The Growing Threat of Financial Fraud
Cybercriminals increasingly target financial information because:
- Digital banking and payments have become ubiquitous
- Stolen financial data can be quickly monetized
- Many people reuse banking credentials across sites
- Financial apps often have security vulnerabilities
Secure Online Banking Practices
Protect your banking accounts with these measures:
- Use strong, unique passwords for each financial account
- Enable two-factor authentication (preferably app-based, not SMS)
- Only access accounts from trusted devices and networks
- Regularly monitor account activity and set up alerts
- Bookmark banking sites to avoid phishing links
Safe Online Shopping
Reduce risk when making purchases online:
- Look for HTTPS and padlock icon in address bar
- Use credit cards instead of debit cards (better fraud protection)
- Consider virtual credit card numbers for online purchases
- Be cautious with "too good to be true" deals
- Check seller reviews and ratings before purchasing
Payment App Security
Secure mobile payment methods like Venmo, PayPal, etc.:
- Enable all available security features (PIN, biometrics)
- Only send money to people you know and trust
- Link to credit cards rather than bank accounts when possible
- Review transaction history regularly
- Don't store large balances in payment apps
Protecting Against Identity Theft
Financial information is often used for identity theft:
- Freeze your credit with all three bureaus
- Review credit reports annually (use AnnualCreditReport.com)
- Be cautious with personal information on social media
- Shred documents containing financial information
- Consider identity theft protection services for monitoring
Responding to Fraud
If you suspect financial fraud:
- Contact financial institutions immediately
- Change all affected passwords
- File reports with FTC and local law enforcement
- Place fraud alerts on your credit reports
- Monitor accounts closely for several months