You don’t need to be a technical wizard to better protect against cyber threats when conducting financial business online. There are technical controls and then there are behavioral controls that can be implemented to stay safe online. Here are five methods using behavioral security to improve online financial security.
Use two-factor authentication (2FA) for financial accounts.
Two-factor authentication (2FA) adds the requirement to input some sort of security code in addition to entering your password. Thus the term ‘two-factor’. Yes, this can be classified as a technical control, but it is so easy to implement that everyone should use this method as part of their everyday behavior.
Once you enter your account password, you will be prompted to input a second form of identification. Commonly this might be a text message sent to your phone with a numeric code to enter on the website. Once you have correctly submitted both your password and the security code, you will gain access to your account.
What is the benefit of doing this? You might be thinking it slows you down and can be a pain. That is true, but the major benefit is that even if someone knows your password they will not get in without that second security code.
Don’t click email links claiming to lead to your bank account(s)
The rule of thumb is don’t click links you didn’t ask for, and this especially applies to links leading to financial accounts. Criminals have gotten really good at making emails—just one of many threat vectors—look like they are coming from your bank or credit card company. If you need to log in to your bank account, go directly to the site instead of clicking an email or similar link. A couple exceptions would be if you’re generating an email for two-factor authentication or resetting your password. In those cases you asked for and are expecting an email link.
Don’t use the same password for every account
The rule of thumb here is don’t use the same password for ANY account, but this especially important for anything to do with money. If a criminal gets hold of the password for one financial account, they won’t be able to get into the rest if you use different passwords for each account.
Use a credit card instead of a debit card
Credit cards can be described as access to money you don’t have right now but will pay later vs debit cards which have access to money you do have right now. If someone gets hold of your debit card number, they can wipe out your bank account. If you use a credit card and it gets hit with fraudulent activity, you still have money in the bank to buy food, gas, and so forth. This also gives you some time to work with your credit card company to clear the fraudulent activity before the next statement is due.
Don’t do financial transactions via apps on your smartphone
Modern technology has made it so convenient to conduct financial transactions via smartphone. Banking apps allow users to conduct business they would otherwise have to go to the bank to do. For example, instead of having to drive to the bank to deposit a check, a user can simply take a picture of that check and upload it to their bank via an app. However, if you lose your phone and/or it is hacked, now your financial world is available via a mobile device.
This post has described five ways to better protect your financial life through what is described as behavioral security. One does not need to program a device or learn how to install security controls in order to better protect themselves this way.