Five Simple Ways to Protect Your Money Online
Safeguarding your finances online is more crucial than ever. A recent report from UK Finance says that fraudsters stole over £570 million in the first half of 2024, highlighting the persistent threat to UK consumers.
With cybercriminals employing increasingly sophisticated tactics, it’s essential to adopt proactive measures to protect your money. Here are five simple ways you can boost your financial safety online.
Use strong passwords and two-factor authentication
Creating robust, unique passwords for each of your online accounts is a fundamental step in securing your money digitally.
Avoid using words that can be easily guessed by other people, like your pet’s name. It’s best to go for a complicated mix of special characters, numbers, and letters in both uppercase and lowercase.
Microsoft offers helpful tips on creating strong passwords, including making it at least 12 characters long (but 14 or more is better) and not using “a word that can be found in a dictionary or the name of a person, character, product, or organisation”.
They say not to share your passwords with anyone and never reveal them via email or instant message. If you have trouble remembering them, using a password manager can assist in generating and storing your secure passwords.
It’s also worth using two-factor authentication (2FA) to improve your safety online. This involves a second form of verification, such as a code sent to your phone in addition to your password.
2FA ensures that unauthorised access is significantly more challenging, even if your password is compromised.
Secure your devices and network
Keeping your devices updated with the latest security and operating system updates is vital in protecting against vulnerabilities that cybercriminals exploit.
Ensure that any computers, smartphones, and tablets you own have reputable antivirus software installed and are regularly scanned for threats.
It’s also worth using tools that can remotely track, lock, or erase data on your devices if they become lost or stolen.
When accessing financial information, always use a secure Wi-Fi network. Often, public Wi-Fi is not secure, which can make it easier for people to access your information.
If you must use public Wi-Fi, consider using a Virtual Private Network (VPN) to encrypt your internet connection, adding an extra layer of protection.
Beware of phishing and scams
Phishing scams, where fraudsters impersonate legitimate organisations to steal personal information, remain a prevalent threat. These scams can occur in various ways, including via email (phishing), SMS text messages (smishing), or phone calls (vishing).
To protect yourself, be cautious of unsolicited communications requesting personal or financial details.
Verify the authenticity of the sender by checking email addresses and URLs for inconsistencies. Legitimate organisations will never ask for sensitive information through insecure channels.
The Take Five to Stop Fraud campaign offers valuable advice on recognising and avoiding scams. This includes taking “a moment to stop and think before parting with your money or information.”
Challenge the information you’ve been sent and “ask yourself, could it be fake?”. The campaign says you should “contact your bank immediately if you think you’ve been scammed and report it to Action Fraud.”
Follow safe shopping practices
Online shopping is convenient but requires vigilance to ensure your financial information remains secure.
Whatever transaction you’re doing, whether you’re stocking up on toiletries or using an online bingo platform, make sure you use reputable websites. Look for secure sites indicated by a padlock symbol and “https” in the URL.
If you spot advertisements online with deals that seem too good to be true, be wary, as they often are.
Regularly reviewing your bank and credit card statements can help you quickly identify any unauthorised transactions. Make sure you report any suspicious activity to your bank quickly to see if they can help you.
Use secure payment methods
Opting for secure payment methods can provide additional protection when purchasing online. Credit cards may provide better financial protection compared to debit cards, for instance.
For regular payments, direct debit is often viewed as more secure than options like standing orders because of the direct debit guarantee. This protects you “if someone makes a mistake, like collecting your money on the wrong day or taking the wrong amount.”
Avoid using direct bank transfers for online purchases, as they offer less recourse in the event of fraud. Familiarise yourself with the security features of your chosen payment method to ensure you’re adequately protected.
By implementing these five strategies, you can enhance your financial security and reduce the risk of falling victim to cyber threats. Staying informed and vigilant is key to protecting your hard-earned money when making digital purchases.
