7 Helpful Ways to Enhance Your Money Security Online

Disclaimer: The information provided in this article is for general informational purposes only and does not constitute legal, financial, or cybersecurity advice. While the tips offered aim to enhance your online money security, individual results may vary based on personal circumstances and online activity. Readers are encouraged to consult with a qualified cybersecurity expert, financial advisor, or legal professional for personalized guidance and to take appropriate measures to protect their financial information. The author and publisher of this blog do not accept responsibility for any actions taken based on the information provided, nor for any financial or personal losses resulting from online security breaches.

It seems like every day there’s a new report of a data hack on important and sensitive information.  What was actually stolen?  Who has it?  Who bought it?  Is it my data?

All of these are the questions that wander in our minds when we hear of a such an attack.  The sad truth is you will probably never know the answer to some of those questions.

What can YOU actually control when it comes to your personal data? 

Bad intentions like theft, identity theft, scams, etc. are not magically going to go away.  Let’s explore things that may be in YOUR control to help in the long term.

1. Being Careful with Personal Information

When it comes to handing over sensitive information, remember less is more.  If specific information is being asked of you it may just be that…being asked.  Do you really have to give it up? Glean on the side of caution when it comes handing out information such as:

• Social Security Number
• Full Name
• Address and Zip Code
• Date of Birth
• Telephone Number
• Email address
• IP Address
• Financial information
• Passwords
• Employment Information
• Where you were born
• Medical Information
• Account Numbers
• Driver’s License Information
• Passport Information
• Debit and Credit Card information
• Biometrics

How to Protect Personal Information

Ask yourself if the reason it is being requested is valid.  This applies not just online but in person as well.  There is even more caution to be had when this information is being requested online because you are not even in front of a real person, know their location, place of work, etc.

Which one of these is an example of when NOT to share personal information online?

You are filing your taxes with a well-known tax software company that asks for a driver’s license number to validate your identity before tax submission. 

Or

You are browsing the internet when your desktop device issues you a pop up and requires a valid credit card number to unlock files on your computer.

If you said the second scenario, you are absolutely correct.

2. Recognize, Research, and Educate Yourself on the Warning Signs of a Scam

One of the best gifts you can give yourself to stay one step ahead of criminals, is to be aware of what the criminals are trying to do. Also, keep your ears out for how they do it, and stay on top of new and growing trends in this area.  So what can you do to help yourself?  Let’s dive in a bit..

Recognizing Red Flags for Types of Financial Fraud and Scams

Does it sound too good to be true?  The old saying rings true here.  If it sounds too good to be true it probably is. 

Example:  You were sent an email saying you won the lottery.  The only thing you need to claim your prize is a valid social security number.  Massive, massive red flag!  Promises of a big money prize and the need to hand over this type of sensitive information should begin to set off the alarm bells that this is a scam.

Paying Cash Before a Job is Done

Is an upfront payment required and they specify they can only take cash?

Did your ears just do a twitch thinking about that one?  Carefully analyze your scenario and try to think like a criminal.  How could this go wrong?  Why do they only take cash? Why do they need the cash before they do the work?  Will they even come back to do the work?

Researching Red Flags

When you stumble upon a red flag what do you do?

When you smell a red flag but you’re still considering the scenario what should you do next?

Let’s say you’re vetting someone claiming to work for a local pool company that has approached you near your house.  They have a special deal going on for new pool installations.  With a 20% down cash payment you get highest priority on their work calendar and they will throw in a free hot tub. 

Now, this scenario is a red flag if I’ve ever seen one but let’s say you are interested and want to look into this further.  Try doing a little vetting first.

• Research everything you can about it
• Is there a valid business behind it? 
• Do they have a valid website? 
• Look for other people that have reviewed the service/company and don’t just trust the company’s website.  Anyone can build a website and put anything on it. 
• Does their line of work require licensing?  If so, are they licensed?
• Do you personally know someone that has used them from start to finish and had no issues with services or payment?
• Did you get a valid business card?

These are just a few precautions to take but even if all of this checked out I’d still be super cautious about any company looking for an upfront cash payment. 

Educating Yourself

Look for growing trends of new scams and do what you can to be self-aware. 

Is there a weekly newsletter from a reputable source that offers something like scam of the week? Scam of the month?

Familiarize yourself with the most popular techniques used online to scam someone.  Go a step further and apply this to in-person scams, phone scams, etc.

Common things to start with when growing your own education:

• Phishing
• Online shopping scams (fake websites)
• Online dating scams
• Fake charity scams
• Ransomware
  • Viruses
  • Malware
  • Spyware
  • Keylogging

3. Account Security

This you’ve likely heard before.  Knowing best online security practices is essential this day and age but it never hurts to hear these over and over again.

Using Strong Passwords

It is always wise to have a strong password.  Many password managers will even tell you the strength of a password or generate them for you. 

A couple of common themes in this area:

• Avoid using things in your passwords like birthdays or other sensitive information
• Avoid easily guessed passwords like 123456
• Don’t use the same password for multiple accounts
• Don’t tell anyone your passwords
• Avoid writing down your passwords if avoidable (especially in public settings)
• Don’t use keys next to each other like “qwerty” as a password
• Change any default passwords that come with new devices or logins
• The more complex and longer the password the better.  Add numbers and special characters if possible.
• Avoid using the same character back to back like “Caaaatttt”
• Take some time to research the top say 50 used passwords and avoid them.  Still at the top if you can believe it is a password with consecutive digits like “123456 [1.]“

Multi Factor Authentication

This is just going to be a short list but there are various methods of setting up MFA or multi-factor authentication.  This basically means you have multiple ways of verifying that you own the account, device, etc. you are trying to access.  An example is a password and access to a text message to a phone number you have registered on the account (SMS.) 

Here are various forms of additional ways to verify yourself:

• SMS text
• Authenticator Apps
• Recovery Codes
• Passkeys

4. Be Wary of Texts That Want You to Click Links (Smishing)

Why am I talking about texts in this thread?  Simple.  If you have a web link in a text then you are getting lured back online right? 

Have you ever gotten a text message that sounded legit with a link for you to click on? 

Prime example is a text link pretending that your UPS package has been lost and you must click the link to do some action to retrieve your package.  Since so many people order online now this can be an easy one to fall for. 

Instead of looking at this, go look for the original order and tracking of where you purchased the product you may be thinking of.  If you have confirmed that the text you received has nothing to do with your order, delete it to avoid it altogether. 

The amount of spams and scams through our phones nowadays is off the charts.  This especially rings true since more people than ever before communicate in written text over phone calls.  The more people follow a trend, the more criminals will target that format.

5. Be Careful with Social Media

Some food for thought when dealing with social media and what is shared…

• Ever tagged someone at a location or posted your own whereabouts? 
• Have you ever shared private information that a criminal could use to access your accounts or physical safety?
• Are you providing too many personal details in your posts?
• Telling the world when you are out of town, on vacation, etc. ?
• Sharing where you work and when you are leaving and arriving?

6. Get More Opinions (But Remember the Responsibility is Still Yours)

If you’re unsure about a situation that smells fishy, you might want to ask a variety of people to see if they notice red flags or see potential for concern.  Sometimes having the conversation out loud with someone will be enough to set off some bells and whistles.

If you are technology challenged you may seek some advice from someone with knowledge in this area and see their thoughts around it.  At the end of the day, the decision is still yours to make but gathering resources on the subject can make sense to help make a more informed decision.

Is the individual trust-worthy?  Would they have your best interests in mind?

At the end of the day ONLY YOU get to make the final decision and YOU are the one responsible for your decision.

7. What Does Your Gut Say?

This is just another reminder in using your best judgement.  If the situation seems off, then your gut is likely already giving you a warning sign.  When people really reflect on past decisions they often say something like “Something felt off” or “Something didn’t feel quite right.” 

Ever been beside a cat when they hear a noise?  They investigate until they feel the noise is not a threat.  Gotta love ’em!

What else can you think of for a good tip to not get scammed? Drop a comment below! 👇

References

1. Jacob, C. (2023, November 16). Most overused passwords in the world — make sure yours isn’t on the list. CNBC. https://www.cnbc.com/2023/11/16/most-common-passwords-70percent-can-be-cracked-in-less-than-a-second.html

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