In the current scenario, we are highly dependent on the internet and this certainly has its own challenges. One of the biggest challenges is Information and Identity theft.
Identity theft has been an area of concern among consumers for many years. With so many people doing online shopping, banking, money transfers and joining different social media sites where they are required to share their personal as well as financial information, the chances of hacking this data for financial gain have increased. Now a days, fraudsters can easily become your bank or financial institution and ask your bank details through email or another channel. It is very important for the consumers to protect their information in order to avoid any kind of fraud.
The ease & convenience of online purchases has created a rapidly expanding global e-commerce market. Whenever, you enter your bank details each time you transact, the hackers can easily steal your card details. These days many of the companies are also offering the ability to save the bank details so that you don’t need to enter them every alternate time. This provides an effortless experience, but this also creates an exposure to the financial information. Hence, with this increase in online shopping and social media networking, there are higher chances of identity theft and fraud.
Protecting your financial information is one of the important things in order to avoid increased fraud and identity theft. Here are simple ways to keep your financial information secure:
- Always use strong passwords/ Pins and update them on regular basis. Use strong passwords that contain numbers, symbols & letters and keep them secret. Do not share your password with anyone or store on your computer.
- Shred unwanted printed documents that have financial or any important information in order to avoid its misuse. Remember to keep all your financial & personal documents in a safe place.
- Do not respond to the emails requesting personal / financial information. Please note, you do not respond to phishing mails seeking your Password/ PIN/ OTP/ or any other important personal information
- Always click on “Log out” button to shut down your computer / laptop. Others will have access to your information if you do not “Log out” properly.
- Secure your confidential documents and dispose them properly so that no other person can use it for fraudulent activities.
- Read your statement thoroughly and check all the transactions that you have made. In case of discrepancy, do a follow up with your bank or institution and get the mistake corrected.
- Always avoid sharing personal information on social networking sites. When you share your personal information on social network sites, fraudsters gain access to your online accounts and steal your personal or financial information. You should always avoid posting personal details like Mobile Number, Full name, Residential address on social network sites.
Make sure, you be proactive, not reactive with your confidential data in order to protect yourself. You need to follow the above ways to keep your financial information secure.