Financial data are at the same level of importance as your personal data – they must remain confidential (for the most part) and only available for your own personal use.
Of course, this also means that financial data are juicy targets for cybercriminals looking to make a quick buck. As such, they use all sorts of schemes and tools to make you hand over important information such as account/credit card numbers, social security number, online accounts credentials, and more.
When this doesn’t work they straight up try to steal your precious information using all sorts of attacks!
That’s why it’s important to know you have options and tools to protect your finances from any prying eyes.
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Take Proactive Steps to Protected Finances
Every online bank user benefits from the protection put together by the bank. Their developers built powerful systems that keep transactions and accounts safe. However, users also bear the responsibility of protecting their end of the deal – their access credentials.
This means taking proactive measures such as:
- Fraud protection services – according to this article, users can enlist specialized security services to monitor their credit card activity or social security number. This way, if something suspicious happens with your data, you will be warned in real-time
- Secure Channels – when you make payments or check your account, always use a secure network. This means using a powerful router at home and a VPN protected connection when you’re in public.
- 2 Factor Authentication – most banks today offer 2FA by sending an access code to your phone each time you log into your account. This way, if someone gets ahold of your account, you’ll be notified in almost real-time.
- Protect your passwords – even in today’s day and age, people still use weak passwords for important accounts. Experts recommend using a password manager tool that can be integrated into the browser or phone. This way, you can use complex passwords that you don’t have to remember.
- Use two emails – Finally, the oldest trick in the book is to have two separate email accounts. One you use regularly and one you only use for important accounts. This way, should the worst happen and one of your accounts gets hacked, you’ll still be able to reset it via email.
What Do Cybercriminals Do with your Data?
With more people staying inside, working, and shopping from home, the extent of cybercrime has increased. Ill-intended actors find all sorts of vulnerabilities that they exploit for their own gain.
But what does that really mean in real-life? How would a cybercriminal use your financial data?
First, you should know that entire databases of credit card information are being sold on the dark web. In addition, they’re quite affordable, with about $0,50 (USD) for one entry. This means the offer is in abundance.
In most cases, financial and personal data are being sold in bulk to organizations and individuals all over the world. As a result, there’s no telling when you could become the victim of identity theft or when a bunch of shady creditors could break down your door asking for their money (which you didn’t take). In addition, you may end up losing your retirement funds or savings.
So, you could be budgeting your hard-earned money through a tough time, but cybercriminals don’t care about this. To make sure your life won’t take an ugly turn, use safety measures to prevent anyone from snooping on your financial information!
