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In today’s digital-first economy, safeguarding your financial assets is more critical than ever.
Despite robust security measures implemented by financial institutions, cybercriminals continue to exploit vulnerabilities in online banking, phishing scams, and identity theft.
To mitigate these risks, individuals must take proactive steps to secure their accounts.
Below are 10 precautions to ensure your money remains protected.
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1. Implement strong passwords and Multi-Factor Authentication (MFA)
A weak password is a gateway for unauthorised access. Use complex, unique passwords combining uppercase and lowercase letters, numbers, and special characters.
Additionally, enable multi-factor authentication (MFA) to require secondary verification (e.g., a one-time code via SMS or authentication app) when logging in.
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This extra layer significantly reduces the risk of account breaches.
2. Conduct regular account monitoring
Frequent review of your bank statements, both digital and physical, helps detect unauthorised transactions early.
Leverage real-time banking alerts through your bank’s mobile app to stay informed of account activity.
Early detection allows for swift action, minimising potential losses.
3. Avoid public Wi-Fi for financial transactions
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Public Wi-Fi networks are inherently insecure, making them prime targets for cybercriminals.
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Refrain from accessing online banking on unsecured connections.
If necessary, use a Virtual Private Network (VPN) to encrypt your data and prevent interception.
4. Enable transaction alerts
Most financial institutions allow customers to set up customisable alerts for transactions exceeding a specified amount or unusual account activity.
These notifications serve as an early warning system against fraudulent withdrawals or purchases.
5. Use only verified banking platforms
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Ensure that any website or app used for banking has a secure connection (HTTPS and a padlock icon in the URL bar).
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Avoid clicking on suspicious links in emails or texts.
Download banking apps exclusively from official sources (e.g., Apple App Store, Google Play) and keep them updated to patch security vulnerabilities.
6. Protect personal and financial information
Phishing scams, fraudulent attempts to obtain sensitive data, remain a leading cause of financial fraud.
Never share passwords, PINs, or account details via email, phone, or unverified websites.
Verify the legitimacy of any request by contacting your bank directly through official channels.
7. Consider a credit freeze
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If you are not actively applying for credit, a credit freeze prevents unauthorised access to your credit report, blocking identity thieves from opening new accounts in your name.
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This measure is particularly useful following a data breach.
8. Choose accounts with enhanced security features
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Opt for banking products that offer fraud protection guarantees, FDIC insurance, or zero-liability policies for unauthorised transactions.
Review your bank’s fraud resolution process to understand your rights and recourse in case of a security breach.
9. Secure all banking devices
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Your bank’s security is only as strong as the device you use to access it. Ensure smartphones, tablets, and computers are protected with:
Strong passwords or biometric authentication
Encryption and up-to-date antivirus software
Regular software updates to patch security flaws
10. Exercise caution when using ATMs
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ATMs can be compromised with skimming devices that steal card information.
Inspect the machine for tampering before use, and prefer ATMs located in secure, well-monitored areas, such as inside bank branches.