4 Ways To Keep Your Money Safe From Scams and Fraud Online
Written by
Laura Bogart
Edited by
Levi Leidy
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You’re at the checkout when the cashier makes that face. Their expression hovers between pity and vicarious embarrassment, while steeling itself for your reaction as they inform you that your card has been declined. You know this can’t be true. You just got paid, so there’s money in your account.
Leaving the store empty-handed with your frozen peas melting on the conveyor belt, you open your banking app only to find that you’ve been wiped clean. Even while your bank card has been with you, you’ve been targeted by digital pickpockets who have wreaked havoc with your finances.
This is a nightmare scenario for most people. The good news is that there are some essential ways to keep your money safe from online thieves. To help you learn how to safeguard your funds from scammers, GOBankingRates talked to experts in the matter.
Embrace Your Inner Skeptic
When Caroline Bogart — an expert in programming and software instruction (and no relation to the writer), as well as the founder of As Well You Should — had a friend nearly fall victim to a phishing scam that mimicked a legitimate bank, she learned some core lessons.
“My top tip is to maintain a healthy skepticism toward unexpected communications. Scammers thrive on creating a false sense of urgency,” she said. “If you receive a surprising email or message about a prize or a warning about your account, pause and validate the message with the company directly through official channels.”
Protect Your Information
Focusing on locking down her information kept Bogart safe when she discovered one of her accounts had been breached. From her own experience, she recommends using strong, distinct passwords for every account, as well as a password manager that will help simplify the process.
“Lastly, activate two-factor authentication whenever possible; it significantly boosts your security against determined scammers,” she said.
Be Careful of Public Wi-Fi
Sometimes, you’ve got to work, or shop, outside the home. But while you’re sipping your coffee or people-watching, you might be leaving your financial information exposed to scammers. However, you don’t have to forego the pleasures of using the internet at your favorite coffee shop or workspace if you show caution with public Wi-Fi.
Thanks!
Mary Zhang, head of marketing and finance at Dgtl Infra, thinks a lot about safe ways to exist online. “Avoid accessing financial accounts or entering sensitive information when using public Wi-Fi networks,” she said. “If you must, use a VPN. Our network analysis shows that unencrypted data on public Wi-Fi can be intercepted with relative ease.”
Monitor Your Accounts
If knowledge is power, then being aware of what is going on with your accounts can empower you to protect your money.
“Check your bank and credit card statements frequently for any unauthorized transactions. Many banks offer real-time alerts for transactions,” said Zhang. “We’ve found that early detection can reduce the financial impact of fraud by up to 70%.”
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