In today’s digital world, online transactions and digital banking have become the norm. As our lives become increasingly connected, so does the risk of cyber threats. Protecting your hard-earned money from cyber threats is more crucial than ever.

Cybercriminals are becoming more and more sophisticated, and it’s important to stay cautious and adopt robust practices. Here are some tips to help you protect your money in the digital age.

Use Strong Passwords and Two-Factor Authentication (2FA)

Create complex passwords that include a mix of uppercase and lowercase letters, numbers, and special characters. Avoid using easily guessable information like birthdays, names, or common words.

Use a different password for each financial account to minimize the impact of a potential breach.
Activate 2FA whenever possible, it adds an extra layer of security to your accounts by requiring a secondary verification method, typically a code sent to your mobile device through SMS, email, or authenticator apps.

Regularly Update Software and Devices

Keep your operating system, antivirus software, and financial apps up to date to patch vulnerabilities.
Enable automatic updates to ensure that you are protected against the latest threats.

Be Wary of Phishing Attempts

Be cautious of unsolicited emails, messages, or phone calls asking for personal or financial information.
Verify the legitimacy of any communication by contacting the institution directly through official channels before sharing sensitive data.

Monitor Your Accounts Regularly

Regularly monitor your bank accounts, credit cards, and investment portfolios for any unauthorised transactions. Set up alerts to receive notifications of unusual activity, such as large withdrawals or changes to your account information.

Secure All Your Devices

Use a strong password or PIN to lock your mobile device, tablet and computers.
Enable biometric authentication features like fingerprint or facial recognition when available.

Protect Personal Information

Be cautious about sharing personal information on social media or other online platforms.
Avoid using public computers or unsecured Wi-Fi networks for financial transactions.

Secure Online Transactions

When making online purchases, ensure that the website is secure by checking for “https://” in the URL and a padlock icon in the address bar. Avoid saving credit card information on websites unless absolutely necessary. Consider using digital wallets for an extra layer of security.

Backup Your Data

Regularly back up important financial documents and files to an external hard drive or secure cloud service. In the event of a cyberattack or data loss, having a backup ensures you can recover your information without significant disruptions.

Stay Informed

Educate Yourself on the latest cybersecurity threats and best practices.
Participate in cybersecurity awareness programs offered by your bank or other financial institutions (here some: Lloyds Bank, HSBC, Open Learn, Age UK).
Understanding the tactics used by cybercriminals will empower you to recognise potential scams and protect your money.

If you think you have been a victim of fraud

Report it to Action Fraud, the UK’s national fraud reporting centre by calling 0300 123 20 40. If you are in Scotland, contact Police Scotland on 101.
If you’ve experienced cybercrime, you can contact the charity Victim Support for free and confidential support and information.