Your Money Is Online. Is It Actually Protected?
When people think about financial security, they often think about saving money, building an emergency fund, or investing for the future. But there is another part of financial security that is becoming just as important: protecting your money online.
Today, we manage almost every part of our financial lives digitally. We check our bank accounts from our phones, pay bills online, use credit cards for everyday purchases, and manage investments through apps. While this makes managing money easier, it also creates new opportunities for scammers and cybercriminals.
The good news is that protecting yourself doesn't require you to be a cybersecurity expert. A few simple habits can make a major difference.
Be Careful With Unexpected Messages
One of the most common ways scammers try to access financial information is through fake texts and emails. Imagine receiving a message that says: “Suspicious activity detected. Verify your account immediately.”The message might appear to come from your bank and include a link that looks legitimate. The urgency is intentional. Scammers want you to react quickly instead of stopping to think. If you receive a message like this, don't click the link. Instead, open your bank's official app or contact the bank using a trusted phone number. A simple rule to remember is: when a financial message creates urgency, slow down.
Your Phone Is Part of Your Financial Security
Your phone is more than a way to communicate with friends. It may also give you access to your bank accounts, credit cards, investment accounts, payment apps, and email.
That makes your phone an important part of your financial security.
Start with the basics. Use a strong passcode and enable Face ID or fingerprint authentication. Keep your phone's software updated and turn on multi-factor authentication for important accounts. Multi-factor authentication provides an additional layer of security because someone who obtains your password may still need another form of verification to access the account.
Never Share a Verification Code
Another common scam involves verification codes. You might receive a call from someone claiming to be from your bank. They tell you there has been suspicious activity and say they are sending you a code to verify your identity. Then they ask you to read the code back to them. Don't do it. Verification codes are designed to help confirm that you are the person accessing an account. Giving a code to someone who unexpectedly contacts you can give them an important piece of information they need to gain access. If you're concerned about your account, hang up and contact your financial institution directly through its official app, website, or phone number.
Don't Forget About Your Email
Your email account may not seem like a financial account, but it can be closely connected to your finances. Think about what happens when you forget your banking password. You usually receive a password-reset link through your email.
If someone gains access to your email, they could potentially use password-reset features to try to access other accounts connected to it. For that reason, your email deserves strong protection too. Use a unique password and enable multi-factor authentication. Protecting your financial accounts starts with protecting the accounts that can unlock them.
Pay Attention to Your Transactions
Cybersecurity problems aren't always obvious. Sometimes they start with a small, unfamiliar transaction. You might notice a $9.99 charge and assume it's an old subscription you forgot about. Maybe it is, but it's still worth checking.
Make a habit of reviewing your bank and credit-card transactions. Look for unfamiliar purchases, unexpected subscriptions, or other activity that doesn't look right. Many financial institutions also offer transaction alerts that can notify you when your account is used. The goal isn't to worry about every transaction. It's simply to know where your money is going.
Five Simple Ways to Protect Your Financial Information
You don't need complicated technology to improve your financial cybersecurity. Start with these habits:
Use unique passwords for important accounts.
Turn on multi-factor authentication whenever it's available.
Don't click unexpected financial links in texts or emails.
Never give verification codes to someone who contacts you unexpectedly.
Regularly review your transactions and investigate anything unfamiliar.
Financial Security Is More Than Saving Money
Building a strong financial future isn't only about how much you save or invest. It's also about protecting what you've already built. As more of our financial lives move online, cybersecurity has become an important part of financial literacy—especially for younger adults who may manage nearly everything from their phones.
You don't need to know everything about cybersecurity. Start with a few simple habits: slow down, verify, protect your accounts, and pay attention to your money. Because protecting your financial future doesn't stop with making good financial decisions. It also means making sure the right person has access to your money: you.