Digital Banking
In January of this year my laptop was hacked, on it was all of my banking information, my super bank caught it immediately and its safeguards protected me, my personal banker was invaluable then and is now, I am very grateful.
Nevertheless, it was a challenging situation for me taking about 90-days to clear out, I did not lose any money, but I did feel violated.
Below is some of what I learned and how to protect myself in the Age of Digital Banking, as follows:
Readers, we are in a age where checks can be deposited, money can be transferred and dues can be paid all via our computers and Smartphones. And with new convenient banking capabilities comes added risk.
The Big Q: What would I do in the worst case scenario of getting my identity stolen?
The Big A: Err on the side of extreme caution, and here are my tips to help you keep what is yours safe.
Be too careful: your Social Security Number and the Internet should be used as little as possible. Having your identity stolen can heavily damage your credit score, it is costly and the path back to good credit is an uphill battle. Check your bank accounts and credit score frequently to ensure all the activity is yours and the instant you see something out of the ordinary, call your banker.
Be very particular and pre-cautious cautious: never share your passwords, credit card numbers or even leave your phone’s banking app open if you use one. When checking your e-Mail, watch out for scams with similar colors, fonts and logos from your bank with fake links. Keep your computer and phone clean with up-to-date anti-virus software.
Watch out for the scams, they are very common: always keep your eyes on the cashier and the register, 1 of the biggest scams is done through fake terminals at convenience stores or gas stations. If it feels off, pay with Cash. Also, if you’re using a credit card at a retail store, be sure to watch the transactions that go through because hackers have been known to steal lists of cards: remember Target (NYSE:TGT) in Y 2013.
Do this if you suspect fraud; Make sure you check your credit score regularly. You can ask for a full report from the credit bureaus for free once a year. Use an app from your bank or credit/debit card app to review your purchases regularly to spot any unauthorized spending or fraud. Call your bank or credit card company immediately to report the fraud and then check your credit report in a few months to make sure it did not effect your perfect score.
Yes, technological advances have made banking more secure, but they have also made it easier for hacking scammers to tap into your personal information.
The way you bank and handle your finances will change throughout the years, but in order to be safe you must stay one step ahead of the wolf pack to beat scammers 1st.
Prevention is the best method, and although the simplest mistakes that catch us off guard, the best thing to do is closely monitor the influx and out flux of money into your accounts.
Remember, it is your money, it is your responsibility
Have a terrific weekend.