Online access to our financial accounts makes it easy to pay bills, transfer funds, download statements and conduct other business without ever leaving home.

But this convenience comes with risks, cybercrime and data breaches happen and we need to be diligent about safety when managing our finances online.

Choose a strong password

Your passwords should be long and complex. They should contain a mix of upper- and lower-case letters, numbers and symbols. Use a password manager to securely store your login credentials. Most password managers include a password generator that will generate a secure password for you. Change your passwords regularly and whenever you suspect your account has been compromised or there has been a data breach.

Sign up for paperless statements

Sign up for paperless statements, your mail will be delivered to you digitally. Check your statements regularly so that you spot any suspicious or unusual activity.

Use Multifactor Authentication

MFA (multifactor authentication) adds an additional layer of security to your online accounts. You will be required to provide 2 or more forms of identification before being granted access to your accounts. Use it whenever it is available.

Don’t provide real answers to your security questions

Many websites require that you setup a list of security questions when signing up.

You can use the questions to regain access to your accounts if you forget your password. Some sites may ask you to answer these questions when you log in to prove your identity.

The questions are typically the same or similar for most websites. You want to provide completely nonsensical answers to these questions.

Use a password manager to generate a secure, random password and use that as the answer to your security questions. So, for example if the question is what is your mother’s maiden name? the answer could be something like PJFGwiX4H559C3BEgva8.

Do that for each answer. Then log all the questions and answers in your password manager.

When you change your passwords change your security questions at the same time. Why You Should Never Use Real Answers to Security Questions

Consider using a VPN

A VPN (virtual Private Network) encrypts your personal data and hides your IP address. Using a VPN lets you browse the internet securely and privately. Be sure to choose a reputable VPN provider.

Secure your network

When you fail to secure your wireless network not only can someone connect and use your network for illegal or malicious activities, but they can also steal private information like usernames, passwords, bank account information, social security numbers and other personal information you have stored on your computers and devices. Take a few minutes to secure your wireless network to ensure your safety. 11 Steps to Secure Your Wireless Router

Set up account alerts

Setup alerts so that you receive an email or text message anytime there is account activity such as financial transactions or changes to your profile.

Be cautious of links and phone numbers

Links are a common way for scammers to steal your personal information and infect your device with malware. If you receive an email or text message that looks like it is coming from your bank or other financial institutions don’t use the link provided, instead log into their website directly using a URL you know to be genuine. Use the same cautious approach with phone numbers, instead of calling the number in the message call a number you know is real. You can save legitimate phone numbers and web addresses in your contact list and password manager.

Use the official app

When installing your bank app get it from the official app store and verify you are downloading the genuine app, often when searching for an app other look alike apps will show up in the search results.

Secure your devices

Secure your devices so that you must provide authentication before you are able to log in or unlock the device.

Keep your devices updated

Keep your computers, phones and other devices updated. Updates patch security vulnerabilities that keep your devices secure.

Use antivirus software

Use antivirus software to detect and remove malware.

Don’t use public Wi-Fi

Public Wi-Fi is dangerous but especially when connecting to financial accounts. Never use it for anything that requires you to login. The open connection could allow cybercriminals to steal your usernames, passwords and other personal information. Risks of Using Public Wi-Fi