In today’s increasingly cyber-centric landscape, the importance of cyber security for businesses and organizations, regardless of their size, cannot be overstated. Unfortunately, there has been a significant increase in ransomware cases and frequent reports of cyberattacks. Among the sectors most vulnerable to these data breaches are the banking and finance industries, where the potential for financial loss is large. This threat can manifest in various forms, exacerbated by recent technological advances such as digital record-keeping, the rise of mobile banking, and heavy reliance on cloud services. Therefore, it is imperative to prioritize the safety and well-being of financial transactions by taking proper precautions.
Given the potentially devastating consequences of data breaches on one’s financial stability, it is important to follow the necessary guidelines to safeguard online transactions.
How you can make online financial transactions more secure
1) Strong Passwords: It is very important to choose strong passwords that are not very predictable like birthdays or anniversaries. Using unique combinations of symbols, numbers, and upper-case and lower-case letters can help.
2) Voice Confirmation: If you work with a Wealth Manager, you can enable the voice confirmation option for any type of email request for fund transfer. This will help your Wealth Manager or Broker to personally recognize your voice before confirming any transaction.
3) Automatic bill pay limits: Since it can be difficult to monitor each and every small transaction, especially recurring bills, consider setting limits. This will help in minimizing the potential loss in cases of fraud.
4) Use Wi-Fi networks with caution: To prevent any kind of unwanted data breach, it is suggested that you avoid using public Wi-Fi networks, especially open ones, as many Fake “public” Wi-Fi networks are what hackers use. To exploit unsuspecting users.
5) Password Protected Documents: If you are transferring a document containing sensitive information, it is suggested that you make it password protected.
6) Be careful on social media: Be mindful of the information you share on social media platforms, especially any personal information that could potentially be used to compromise your accounts.
7) Opt for One-Time Password (OTP): Using the OTP option can be useful as they provide an additional layer of security compared to traditional passwords.
Apart from the above measures, it is important to keep your devices such as phones, tablets and laptops secure to prevent malware infections. Take the necessary precautions to protect these devices from potential safety hazards. Also, when disposing of old devices, make sure all personal information is completely removed or consider formatting them remotely in case of loss or theft. These steps will help preserve the integrity of your personal data and reduce the risk of unauthorized access or misuse.