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5 Tips To Help Protect Your Online Financial Information

Wong Shu Lee  

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  March 15, 2022

Today is World Consumer Rights Day. This day is celebrated to raise global awareness of consumer rights, consumer protection, and empowerment. Each year, there will be a theme to address a specific issue. Last year, the theme was Tackle Plastic Pollution. 

 

The theme for World Consumer Rights Day 2022 is Fair Digital Finance. The movement will generate new consumer-centered insights and campaigns for digital finance that is inclusive, safe, data protected and private, and sustainable.

 

Digital technologies are reshaping payments, lending, insurance, and wealth management everywhere becoming a key enabler for consumers of financial services. Digital financial services and financial technology have driven significant changes across the world. 

 

However, digital financial services have created new risks along with exacerbating traditional risks that can lead to unfair outcomes for consumers and leave those who are vulnerable behind in an increasingly cashless society. 

 

So, what could we, consumers do to protect ourselves from these risks? 

 

Do your online banking at home.

 

Never trust the Wi-Fi in airports or coffee shops when you’re accessing your money. There are just some things you should only do at home—wearing pajamas, flossing your teeth, and banking online. 

 

Enable multifactor authentication.

 

Multifactor authentication is critical when it comes to protecting client and consumer financial information online. Ensuring there are multiple barriers to entry by hackers is key. 

 

Enable ‘failed login’ notifications.

 

Multifactor authentication—using more than one password to access an account—is a critical step in protecting your online financial accounts. Think of it as a deadbolt to ensure your security. Keeping with this home safety analogy, “failed login” notifications are like smoke detectors, alerting you to potential harmful activity by hackers and other bad actors.

 

Minimize your digital footprint.

 

To keep online financial information secure, users must first and foremost reduce their digital footprint. Individuals and companies should limit the exposure of their personal and financial information to a minimum. Whenever possible, users should enter one-time credit card numbers and activate two-factor authentication for all online transactions and accounts.

 

Contact financial institutions directly.

 

Scammers posing as representatives of financial institutions will reach out to you via email, SMS, or a phone call to trick you into divulging your personal data. Whenever you receive a fishy message about your banking or financial situation, reach out to the institution directly. This way, you can weed out potential phishing scams and identity thieves.

 

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