How secure is your financial information? Let’s do a little test. Do you currently have a budgeting app installed on your phone? Statistically speaking, there’s a good chance you do.
75% of smartphone owners I tried at least one. Taking control of your finances seems like a smart move, right? Unfortunately, many people don’t realize that apps like this could be exposing sensitive financial data.
That’s just one example. There are other common habits and oversights that can leave your financial data widely exposed to cybercriminals.
Mistakes like this can not only put your bank account at risk, but can lead to devastating consequences such as identity theft, mounting debt, and even ruining your retirement plan. Learn the five biggest mistakes that can jeopardize your financial future and, more importantly, how to avoid them.
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Couple adjusting their budget (Kurt “Cyber Guy” Knutson)
5 biggest mistakes to avoid
Navigating the digital world can be difficult, especially when it comes to avoiding common pitfalls that compromise privacy and security. Here are the five biggest mistakes to avoid.
1. If security measures are neglected
This is one of the biggest pitfalls that many of us fall into. There’s a lot to do these days to keep your online security up to par. It’s easy to become complacent, essentially leaving the door wide open for cybercriminals to walk through. Here are some basics you should never forget:
Enable two-factor authentication (2FA) Everywhere possible, especially online accounts where you keep your financial information.
Keep your software up to date. Hackers exploit known weaknesses in outdated versions of apps, operating systems, and even browsers. Therefore, be sure Update your software regularly On all your devices.
avoid use insecure public networkBe especially careful when accessing sensitive accounts such as online banking or e-commerce. If you have no other choice, Trusted VPN Encrypt your online activities, including your financial information. For the best VPN software, check out my expert reviews of the best VPNs for privately browsing the web on Windows, Mac, Android, and iOS devices.
Woman scrolling on mobile phone (Kurt “Cyber Guy” Knutson)
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2. Password reuse
Although it’s technically a security measure, it’s so malicious that it deserves its own spot on the list. a recent research It turns out that more than half of Americans reuse passwords for at least some accounts. Make sure you’re not one of them either.
Once hackers have compromised one account, they don’t stop there. They use a technique called credential stuffing, whereby stolen login details are tested on other platforms. So if you reuse the same passwords for your bank accounts, email, and favorite shopping sites, one data breach can bring them all down at once.
If you don’t have a perfect memory to remember all the passwords you need, we recommend using passwords you trust. password manager. Generate and store complex, unique passwords for all your accounts so you don’t have to remember them yourself.
A woman who budgets (Kurt “Cyber Guy” Knutson)
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3. Use a budgeting app
Budgeting apps are useful tools for managing your finances, but they also come with potential risks that many users overlook. These apps often share user data with third parties and may request extensive permissions, including access to sensitive personal information. This can raise privacy and data security concerns, especially if the app lacks robust protections. Before using a budgeting app, it’s important to carefully review its permissions and data sharing policies to protect your financial and personal information.
Instead of relying on budgeting apps, consider using your bank’s online tools. Many banks offer built-in budgeting and expense tracking features within their secure online banking platforms. These are typically more privacy-focused than third-party apps. Here are some examples:
Bank of America: offer interactive graph Categorize your spending trends, highlight budget categories, and view your total monthly spending using customizable categories.
What is artificial intelligence (AI)?
Wells Fargo: It is characterized by a package called my money mapThis includes spending reports, personalized budgeting, goal setting, and visual analysis of your spending compared to your budget limits.
Capital One: provides automation budgeting tools Through the 360 checking account, customers will be able to automatically track and categorize their spending. It also features Eno, a virtual assistant for trading inquiries.
Tracking: Built-in offers budgeting tools Seamlessly integrated with your account. This includes features such as automatic expense classification, spending insights, and personalized budget tracking. Chase also lets you set savings goals and monitor your progress directly through its mobile app and online banking platform.
Huntington National Bank: It offers several in-app budgeting tools, including spending analytics for expense tracking. Spend setter It has the ability to set category limits and a look-ahead calendar to visualize upcoming payments.
Regional bank: It offers a set of budgeting tools called . My GreenInsightsaccessible through mobile apps and desktop, allows customers to track spending, set spending goals, and receive suggestions to reduce spending.
Tools provided by these banks have the advantage of being directly integrated with your account and have the potential to provide more accurate and up-to-date information while maintaining a higher level of privacy compared to third-party apps. There is.
However, if you decide to continue using a household budget app, be sure to check the privacy section of that app in the App Store or Google Play. There you can see the data that app collects and shares. Next, carefully read the app’s privacy policy. It can be tedious and intentionally overcomplicated.
Man adjusting budget using mobile phone and laptop (Kurt “Cyber Guy” Knutson)
Your email has not expired. This is another despicable scam
4. Shop online anywhere
Online shopping is convenient and attractive, especially during big sale events such as: Black Friday. But the retailer jumps headfirst into the deal, not knowing it could cost more than they bargained for.
When you shop on unfamiliar websites, you are sharing sensitive information such as financial data, address, and contact details. If retailers don’t have strong privacy or security measures in place, this data could fall into the hands of cybercriminals or be sold to data brokers.
Even popular retailers are not always safe. For example, platform like timattracts millions of shoppers, but has faced intense scrutiny over questionable data practices. Popularity does not guarantee good privacy or security standards. To protect yourself, only shop from websites with a reputation for security and privacy. Here’s how to check the site before you buy.
- their Privacy policy To understand how they collect, use and share your data.
- read consumer reviews Spot red flags like poor customer service or data abuse complaints.
- as far as possible Virtual credit cards or payment services such as PayPal Add an extra layer of protection for your financial information.
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Man using mobile phone for budget management (Kurt “Cyber Guy” Knutson)
5. Allow Data Brokers to Store and Sell Your Information
Unless you go completely digitally off-grid, without the internet, online accounts, or smartphones, it’s nearly impossible to avoid leaving a digital footprint. Most companies collect and share personal information, but it ends up in the hands of data brokers and people search websites who aggregate and sell the information to even more third parties.
Data intermediation is $245.8 billion industry It is about profiting from your personal information at the expense of your privacy and security. Some data brokers were also arrested Intentionally selling information to scammers. People search sites also provide an accessible way for anyone, including scammers, to obtain your personal information.
To reduce these risks, it is important to periodically delete information from these databases. While it’s not a perfect solution, consistent deletion can significantly reduce exposure and protect both your financial data and your personal safety. Check out the data deletion services I recommend here.
Cart important points
In my experience, these risks are often overlooked in a fast-paced, convenience-driven world. But by taking just a few minutes to review your security measures, you can protect yourself from a world of trouble. Don’t wait until it’s too late to protect yourself and your loved ones. Ignoring basic security like two-factor authentication, reusing passwords, and shopping on untrusted websites can put you at risk. Using financial apps that share data, such as allowing data brokers to profit from your personal information, also increases your risk of fraud and identity theft. By staying vigilant, you can protect both your finances and your loved ones.
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