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7 Ways to Protect Your Banking Information

Sofiia Diachenko | July 27, 2023

Edited by Hannah Locklear

Summary: It’s absolutely essential to protect your financial information, especially in today’s online world. Seven basic tips for online banking security include keeping your device safe, enabling two-factor authentication, keeping your antivirus updated, not using public wi-fi for banking, watching out for phishing scams, using reliable banking apps, and creating strong passwords. You can also sign up for alerts to find out if you're information has been compromised right when it happens. If you’ve been sued for a fraudulent debt, SoloSuit can help you defend yourself in court.

Digital banking is very convenient and easy to use. You don’t have to wait in line at the bank, pay hefty fees or spend your time traveling from one bank to the next one. These days, everything can be done online. However, this increases the risks of having your financial data stolen or misused, which is why you need to be careful.

While banks and financial institutions have their policies and strategies to protect your data, you need to make sure this is the case on your side, too. That being said, we’d like to share with you seven ways to boost your online banking security and how to deal with fraudulent debt.

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1. Keep your device safe

An antivirus is an excellent idea, but it’s not enough. With the increasing security risks of today, it’s very important to use additional apps that will secure the device you use to access your financial information. For instance, on MacBooks, this can be Clean My Mac. This app is useful because it checks for malicious software and can potentially save you many headaches – and losses. It can even eliminate common Macbook charging issues among other features.

2. Enable two-factor authentication

Also known as multi-factor authentication, this is a very good step toward protecting your information. Basically, you’d need to enter another piece of information to verify your identity. When you access your data, you’ll need your username and password, but also a third piece that should serve as a barrier to those who somehow have the former piece of data.

This can be a passcode you’ll receive via text message – or even a fingerprint. Today, with 78% of people who prefer to bank online, two-factor authentication is even a prerequisite with some banks.

3. Keep your antivirus updated at all times

The antivirus is there for a reason, but it doesn’t do you much good if you fail to update it. Software companies that manage antiviruses keep track of cybercriminals’ behavior. They update the software to protect you from the latest scams. If you want to protect your assets and your device, keep the software up to date on all devices you use to access them.

4. Don’t use public wi-fi for banking

When you use a public network, you put yourself at an unnecessary risk. Whenever possible, avoid using public internet connection to do your private banking.

If you absolutely must access the information using Wi-Fi, at least use VPN to protect your privacy. This will encrypt the data and give you an additional security boost. Also, if public Wi-F is your only option, try to stick with sites that you know are secure.

5. Be wary of phishing scams

Phishing is one of the most common ways for thieves to access your financial and personal information. They aren’t hacking your device, really. Instead, they are tricking you in willingly giving them your information. In this case, no matter what steps your bank takes to protect you, it’s you who hands over the information to the criminal.

Phishing comes in many forms. You can get a message that is seemingly from your bank and reply with your personal information. You can get a link to a dummy site or download a link that will install malware into your device.

Inform yourself of phishing scams – they change all the time. Never, ever hand out personal or banking details unless you are absolutely sure it’s your bank.

6. Only use reliable apps and financial institutions

Pick the institution that’s most convenient to you, but make sure it uses industry-standard security measures. Top security should be your biggest priority.

Most people these days use financial apps to process payments and keep track of their money. If you plan to do this, make sure you are using your financial institution’s official application.

7. Use long, complex passwords

Simple, one-word passwords are easiest to remember, but they put you at great risk of hacking. This is why most websites, especially financial institutions require a more complex password using characters, upper and lower case, numbers, and symbols.

Even if they don’t, you should always use long, complex passwords to protect yourself against hackers. Also, avoid using personal information such as your name or address, and try to use different passwords for different accounts.

Here are some tips for password protection:

  • Use a mix of uppercase and lowercase letters.
  • Include a special character or two.
  • Include numbers in your password.
  • Have different passwords for different accounts, especially your online banking account.
  • Don’t rely on simple combinations or commonly used passwords.
  • Never use personal information like your name.
  • Choose longer passwords.
  • Never store your login information on a piece of paper, in your mobile app, or anywhere else.
  • Don’t write the password on your card or keep it in your wallet.
  • Update your passwords as often as you can (at least once in a few months).

Finally, consider changing your password from time to time. This will give you added protection from hackers and scammers.

Sign up for alerts

Most apps will allow you to get alerts whenever a transaction is made on your account. If there’s a transfer or purchase you didn’t make, you can get real-time notification and at least protect yourself against further crime. If this happens, reach out to the bank as soon as you see the alert.

How Protected Is Your Financial Information?

Online banking can be very safe as well as convenient, but only as long as you take steps to protect your data. Yes, it’s vital to choose a financial institution and app with strong security measures in place. But at the end of the day, most financial crime happens because users aren’t careful enough. By practicing these tips, you can maximize your online banking security. But if it’s too late and your information has already been compromised, SoloSuit might be the best solution to your problem.

Respond to a fraudulent debt lawsuit

If you’re being sued for a fraudulent debt, you’re not alone.

In 2022, consumers reported losing more than $8.8 billion to fraudulent debt and scams, which is more than a 30% increase compared to 2021.

It’s clear that online privacy and banking security are essential in today’s world, but what happens when you’re too late? If you’re being contacted about a fraudulent debt, SoloSuit can help you stand up for your rights against debt collectors.

The first step to winning your debt lawsuit is to respond to the case with a written Answer document. SoloSuit’s software can help you draft and file an Answer that is personalized to your case — all in a matter of minutes. You’ll be able to deny all the claims against you and assert your affirmative defenses. SoloSuit has successfully helped hundreds of thousands of consumers, like you, defend themselves in credit card debt lawsuits and win.

Read also: I Got Sued Because of Credit Card Fraud—How I Beat American Express in Court

To learn more about how to respond to a debt lawsuit, watch our video:

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