Many of us have realized the importance of having investments in keeping ourselves financially secure in the future. From 401(k) to stock trading investments, we have learned about the inherent risks and advantages of the investments that we have. Now, there’s another external risk, or more like a threat, that we need to deal with: data breach or hacking.
Now that almost all of our financial transactions are done online, we are experiencing the convenience of faster and more efficient processing of financial matters but we are also exposing ourselves to the threat of security threats from hackers. With your money and investment on the line, read on as we share how traders and investors can protect their investments from hackers.
Have a Two-Factor Authentication Set for Your Account
It’s no longer enough to have a username and password set up for your essential investments and financial accounts. One important account that you need to protect is your brokerage account, which you use for trading bitcoin and other cryptocurrencies, stocks, or foreign exchange. When you make certain actions, especially significant changes to your brokerage account, you will need to go through an additional verification stage before you can proceed. It might be a bit inconvenient, but it’s an effective strategy that can keep your account safe. You will be sent alerts if your phone number, email address, or password is changed or if there was an attempt to log in to your account from another device or location. Your brokerage account profile should have a two-factor authentication option which you can set up or you can call your brokerage account customer service to have it set up.
Update Your Username and Password Regularly
It pays to be cautious when it comes to your important accounts, especially knowing that they are attractive to hackers and identity thieves. The longer your username and password remain the same, the more vulnerable your investment account becomes. You can update the settings of your account to alert you to change your password and/or username every three months to keep your account secure. If you are using more than one financial app, use different usernames and passwords for each app. Also, avoid using your primary email address as your username to avoid making your account vulnerable.
Be Vigilant of Your Online Activities
Always keep close tabs on your financial activities as regularly as possible. You can schedule an alert set every week to monitor your expenditures and monthly to monitor your statements. This way, you will know if there is anything unusual about your financial activities. While this is a reactive course of action, you can also do some proactive and preventive measures to keep your investment secure. Make sure to turn off your browser’s autocomplete settings and do not turn on settings that remember your login information. Set your browsers to clear cache and history daily to prevent hackers from gleaning on your recently visited sites. Such small measures can help add an extra layer of protection for your essential investment and financial accounts.
You should not let your hard-earned money and investments fall into the hands of hackers and malicious individuals. The internet is a place that holds promise for your investments and finances, but it is also a place where dangers of fraud and security risks lurk. It pays to be always cautious in your online activities and there are various ways you can keep your investments safe from security threats. Some effective measures of protection like diligent login updating and vigilant online activity monitoring do not cost you anything and keep hackers at bay.