Home Business Insights & Advice These are the biggest online financial securiy mistakes you can make

These are the biggest online financial securiy mistakes you can make

by John Saunders
24th Nov 20 3:29 pm

Experts say that cybercrime worldwide will cost $6 trillion annually by 2021, up from $3 trillion in 2015, as more people rely on technology to manage their investments, payments, withdrawals, and other financial transactions.

It would be best if you avoided the following online financial security mistakes to stay safe from cybercriminals:

1. Conducting financial transactions in public

Never conduct financial transactions at public spots such as cafes, airports, or restaurants, as the WiFi connections at these spaces are unsecured. In fact, data from cybersecurity experts suggest that public WiFi is the most unsafe place for Internet users.

At public WiFi spots, you can face man-in-the-middle attacks, fake hotspots, network protocol attacks, and more. Cybercriminals can gain your login credentials and steal your funds, stocks, and other digital valuables before you know it.

2. Using weak passwords

Many people use simple passwords because they’re easy to remember. Unfortunately, easy to remember passwords are also easy to guess. Hackers use sophisticated methods such as dictionary attacks and brute force attacks to guess your credentials and hack into your accounts.

Learn the characteristics of a strong password to keep cybercriminals at arm’s length:

  • 10-12 characters long
  • Doesn’t follow common sequences like ‘qwerty’ or ‘123456’
  • Features uppercase letters, lowercase letters, symbols, and numbers
  • Doesn’t use common words like ‘password’
  • Doesn’t involve personal information like your birthday or your son’s graduation date

If you have trouble remembering strong passwords, then subscribe to a well-reviewed password management tool.

3. Opening untrustworthy links

Cybercriminals are experts at sending fake emails from your financial institution that ask for your login credentials or present fraudulent links designed to capture your sensitive data. As these phishing attempts grow more sophisticated, you must remain vigilant.

Try to learn more about phishing to defend yourself. Remember, your financial institution will never ask you for your password on email. If you receive an email that asks you to log into your account, enter the address yourself in your browser and open a new link. Alternatively, call your financial institution for advice.

4. Ignoring cybersecurity tools

There are countless new instances of malicious software detected every day. Many of them infect your computer, record your sensitive information, and transmit it to cybercriminals. Some malicious software, such as ransomware, can lock your critical files until you pay the hackers a fee through bitcoin. Unfortunately, there’s no guarantee that you’ll access your files after the payout.

Top-of-the-line cybersecurity software is your best defense against malware attacks. Check out the advanced antivirus software by renowned cybersecurity company Malwarebytes to shield your computer from threats.

5. Oversharing

While it’s tempting to share the good news on social media after you’ve made a killing on the stock market, cybercriminals always monitor social media accounts for juicy information. They’re adept at piecing together data in order to hack into financial accounts. Minimize your digital footprint and limit what you share with others. Activate multi-factor authentication to keep all your online credentials safe.

These are five mistakes you should avoid, to maintain your financial security on the Internet. Don’t trust anyone, keep a low profile, and use the best cybersecurity tools.

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