Is Your Money Really Safe? Five Ways to Protect Your Money Online
By Space Coast Daily // February 12, 2020
They say that cash is rapidly becoming a thing of the past, but that doesn’t mean your money is necessarily in safe hands.
In America today, only 31% of all transactions are made in cash, with the majority being made via credit or debit cards, checks, and online transfers.
The rapid move towards online payments means that, rather than the bank vault or your credit card information, your online wallets are the primary target of thieves.
In 2017 alone hackers stole a staggering $117 billion from people, exploiting vulnerabilities in digital financial architecture to drain bank accounts and get away scot-free.
That’s why it is more important than ever to keep your money safe online. If you use online banking, payment apps, or digital credit cards of any kind, you’re a target for hackers.
Here are five straightforward ways to ensure your cash is safe in the digital realm in 2020.
1. Never Share Y0ur Social Security Number Online
This might be the most important rule of all. While many online payment platforms don’t request your social security number when making an account, a hacker can still use it to gain access to your financial information.
If you receive an email requesting your social security number for any purpose, do not provide it. No private company should ever ask for it and if they do, they are not to be trusted.
2. Vet Your Apps Before Downloading
You may want to download the latest iPhone game that all of your friends are talking about, but caution should be exercised before you do so.
Many hackers gain access to your online payment information by creating fake apps that steal all of your sensitive data from your device.
Always download apps from trusted app stores and always check the permissions of an app before downloading it to your device.
3. Always Choose Sites That Use Trusted Payment Solutions
Whether you’re paying for online casino games or shopping for clothes, always check what payment solutions the vendor accepts. If they only accept well-known, trusted payment platforms, then they are safe.
Take for example the online casino William Hill: players wanting to make deposits and extract winnings from their slots, roulette, blackjack, and poker games can do so via Visa, Mastercard, PayPal, Skrill or Maestro.
These are all trustworthy brands that have government approval.
4. Protect Your Passwords
All a hacker needs is your online banking password to drain your account entirely. While it is important to avoid using easy to guess passwords such as your birthday or a generic “Password123” style login, it is also important to make consistent use of password managers that will give your accounts the added layer of security they need.
Password managers create fortified passwords for you that are almost impossible to hack, meaning you can browse, shop, and spend online safely.
5. Start Taking a Daily “Money Minute”
A number of financial security gurus have started recommending that all users of digital banking and payment solutions take a daily “money minute” to take stock of their activity.
This means you should sit down and check all of your online banking accounts and apps where you are holding money, including online gaming sites where you may be holding a deposit.
This habit means you will immediately notice if is something is amiss, allowing you to take decisive action before a fraud or thief can take you for all you are worth.
With these simple online safety tips, you can rest easy knowing that your hard-earned money is safe from the clutches of cyber-thieves. Remember, you’re always better safe than sorry.
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