Keeping your financial information safe may seem like a daunting task with all the new ways criminals are attempting to gain access to your money. They’re searching for data to gain access to bank accounts, credit cards, and to fraudulently apply for loans; damage that can take years to fix. The good news is financial security is easy with some diligence and good habits
- Review your accounts
Checking your bank and credit card statements monthly will not only give you insight into your spending habits, but it will also show any suspicious transactions that you don’t recognize. This is important because there is typically a specific window of time to dispute unauthorized charges. Keeping receipts and getting in to the habit of reconciling accounts each month is a great step towards financial safety.
4Front offers digital banking which lets you check your account on the go anytime, morning, noon, and night! You can even sign up for alerts and we’ll notify you if something doesn’t look right.
- Monitor your credit reports
Regularly reviewing your credit reports is another good habit for financial safety. Already a 4Front member? Log-in to your account and utilize SavvyMoney, see your credit score and your credit report all in one place. You're also entitled to a free copy of your reports each year from the three major credit reporting agencies: Equifax, Experian, and TransUnion. Visit Annual Credit Reporting to get started.
Viewing reports from all three agencies is important because information is not always provided to all three. If you see errors or signs of fraud, such as an account you didn't open or an incorrect address, open up a dispute and report it. Additionally, if you believe you are the victim of fraud you can initiate a one-year fraud alert or a credit freeze.
- Use digital wallets
Digital wallets, such as Apple Pay, Google Pay and Samsung Pay, are great tools when it comes to financial safety online. These tools allow you to use your mobile device to make purchases in apps, on websites and in stores. It's a fast and convenient way to pay and merchants don't actually access your credit and debit card numbers, meaning hackers who might infiltrate merchants' servers can't either.
Click here for more information on utilizing 4Front Credit Union’s digital wallet.
- Create strong PINs and passwords
The next tip is a simple one; always lock your phone with a non-obvious code. Change it up among devices to maximize your financial safety. Make sure your passwords are strong and varied for all your online accounts and change them regularly. Using the same password for various accounts makes them all vulnerable if one is hacked.
If a site allows you to enable multi-factor authentication, do it. After you enter your username and password, the site will take action to verify that you are you. For example, a 4Front Credit Union will text you a code to enter in before accessing your account information. Using multi-factor authentication is an extra layer to ensure your financial safety.
- Do your research before sharing financial data
The last tip might be the most important, do your research before sharing financial data online. As a rule, sites with "https" in their web address are generally more secure than those with "http". There are some scammers that trick consumers by setting up malicious sites that look like a legitimate one but have a slightly different URL.
Criminals may even send emails that look very similar to ones from your bank or other trusted organization. Never click on links in emails before confirming the source is genuine. When in doubt call and verify, and remember, 4 Front and other financial institutions will never contact you and ask for information such as your account number, Social Security number or PIN.
Financial safety doesn’t need to seem scary, use the above tips, and develop good habits and you’ll keep your financial information safe so you can worry less, and enjoy more.