Last updated on August 13th, 2021 at 12:59 pm
To protect your money, and prevent criminals from taking all that you have worked to attain, you need to know the most common financial threats out there.
This will allow you to understand how they work when they can happen, and how to best protect yourself from them.
You’ll never know which of these threats will be the one to finally attract you. Even if this has never happened to you, it’s a good idea to take precautions now.
What are Financial Threats?
It is a threat to a person or institution’s money, savings, investments, and many other resources. The scope of financial threats is so huge that it might include anything from identity theft scams to foreign exchange (forex) frauds.
Financial threats are the common online scams that people, especially the elderly, face while going through their routine online activities. They are highly likely to hit you while doing some online shopping, filling out your taxes, or doing business-related research.
They can also be malware such as ransomware, viruses, Trojans, and spyware that criminals use to obtain private personal and financial information from the target victim.
Monitor your Online Banking Accounts
Your online banking accounts are increasingly at risk of unauthorized activity. Millions of dollars are lost each year to hackers who have exploited server breaches, weak passwords, and phishing schemes.
Regularly checking your bank account is an important step toward protecting yourself from fraud. If you’ve ever used online bank account services, then you’ve probably noticed how easy it is to check on the status of your bank account.
You can see how much money is in your bank account at any given time by logging in via the Internet. Not only can you monitor your account at the convenience of your home, but you can also do this from anywhere in the world.
1. Reduce Risk of Fraud
Monitoring your bank accounts for suspicious activity is an important step in reducing the risk of fraud. Even though it can initially seem like a hassle, it’s very easy to turn on and off when needed!
2. Avoid Hidden Fees
Monitoring your bank account is an invaluable way to watch what fees are attached to each and every transaction. It’s a simple way to protect yourself from scams, fraud, and hidden fees.
You can use an App to Monitor your Financial Accounts
If you’re like many people, it may have been a while since you’ve looked at your checking account balance. You can use an app to help you get back on track with a complete breakdown of what’s going in and out of your checking account each week or month.
1. Install an Antivirus
To defeat cybercriminals on the Internet, you need to be better than them. That’s why I would recommend an antivirus with artificial intelligence, to protect your online financial accounts.
Antivirus software works as the first line of defense to protect you from malicious attacks. This is particularly useful for preventing phishing attacks where keyloggers get you to enter your financial information. The best antivirus comes with the following features;
2. Malware Protection
A powerful antivirus protects you from 100 million real-world financial threats, so you can bank safely. It blocks viruses, adware, spyware, and other unwanted software and trackers.
It should be able to detect and remove all malware before they have a chance of damaging your device.
3. Ransomware Protection
It is a financial threat that encrypts virtually any file, including videos, photos, documents, and more. Protect yourself from hackers trying to steal your files and identity, using an antivirus with ransomware protection.
4. Scanning options
Use an antivirus with scanning options to discover and remove threats. These threats can take down your organization and put you out of business or cost you millions in a data breach hence it is very crucial to protect yourself from them.
Create strong Passwords for your Financial Accounts
Did you know that the best way to prevent someone from accessing your financial accounts is to create strong passwords and change them frequently? Strong passwords make it hard for cybercriminals to hack your accounts. Here is how to make a strong password;
- Enter a strong, unique password that’s at least 8 characters long. Add numbers, special characters, and uppercase & lowercase letters for added security.
- Avoid using your personal information such as your birth date and phone number as your password
- Avoid using common names and easy to remember keyboard paths as your passwords
Use a Password Manager to Create and Manage Passwords for you
Use a password manager to create strong passwords for your online accounts such as social media, credit cards, bank accounts, email, and cloud services.
It will also help you keep track of new passwords and older ones, as well as offer much better protection against brute force attack methods used by hackers to get into your accounts.