Basic Tips To Keep Your Money Safe Online

The world of personal finance has been absolutely transformed by technology. Today, it’s easier than ever to manage money, save up, transfer money, pay people back, request payments, buy things, and even make investments or trade stocks and shares online, all from the comfort of your own home.

But with all these new advancements has come more risk. If you’re not careful, you could be at risk of losing your money online whether it’s through bogus sites, non-secure checkouts making your credit card details vulnerable to hackers or phishing emails.

Whatever you’re doing online in relation to your finances, keep these crucial safety tips in mind.

Use a Good Password Manager: Chances are you log into online banking using your smartphone or laptop. Perhaps you log into other sites where your financial information is saved too, like PayPal or even Amazon. It’s all very convenient, but the unfortunate truth is that if you’re not using strong passwords, you’re leaving yourself vulnerable to your account ending up in the wrong hands. And if you use the same password for everything including your financial accounts or online shops where your credit or debit card details are saved, you’re at an even higher risk.

Everybody knows that using the kind of complex, random combination of nonsense Google generates for you is the best security, but you’re never going to remember all that unless you’ve got an unusually good, photographic memory. That’s where a password manager comes in to help you keep track of all those different, completely impossible-to-remember passwords.

Check Site Security:
Whenever you’re entering financial details online, whether you’re buying something at an eCommerce store, signing up for a subscription service or applying for an online loan, it’s best to be vigilant when entering your sensitive financial details. Look out for sites that have trust symbols and be wary of any that don’t.

The easiest way to determine whether or not a site is secure is to check for the padlock in the browser bar which signifies that it has an SSL certificate and any data you enter is encrypted. If you’re accessing services like borrowing money online, be careful and read reviews of the site first so that you don’t end up falling victim to a scam. Always read the small print; you don’t want to end up paying a hefty monthly fee just to borrow a small amount of money.

Don’t Share too Much:
Your financial information is best kept to yourself; try to limit the number of times you share it online. If you can, use a payment service like PayPal for that extra layer of protection when buying goods or services online; you can pay through your account rather than having to enter your long card number and expiry date into the site directly.

Be careful of any emails that ask you to share sensitive information. Your bank will never email you asking for your login credentials to your online banking account, for example. If you get an email asking for passwords, card numbers or something else that could be used to steal your money, always call the alleged sender to confirm it.

Technology and the internet have made managing, saving and spending money easier than ever, but it’s led to extra risk.

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