A Guide to Keeping Your Money Safe Online

From shopping to banking transactions, people do a lot with their money online. A recent survey revealed that 62% of online buyers shop at least once per month, with 26% shopping online at least once a week.¹ And with the events of 2020, those numbers skyrocketed, with consumers increasing their online activity by 160%.² The same is the case with mobile and online banking. According to a 2021 Forbes survey, 76% of Americans say they have used their primary bank’s mobile app within the last year for everyday banking tasks.³ As these trends continue to grow, the importance of protecting yourself online grows as well.

Most retailers and banks use state-of-the-art technology to try to keep your money safe but you should do your part as well. Being aware of how internet crime occurs could help prevent you from becoming a victim. Here are some pointers that may help:

10 Ways to Protect Your Money and Identity Online

1. Use strong passwords

Passwords are your first line of defense against cybercriminals, so it’s important to have a unique password for all personal accounts. A strong password should be long, complicated and difficult for anyone to guess. Here’s a list of password safety techniques from the United States Computer Readiness Team (US-CERT):

• Use a different password for every system and account
• Don’t create passwords with personal information that can be easily guessed
• Utilize a combination of uppercase and lowercase letters, numbers and special characters
• Develop suggestions and hints for remembering complicated passwords
• Consider using a password manager program to keep track of your passwords
• Use the longest password permissible by each password system

2. Use 2-Factor Authentication, especially for online banking

Add an extra layer of security by requiring a second means of identification when signing onto a site. This could be face recognition, thumbprint identification, a series of personal security questions or a text message with a one-time code. Many online banking sites require 2-factor authentication (also known as two-step verification) to secure your account and protect your highly sensitive banking information. Other sites many give you the option of adding this extra step to your login process to help keep your account safe. If a site you visit offers 2-factor authentication, it’s a good idea to take advantage of the additional security it provides.

3. Keep your devices secure

In addition to hacking your accounts, cybercriminals can also get to your money through software installed on your device.³ In order to help keep your devices clean of malware and other malicious programs, you can install antivirus and antispyware programs. Many new devices come with these programs already installed, but it’s important to know what type of security you have on your operating system.

Additionally, one of the simplest ways to protect your laptop, tablet or smartphone is to lock it when you’re finished. Taking the time to enter your password on a lock screen is certainly worth the added layer of security and should become routine over time.

4. Review your browser’s security settings

Most browsers include built-in security features; you just need to make sure you’re taking advantage of all of them. Take time to review, adjust and enhance the security settings for your browser or mobile device to ensure security settings are turned on. This is another place where 2-factor authentication could help create another barrier for hackers.

5. Research app security

If you plan to download a new app to your phone or tablet, you should always check the security protocols first. The app you download doesn’t have to be about money or banking whatsoever — cybercriminals will just use it as a platform to gain access to your device. Once inside your operating system, they can hack into other apps to steal your credit card and debit card numbers or to withdraw money. If you ever have doubts on the authenticity or security of an app, do some research before downloading the software.

Here’s a quick checklist to preform before you download a new app:

1. Research the developer of the app
2. Research the website hosting the app (if applicable)
3. Look for user reviews
4. Monitor device functionality after installing

If you suspect the app of any wrongdoing, delete the app immediately and contact your wireless carrier.

6. Be wise with Wi-Fi

Signing onto public Wi-Fi may be convenient, but it can also be risky. If you plan to make any online banking transactions or buy items online, it may be prudent to wait until you get home to use your secure network. Be especially careful when connecting to free Wi-Fi through public places like coffee shops or hotels. Cybercriminals will often create a phony connection very similar to the establishment’s connection to hack your information. If you feel unsure, ask an employee for the correct Wi-Fi access point.

It’s also important to make sure the wireless network you use is secure, not just the website you visit. When you’re signed into a secure network, all the information you send over the internet is protected. However, when using a secure website only the information you send to and from that website is protected.

7. Avoid suspicious websites

A common tactic used by cybercriminals are fake websites that are nearly identical to the site they’re copying. This is called “phishing.” The goal of these websites is to get you to make a purchase or provide personal or banking information they can use to steal your money. Although they may appear legitimate at first, most of these websites have noticeable flaws that could tip you off.

Here are some common indications of suspicious websites:

• Lack of security encryption (look for the “s” in https:// or a lock symbol on legitimate sites)
• Poorly written content/misspelled words
• Unrelated images or links
• Expired security certificates
• Redirected URL
• Invalid contact details

If you suspect a website of being fraudulent or if you’ve been a victim of malicious online services, report your experience to the Federal Trade Commission (FTC).

8. Watch out for phony emails

Thanks to your email spam filters, most phishing emails stay out of your inbox. But not all of them. Be on the lookout for phony emails designed to trick you into giving up personal information. One example is claiming that an account you have is about to be deactivated, along with a link to a page asking you to enter your login credentials to prevent this from happening. Once you enter that information, they’ve got it. So be careful not to click any unknown links or enter any personal information unless you’re sure they are who they claim to be.

9. Don’t share your Social Security number

The U.S. Department of Commerce defines personally identifiable information (PII) as information that can be used to distinguish or trace an individual’s identity.⁴ Your Social Security number is among your personally identifiable information. Other PII include your driver’s license number and passport number. Keep in mind that businesses rarely ask for this information. So if you are asked for your Social Security number or other personally identifiable information, the Social Security Administration recommends that you ask why your number is needed, how it’ll be used and what will happen if you refuse.⁵

If you believe someone has obtained your Social Security number online, file an online complaint with the Internet Crime Complaint Center at www.ic3.gov to alert authorities of suspected criminal or civil violations.

10. Regularly review your statements

In 2020, the Federal Trade Commission received about 1.4 million reports of identity theft, double the number from 2019.⁶ And many times, victims aren’t aware that they’ve been scammed until long after the damage is done. So be sure to stay on top of your credit card, loan and bank statements to look out for errors, questionable transactions or new activity.

Keep your guard up

The best advice for how to protect yourself online is to stay vigilant. Not everyone is out to scam you, but you should approach with caution any online activity involving your money and your personally identifiable information. If you follow these tips and use your best judgment, you could keep your money safe and decrease the odds of your money falling into the wrong hands.

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1. https://www.episerver.com/reports/reimagining-commerce-report
   
2. https://www.digitalcommerce360.com/2020/07/08/new-and-occasional-online-shoppers-turn-to-ecommerce-during-the-pandemic/
   
3. https://www.forbes.com/advisor/banking/digital-banking-survey-mobile-app-valuable-features/
   
4. https://csrc.nist.gov/glossary/term/PII
   
5. https://www.ssa.gov/pubs/EN-05-10064.pdf
   
6. https://www.consumer.ftc.gov/blog/2021/02/identity-theft-awareness-week-starts-today

*This article has been updated from a previous posting on Sept 13, 2016. Matt Diehl contributed to the original post.