Finance

Protect Your Financial Accounts from Online Fraud

Crypto and fiat currency fraud is commonplace today. One of the main causes is the fact that so many people connecting to WiFi networks that are used in public. People tend to feel safe logging on to their internet banking via another person’s WiFi hotspot or via a WiFi code provided at their local café or bar. The fact is, these types of public routers are a prime target for cyberthieves.

Bank are losing billions every year to financial fraud that is usually enacted using identity theft. Identity theft is easy or getting hold of someone’s bank details or card details can also be easy for many reasons.

Who Are Targets for Financial Fraud?

There are several target groups that hackers are aiming their efforts at.

  • Those that store card details on email

If you store you personal or card details on your email, then you are wide open to fraud. In fact, you are giving any hackers that do gain your password an open invitation to your entire personal life. Do not store card information or any other personal information on your email address.

Suggestion: Use 2-factor email authentication in which a pin or activation from your phone is required when you log on to your email. It might be a pain if your phone is off, but this type of security will protect your account 99% of the time.

  • Those that use public WiFi networks

Anyone using a public WiFi network will be heightening the risk of being caught out by an internet fraudster. Public WiFis are easy to access and most of the time the hackers gain access to these routers not by hacking the router, but they know the person that operates the router. It’s the same as an inside job!

Suggestion: Use a VPN free of charge from one of the many VPN software providers out there. There are services that do not charge, but you will need to read their ads and services that allow free access, but the bandwidth is low. You can always opt in to sign up for a monthly package giving you higher speeds and often better security options.

  • Those that deal in Cryptocurrencies

Hackers are always on the look out for people that deal in crypto. If they are able to gain access to your cryptocurrency wallet, then you are going to lose it all. Not only that, by advertising you are dealing in cryptocurrencies, you are going to naturally attract hackers who have all manner of ways of detecting whether you have crypto using trojans, worms, viruses and so on.

Suggestion: Make sure your computer system is always secure. Never store any information on the local hard driver that is not at the very least password protected. If you deal in crypto, then use a hardware wallet.

In this article we covered 3 potential target groups for financial fraud. Use the suggestions in this article to make sure you do not leave yourself open to hackers.