SECURE YOUR ONLINE FINANCIAL LIFE
The Internet is increasingly used for money transactions. But along with it have risen
hi-tech ways to steal money and commit fraud. It is important to take some safety
measures to protect online transactions like protecting online profile, checking
financial statements regularly, registering for alerts and updating contact numbers
and address in the bank's records.
Rs. 27,00,000 was stolen from a woman's savings account after a cyber-thief
hacked her online account! Another way of stealing from the bank account is to
get a person's bank details and then get a duplicate SIM with the person's number
from the mobile company claiming that the original SIM is lost. The original SIM is
deactivated. Fake identity papers for the same are created. Money is then stolen
using online transactions. The bank's SMS alerts will be directed to the duplicate
SIM and the person will not be aware immediately about the fraudulent activities.
Cyber criminals are becoming increasingly tech savvy and use hi-tech ways to
commit fraud.
It is important for people to take precautions so that their financial data is not
compromised upon and their finances are secure. Let us look at some of the steps
to protect oneself from identity theft, credit card fraud and online theft -
Protect your online profile – People conduct many financial transactions on the
web. There are many social and professional websites with lot of information about
people. Usernames and passwords and other information are therefore available
online. People should logout after transactions are done. Login Ids and Passwords
should be cleared. One should not share mobile number and email address
unnecessarily. Many people set easy passwords such as their spouse's name or
easy combinations like “12345” and “password”. These are high-risk passwords.
Passwords should be changed regularly and should not be very obvious or very
easy to decipher.
Check bank statements and credit card statements regularly – One should check
financial statements regularly so that false transactions can be checked for and
reported to the bank immediately.
Register for alerts and do not ignore messages from banks and credit card
companies – It is important to register for alerts for transactions like credit card
swipes and ATM withdrawals. One can immediately raise an alarm for suspicious
activities.
Update your billing address and phone numbers – Are you aware of the address
with the bank? Have you updated the latest phone number to the bank? Do you
check the email address that you have given the bank? If not, please do so that
you can check statements and alerts and be aware of what is happening to your
account.
Other ways to keep financial information secure - One should check information
such as last login on the net banking site, check mails from banks regarding
maintenance activity, downtime, keep a check on account transaction history
and statements to be fully aware of the financial status. Old bank statements,
papers with sensitive financial information should be shredded and discarded if
not required.
Online transactions are very convenient but things like checking bank's policies on
online transactions, changing passwords regularly, setting complex passwords,
setting different passwords for different websites and installing anti-virus software
are a must. They take a little extra time from your busy schedule but can save you
from grievances and monetary loss in the long-run.
In spite of precautions, if a person's account has been hacked into or unauthorized
transactions have been conducted in your account or debit/credit cards, one
should inform the bank or card issuer immediately. Cards should be cancelled if
required and passwords should be changed immediately. There are also insurance
policies to cover loss and misuse on credit cards and one can consider them.
It is important to take care of personal information and keep it secure else it can
lead to grave problems.
Happy Investing
Source:Gettingyourich.com
The Internet is increasingly used for money transactions. But along with it have risen
hi-tech ways to steal money and commit fraud. It is important to take some safety
measures to protect online transactions like protecting online profile, checking
financial statements regularly, registering for alerts and updating contact numbers
and address in the bank's records.
Rs. 27,00,000 was stolen from a woman's savings account after a cyber-thief
hacked her online account! Another way of stealing from the bank account is to
get a person's bank details and then get a duplicate SIM with the person's number
from the mobile company claiming that the original SIM is lost. The original SIM is
deactivated. Fake identity papers for the same are created. Money is then stolen
using online transactions. The bank's SMS alerts will be directed to the duplicate
SIM and the person will not be aware immediately about the fraudulent activities.
Cyber criminals are becoming increasingly tech savvy and use hi-tech ways to
commit fraud.
It is important for people to take precautions so that their financial data is not
compromised upon and their finances are secure. Let us look at some of the steps
to protect oneself from identity theft, credit card fraud and online theft -
Protect your online profile – People conduct many financial transactions on the
web. There are many social and professional websites with lot of information about
people. Usernames and passwords and other information are therefore available
online. People should logout after transactions are done. Login Ids and Passwords
should be cleared. One should not share mobile number and email address
unnecessarily. Many people set easy passwords such as their spouse's name or
easy combinations like “12345” and “password”. These are high-risk passwords.
Passwords should be changed regularly and should not be very obvious or very
easy to decipher.
Check bank statements and credit card statements regularly – One should check
financial statements regularly so that false transactions can be checked for and
reported to the bank immediately.
Register for alerts and do not ignore messages from banks and credit card
companies – It is important to register for alerts for transactions like credit card
swipes and ATM withdrawals. One can immediately raise an alarm for suspicious
activities.
Update your billing address and phone numbers – Are you aware of the address
with the bank? Have you updated the latest phone number to the bank? Do you
check the email address that you have given the bank? If not, please do so that
you can check statements and alerts and be aware of what is happening to your
account.
Other ways to keep financial information secure - One should check information
such as last login on the net banking site, check mails from banks regarding
maintenance activity, downtime, keep a check on account transaction history
and statements to be fully aware of the financial status. Old bank statements,
papers with sensitive financial information should be shredded and discarded if
not required.
Online transactions are very convenient but things like checking bank's policies on
online transactions, changing passwords regularly, setting complex passwords,
setting different passwords for different websites and installing anti-virus software
are a must. They take a little extra time from your busy schedule but can save you
from grievances and monetary loss in the long-run.
In spite of precautions, if a person's account has been hacked into or unauthorized
transactions have been conducted in your account or debit/credit cards, one
should inform the bank or card issuer immediately. Cards should be cancelled if
required and passwords should be changed immediately. There are also insurance
policies to cover loss and misuse on credit cards and one can consider them.
It is important to take care of personal information and keep it secure else it can
lead to grave problems.
Happy Investing
Source:Gettingyourich.com
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