Securing Your Digital Life
In a world where so much of our financial lives happen online, protecting our digital security is more important than ever. Cyber threats are on the rise, with data showing that cybercrime is predicted to cost the world $10.5 trillion annually by 2025.1 For those managing their finances digitally, the stakes are particularly high, as a single breach could expose sensitive information and jeopardize financial health. At Fortress Financial, we’re dedicated to helping you protect both your wealth and your peace of mind. Here’s a guide to safeguarding your online presence with practical, actionable security tips.
Use Strong, Unique Passwords
One of the most straightforward ways to secure your online accounts is by using strong, unique passwords. According to the National Cyber Security Centre, 23.2 million accounts globally use “123456” as a password.2 Using a predictable password is like leaving your front door unlocked.
Best Practices: Use a password manager to create and store complex, unique passwords for each account. A strong password combines uppercase and lowercase letters, numbers, and special characters, ideally over 12 characters long.
Example: Instead of using your pet’s name (e.g., "Fluffy123"), try something unrelated to your personal information, such as a random phrase ("Tree$Telephone!91").
Extra Tip: Change your passwords regularly, especially for critical accounts like bank or investment portals. For optimal security, consider changing passwords on a quarterly basis.
Enable Multi-Factor Authentication (MFA)
Multi-factor authentication (MFA) is a powerful way to add an extra layer of security. Even if a hacker gains access to your password, MFA requires a secondary verification step, making unauthorized access far less likely.
How It Works: MFA usually involves two steps—after entering your password, you might receive a code via text or email, or need to verify through an app or fingerprint.
Why It Matters: In a survey, Google found that MFA can prevent 99.9% of automated attacks. For banking and financial accounts, MFA is essential because it significantly reduces the risk of unauthorized access.3
Example: Think of it like a double lock on your door; even if someone picks the first lock, they’ll still need to get through the second. Most software services either require MFA or allow you to enable the service via the general settings menu.
Be Cautious with Phishing Scams
Phishing scams are increasingly sophisticated and are designed to trick you into revealing personal information. They can arrive via email, text, or even a phone call, often disguised as trusted institutions like your bank or even a friend.
How to Spot Phishing: Look for typos, generic greetings, different shades of colors, and URLs that don’t match the official website. If an email seems suspicious, don’t click any links—go directly to the website through your browser.
Recent Example: Recently, many phishing emails have posed as well-known banks asking users to “confirm their account information.” Always verify directly with your bank if you receive any suspicious communication.
Pro Tip: Familiarize yourself with common phishing phrases like “your account has been compromised” or “urgent action required,” which are often tactics to induce panic and push you to act without thinking.
Secure Your Devices
Securing your devices is an often-overlooked step in digital security. When users don’t install software updates when prompted, their devices are left vulnerable to new threats.
Steps to Take:
Install Antivirus Software: Protect against malware and viruses that can compromise your device and access sensitive data.
Keep Software Updated: Updates patch known vulnerabilities, making it harder for hackers to access your information. Enable automatic updates to save time and stay protected.
Lock Your Devices: Always use a PIN or biometric lock on your devices to prevent unauthorized access, especially on mobile devices, where much of our digital life is stored.
Be Smart About Public Wi-Fi
Public Wi-Fi is convenient, but it’s often unencrypted, making it easier for hackers to intercept your data. If you frequently access financial accounts on the go, be cautious.
Tip: Avoid logging into sensitive accounts on public Wi-Fi, such as at airports, coffee shops, or libraries. If you need to access financial information, consider using your phone's data or a virtual private network (VPN).
Using a VPN: A VPN creates an encrypted tunnel for your data, making it harder for hackers to intercept. Many VPN services are affordable and easy to set up, and they can provide an extra layer of security for frequent travelers.
Protect Your Financial Accounts with Alerts
Many financial institutions offer alerts for suspicious activity, and setting these up can help you monitor your accounts proactively. Alerts allow you to catch suspicious transactions quickly before they escalate.
Types of Alerts to Consider:
Transaction Alerts: Get notifications for any large or unusual transactions.
Login Alerts: Receive notifications when someone logs into your account from a new device or location.
Balance Alerts: For added control, set low-balance alerts, which can help you catch fraudulent spending before it drains your account.
Benefit: These alerts give you real-time insight into your account activity, so you can act fast if anything seems out of place.
Store Financial Documents Securely
While much of our financial life is now digital, physical security still matters. Many people store sensitive financial documents on their computers without password protection, making them vulnerable to theft if the device is lost or compromised.
Digital Storage Tips: Use a secure, encrypted cloud service to store sensitive documents. If you store files locally, make sure they are password-protected or encrypted.
Physical Documents: Keep important papers, like your Social Security card and financial statements, in a secure place, such as a safe or locked cabinet.
Conclusion
In a time when so much of our personal and financial lives exist online, digital security is essential for protecting your well-being. Small steps, like creating strong passwords, enabling multi-factor authentication, and staying vigilant against phishing, can have a powerful impact on your overall security. By adopting these habits, you can enjoy the convenience of the digital world with confidence, knowing that your financial information and personal data are protected.
Disclosure
Fortress Financial Group, LLC ("FFG") is as registered investment advisor. Advisory services are only offered to clients or prospective clients where FFG and its representatives are properly licensed or exempt from licensure.
References:
2. Retrieved From: https://www.ncsc.gov.uk/news/most-hacked-passwords-revealed-as-uk-cyber-survey-exposes-gaps-in-online-security