From Cybersecurity: Keep finanical accounts out of reach of cybercriminals

Online financial accounts, such as checking, savings and investment accounts, hold more than just money; they represent years of hard work, planning and financial stability. Cybercriminals are constantly looking for opportunities to access victims’ money, and one mistake can lead to significant financial loss. Simply having a password is not enough to keep cybercriminals out.

Today's cybercriminals are smart, sneaky and relentless. It is crucial to be proactive in securing financial accounts. Not only will this help prevent unauthorized access, it will also provide peace of mind knowing that hard-earned money is safe.

Six Steps to Slam the Door on Cybercriminals

Turn on multi-factor authentication (MFA)

Multi-factor authentication adds an extra layer of security to online accounts by requiring identity verification through two or more methods, such as another password, authentication token, biometric scan or adjacent device notification. Even if a cybercriminal gains access to a victim’s password, the second factor will still be needed to access the account. Always opt for MFA wherever available, especially for financial accounts.

Use strong, unique passwords

Create strong and unique passwords for every account. The longer the password and the more characters it has, the less likely cybercriminals will guess it. One idea is to use a passphrase: a password comprising multiple words. As creating a different password for every account can quickly become cumbersome, use a password manager to help keep track of passwords. Most password managers even come with password generators, which save right into the manager.

Scams are constant. Please don’t fall for them

One of the easiest ways for cybercriminals to gain access to accounts is to simply ask the victim for access. Scammers will create emails, text messages or even phone calls that look or sound like they are from a bank or financial institution. Always verify the source before clicking on links, downloading attachments or responding to messages and phone calls. The greater the sense of urgency, the more likely the email, message or phone call is an attack. The best way to go on the defensive is to go directly to the bank's official website by typing the address into a legitimate web browser or call the bank or financial institution back using a trusted phone number.

Get obsessed with monitoring accounts

Make it a habit to frequently check financial accounts for any unusual transactions. Most financial institutions offer automated alerts for large withdrawals or suspicious activity. Setting up automated alerts can help catch fraudulent transactions early and take swift action to minimize damage. If something doesn't look right, take action right away.

Keep devices locked down tight

Phones, laptops and tablets are portals to the financial world. Keep them secure with a strong lock screen PIN, enable biometric recognition and ensure all devices are updated to their latest software versions.

Freeze credit accounts

Freezing credit can offer protection from certain types of credit fraud by limiting access to credit reports. Freezing credit with all three major bureaus, Experian, TransUnion and Equifax, can make it much more difficult for cybercriminals to use victims’ information for nefarious purposes.