Most of us have now learnt to deal with the usual fraudster emails, however, avoiding identity theft and fraud is becoming increasingly difficult as more personal information is available online than ever before.

Financial frauds are those that usually deceive people and cause them financial loss, as more people rely on internet banking and mobile apps for financial dealings, scams too are increasing in number.

Most of us have now learnt to deal with the usual fraudster emails, calls that proclaim you have won the lottery or that the fake revenue department wants your credit card number, however avoiding identity theft and fraud is becoming increasingly difficult as more personal information is available online than ever before.

Even simple financial activities online can have dire implications if we are not serious about internet security and password safety.

Moving to a cashless society could be beneficial in many ways, the reliance we have on our phones, tablets, and computer has made us a target for many types of cyber crimes, including financial frauds. Online banking is a hit with Millennials who are incredibly tech savvy but at the same time are not aware of the full dangers of internet privacy. So it is essential to realise that it is not just the seniors who fall prey to the fraudsters.

Eight Tips on How to Protect Your Money:

1: Don’t Click Links That Look Suspicious

A harmless looking link may be the reason you lose all your money, don’t click on a link even if it comes from a trusted friend if you are not sure it is really from them. As a rule, try to avoid clicking on suspicious links.

2: Stay Careful When Downloading Anything

Don’t throw caution to the wind just because you are downloading a supposedly safe application. Do a little bit of research on the form you are about to download and read all reviews on it. Stick to well known favourite apps on your phone and download popular software on your computer.

3: Password Safety

It is essential not to give away your password to anyone, but this is not new, preferably something that we already know. Learn other ways of password security by making sure your password is a complex one and by changing it frequently. Try to avoid using third-party applications that need your passwords.

4: Invest in Good Anti-Virus Software

Buy a strong anti-virus, anti-spy and anti-malware program for your computer and also make sure your mobile has the necessary security in place. Don’t hesitate to pay for a good security program and make sure you don’t download a virus which is masquerading as an antivirus program

5: Be Vigilant While Using Public Wifi

While it could be tempting to update your twitter with a public WIFI, try to resist temptation when it comes to using it for financial transactions. Sometimes hackers set up access points and disguise it as public WIFI hotspots.

6: Say Bye to Bluetooth

Don’t keep your Bluetooth switched on when you are not using it. Hackers can access many things on your phone with it.

7: Identity Theft Insurance

This type of insurance can often be a part of your home insurance policy. This will help you in credit monitoring and also alert you to any potential fraud. Again remain cautious about the company you use for this.

8: Using Multiple Accounts

Using more than one banking account and only using the details of one of those for online transactions is another way of keeping financial information off the grid. That way you know that even if you are hacked, they can only access part of your financials.

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