9 Essential Tips to Protect Your Financial Identity
26 March, 2024
Synopsis
With the internet comes a myriad of cybersecurity risks.
Monitor your account statements and credit reports, and immediately report unusual activities.
Keep yourself informed of the latest scams and prevent yourself from potential cyber-attacks.
Innovations in the financial and banking sector coupled with easy access to the internet have made it easier for individuals to manage their money. You can transfer money, pay bills, and order groceries within a few taps or clicks. To do this, you have to put out your financial data on the internet; like providing your Debit or Credit Card details for online shopping, etc. However, with the internet comes cybersecurity risks. Therefore, it is imperative that you protect your financial identity and consequently safeguard your finances. The following are ways to do so.
9 Essential Tips to Protect Your Financial Identity
Here’s how you can minimise the risk of cybersecurity and potentially protect your finances:
Monitor Your Accounts & Credit Report
Keep a tab on your bank statements, Credit Card bills and credit scores. If you notice a sudden drop in your credit scores, you may be looking at potential scamming attempts. Immediately report unusual activity to the appropriate authorities.
Opt for Strong Passwords and Multi-Factor Authentication
Create a unique password for each account. Follow the website’s guidelines for password creation. Avoid using your name, date of birth, etc., as the password. Opt for multi-factor authentication wherever possible for added data security.Avoid Public Wi-Fi
Unsecured or public Wi-Fi can be a playground for scammers. They can set up malicious hotspots and when you connect to these hotspots, the scammers can interpret your sensitive data. Man-in-the-middle is another type of cyberattack that captures data travelling between the device and router.
Update Software
Software updates not only improve its features and compatibility, but they may also prevent security issues. Cybercriminals can exploit gaps in existing software and plant malware to steal data. Hence, you must update your software consistently.Carefully Dispose of Sensitive Documents
Use a shredder to dispose of sensitive documents like Credit Card receipts, old bank statements, photocopies of identity documents, etc. Identity thieves can get hold of your financial information from data printed on these documents.Use Secure Websites
Use secure websites with URLs beginning with ‘https’ or a padlock next to it. This indicates that the website is using a Secure Sockets Layer (SSL) certificate. A website with an SSL certificate encrypts your data and prevents potential identity theft.
Avoid Unsolicited Communications
Cybercriminals can plant malware in your devices to extract your data through emails, SMS, etc. If you receive an email from an unidentified source, do not open it. If you happen to open it, do not download any attachments, or click on any URLs.
Consider Using a VPN
A Virtual Private Network (VPN) can hide your private information, making it extremely difficult for hackers to intercept your personal and financial data. VPN also protects your privacy by essentially hiding your online activity from your Internet Service Provider (ISP) as well as potential hackers.Educate Yourself
You ought to keep yourself aware of cybersecurity risks to better protect yourself from being a victim of identity theft. Stay updated on the latest scams. Read about common cyber-attacks like phishing, ransomware, etc.
Secure Banking with HDFC Bank
HDFC Bank has put in place various measures to protect your personal banking information from disclosure to third parties. For instance, HDFC Bank PayZapp does not store or share your financial data. HDFC Bank also sends SMS alerts for every transaction. 128-bit encryption, two-factor authentication and virtual cards are some of the techniques we use to safeguard your online transactions and ensure you get maximum financial security.
Experience a Seamless Digital Banking Experience with HDFC Bank
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Loan at the sole discretion of HDFC Bank Limited. Loan disbursal is subject to documentation and verification as per Bank's requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.
