5 Ways to Protect Your Money Online

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Protect Your Money Online

The convenience of being able to work and transact using different online platforms is one that is becoming increasingly important to more and more individuals. On the flipside, such convenience comes at a price. You have to do everything in your power to ensure that your information is safe, which in turn automatically guarantees Protect Your Money Online safety.

Many people have the notion that online transactions are not in any way safer than paper money transactions, but the opposite could never be truer. As long as you adopt the right digital security and cyber hygiene practices, you should never have any encounter with the bad guys.

There are lots of different ways to stay safe when it comes to transacting online. In this article, however, we will review the 5 less commonly discussed but crucial tips of keeping your online money secure. Let’s get into it!

1. Never share your online banking password

  • Just like your Social Security Number (SSN) and other personal information, your online banking password should be the open secret that no one really knows. It’s obvious to scammers and other bad guys that you use a password to secure your banking account.
  • As such, they use different tricks such as pretending to be your bank so that they can fish for important information such as your password. While tempting at times, always remember that no one, not even your bank should ever have your online banking password.
  • In addition to this, your password should not be too obvious or one that someone can decrypt using other bits of information about you such as your birthday. Make sure that you create a strong password to secure your online banking account and if you have to, make use of password managers.

2. Use reputable sites when applying for finance

  • We all face financial emergencies from time to time. Since such are not situations that you will usually have planned for, it can be quite easy to feel desperate to get a solution. Most of the times, people will rush to apply for a payday loan from just about any site that offers a good deal as a quick fix to the problem that they have.
  • The main challenge with taking such an approach is that while there are lots of reliable sites that offer financing, there is an almost equal measure of unreliable sites that are after using such situations to their advantage. Some sites will offer irresistible deals and then try to get you to give some information that you would not want to give.
  • It’s always a good idea to not let desperation get the best of you in such situations. Even when in the direst situations, it’s a good idea to do some quick research to determine whether the site of your choice is reliable. Checking customer ratings and reviews is a quick and efficient method of making a verdict.

3. Ensure that the sites you visit are secured (have the green lock symbol)

  • While almost every other online transaction uses different security techniques such as encryption to keep user data safe, there are some sites that don’t invest a lot in security. It’s always a good idea to ensure that every site that you use for your online transactions has a “secure” symbol.
  • Regardless of the browser that you use, such sites will always be safer from different types of attacks and exploits that hackers and other online security threats run to steal personal data. It’s also good to ensure that the sites you visit have other measures to secure your data such as the option to input your password every time that you want to make a transaction.

4. Be wary of online scams

  • As users evolve and become more enlightened about matters related to online security, so do scammers and other bad guys. Most new cyber threats are the result of deep research done by individuals who want to take advantage of any weakness that an online transaction system has.
  • One of the greatest weaknesses lies not in the system itself but in you. If you are not well informed about the different types of online scams, you could easily become a victim. As such, it’s highly advisable that you put the effort to learn more about the different online scams to avoid falling into the traps that the bad guys set.

5. You are the first line of defense

  • Its almost obvious that your bank will do anything and everything to keep your money safe, but your have a huge part to play. You are the custodian of your personal information and as such, letting it land in the wrong hands can see your accounts emptied of every coin. With these tips, however, it should be easier to keep the bad guys out.