10 Ways to Keep Your Money Safe Online

It’s the Information Age. As a result, you use the Internet to handle many responsibilities, including money management. However, there’s a risk associated with moving money around online. That’s because bad guys exist who will use clever schemes and exploit security holes to get their hands on your cash.

Here are 10 ways to keep your money safe online.

1. Check App Security

If you’ve downloaded an app that you use to manage your money or conduct e-banking, be sure to check on the security protocols used by the app. In many cases, app documentation will explain to you what type of security measures it uses. If you can’t find information about app security or you aren’t comfortable with what’s described in the documentation, you probably shouldn’t download the app.

2. Avoid Suspicious Websites

It’s often the case in your online escapades that you’ll get a link to a site you’ve never visited before. Alas, sometimes those sites are nothing more than sneaky attempts to gain access to your system. If a site has multiple pop-ups or your anti-virus software warns you about it, stay away.

3. Don’t Click Links in Emails

You might be wise to the Nigerian prince who needs you to help move money into the U.S., but the reality is that you could get an email that appears to be from your Internet Service Provider or some other seemingly legitimate source that asks you to click a link. Unless you’re absolutely certain about the origin of that email, don’t click the link.

4. Keep Your Social Security Number a Secret

You should be very reluctant to share your Social Security number online. Unless you’re applying for a loan or catastrophic insurance from a company that you know is reputable, don’t give out your SSN.

5. Use Protection Programs

Some credit cards offer protection programs as part of their portfolio of perks. Take advantage of those programs to keep your money secure.

6. Use Strong Passwords

The days of using your wife’s maiden name or your daughter’s birthday as your password are over. Pick something totally cryptic that can’t be guessed.

7. Get a Refund

If you’ve ordered something online and it’s delivered damaged or it doesn’t live up to its promises, call the company and get a refund. If the company refuses a refund, stop payment on the credit card.

8. Watch out for Social Engineering

Sometimes, people will appear to be your friend just so they can gain access to your personal information. That’s called social engineering and it can lead to disastrous results if those people get your name and password. Just follow the advice your mother gave you and don’t talk to strangers.

9. Review Your Statements Regularly

Each of your financial accounts will deliver you a statement monthly or quarterly. Be sure to go over those statements and look for anomalies.

10. Use FDIC Insured Accounts

Even online bank accounts are eligible for FDIC protection. If you’re shopping around for an e-banking option, make sure it’s a member of the FDIC. That way, in the event of a run on the banks, you’re eligible for some level of relief from the federal government.

Online money management offers many conveniences. However, if you want to stay financially safe, you need to exercise caution when in cyberspace.