By Ryan Laspina
Analyst, Red Flags and External Reviews at APUS
We live in a world fueled by technology. What we do not know is how to fully protect our financial assets in this technological world.
Just about every financial transaction you make is monitored by some form of technology. Even cash withdrawals are tracked by your bank.
Unfortunately, there are some very smart criminals who will try to take advantage of the security flaws found in even the most advanced technology. But there are several ways to protect your assets from cyber threats.
Limit Your Card Usage
Even with the new security chip embedded in your debit card, use the card sparingly. Using a credit card too often might also create some budgeting issues at the end of the billing cycle.
But if you have good financial self-control, using a credit card for purchases rather than a debit card can help protect you from a crippling cyberattack. It is much easier to dispute an amount on your credit card with the issuing institution than it is to recover money immediately deducted from your bank account by a criminal using your debit card.
Watch for Skimmers at ATMs
Look for “skimming” devices and small pinhole-lens cameras hidden inside brochure holders on ATMs, especially on ATMs located in frequently visited places like gas stations and shopping centers. Thieves use this technology to pull coded information from your credit or debit card and to see your personal identification number (PIN).
The thieves place a realistic-looking card-reading device over the ATM’s legitimate card reader. When you enter your card’s PIN, the bogus device extracts encrypted data from your card and allows a thief to make online purchases later. So if an ATM card reader looks unfamiliar, has bulky attachments or shows strings of glue when you gently tug on the outer casing, do not use it and immediately report it to your financial institution or to someone in authority at the ATM location.
Limit the Devices You Use for Online Banking
The more devices you use, the more vulnerable you are to cyberattacks. Be sure to use only trusted devices when you want to access important financial information. Avoid using public computers and untrustworthy Wi-Fi sources for your financial transactions.
Use common sense when you receive emails asking for private or financial information. Never fall for emails or other solicitations from unknown senders who ask for your personal information. Never give anyone your Social Security number unless you are completely positive the source can be trusted, such as your bank, a doctor’s office or your attorney.
If you receive an urgent message asking for personal information, research the source before providing any such data. (During this current income tax season, do not respond to callers claiming to be from the IRS and demanding immediate payment or credit card information.) These messages are “phishing” schemes designed to lure you into providing your personal information.
Do Not Use Easy or Obvious Passwords
It is a pain to constantly change your passwords and create secure passwords, but it really is essential. Not only can humans crack passwords, machines can crack them too. The more complicated the password, the less chance your account will be hacked.
Unfortunately, there is no foolproof way to prevent a cyberattack. Cyber criminals are really good at what they do, and they are always devising new ways to obtain your information.
Most criminals want to attack easy targets. You can make it much harder for them if you are vigilant about cybersecurity. If you secure your information, your risk of becoming a victim of a cyberattack is greatly reduced.