We do a lot with our money online, from shopping and transferring funds to tracking our budget. To make sure you’re keeping it safe, along with your personal information that would allow someone to hack into your accounts, you’ll want to take some precautions. Here are a dozen tips from privacy and security experts on how to protect your money when banking and shopping online.
1. LOOK FOR FDIC-INSURED ACCOUNTS
When using online bank accounts, which often offer competitive interest rates on savings accounts, you’ll want to make sure your short-term savings are in FDIC-insured accounts. This means the government insures the money for up to $250,000 per owner.
2. CHECK ON APP SECURITY
Whenever you download a new app to your phone or tablet, especially one related to shopping or financial management, you’ll want to check its security protocols first. Most apps for banks or financial institutions have highly developed security systems in place that customers can easily access. If the security information isn’t readily available, or you have any doubts about whether you should share personal information like passwords with the app, then consider skipping the download.
3. AVOID SUSPICIOUS WEBSITES
If a website is poorly designed or has multiple pop-up windows, it might not be a legitimate retailer. To stay safe, stick with big-name retailers or, on smaller sites, familiar payment systems like PayPal. If you still want to make the purchase, use a credit card and not a debit card; most credit cards have strict fraud protections in place. If a thief gains access to your checking account through a debit card, though, he could steal your savings.
Source: U.S. News & World Report
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