Finance

Protecting Your Personal Finance Information

In a world heavily dependent on the Internet, there is a high risk of personal finance information theft. Identity theft can take years to reverse and there is a lot of stress involved when trying to sort everything out. Taking a proactive approach and protecting personal finance information can prevent you from having to deal with this.

Use Memorable and Long Passwords

By now, everyone knows to keep passwords to themself but there are some other tips for creating a secure password. The best passwords are ones that are long and max out on characters. A longer password you remember is better than a complex and short one you can’t. Use a variety of symbols, numbers, and letters. Avoid obvious things, like addresses and birthdays. Don’t reuse a password. Many people use the same password for multiple accounts. This isn’t recommended, since hackers can then get access to multiple accounts if they discover your password. A password manager can be a good way to manage all your passwords if you have trouble remembering. Utilize two-step verification, which can enhance the security as well, instead of just a password alone.

Sign Up for Credit Alerts and Reports

Everyone is eligible to get credit reports yearly. You can get one from each of the three credit bureaus and it’s helpful to get one every four months so you can monitor your credit all year. This way, you can make sure there isn’t any fraudulent activity on your accounts. To take your security a step further, you can also sign up for credit alerts. With free credit monitoring, a service scans at least one of your credit reports to make sure there aren’t any accounts opened without you knowing.

Go Paperless

It’s time to use the paperless option on your accounts. When you opt for paperless billing, you eliminate the risk of someone stealing or reading your physical mail. Just make sure passwords are secure so others aren’t able to view your private information online.

Be Careful on Social Media

Some people just accept everyone’s friend requests. It’s worth it to vet anyone who wants to connect. Hackers are skilled and can use information that you have stored in your social accounts to also break into your private bank accounts. Something as simple as your birthday could give away information. If you don’t know someone, block them or ignore the request.

Don’t Forget to Use a Shredder

For any accounts that aren’t set up for paperless, you should use a shredder. You should also shred any credit card offers you get in the mail and simple bills. Even a simple bill can have personal information you don’t want to be shared. Take the extra time to do this to protect your data.

Be Careful When You Choose a Financial Advisor

Before you hire someone to help with your money, read reviews and make sure that they are trustworthy.

Be Mindful of Public Wireless Connections

Public wireless networks aren’t secure enough for you to conduct financial transactions. Your financial information could easily be intercepted.

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