FinTech is the ever-growing slang term for technology in the financial industry. As technology has been growing at a fast pace for decades now, the financial industry is finally starting to catch up. And, with new technology comes new security issues. Many people think that anything that’s done online can be easily hacked, however, there are many ways to stay safe while using technology.
FinTech companies are working in a more secure world that may come with new user experiences. A popular example of increased security is two-factor authentication. An example of this would be entering in a password, and then receiving a code via email that needs to be entered in prior to being logged into a website or application. Although technology companies are working to be more secure, there are many things a smart consumer can do to continue protecting themselves.
Here’s some tips and tricks to stay secure in an online world:
- Don’t share your passwords with others
- Use protected applications to store your passwords, rather than notepad type programs
- Think about using different passwords for different programs. That way, if one password gets compromised it won’t affect everything
- Create complex passwords
- Don’t click links in emails you are unsure of
- Make sure any site addresses you are entering sensitive information into begin with “HTTPS…” instead of “HTTP…”
- Use an anti-virus software
- When on public Wi-Fi, be cautious about entering any sensitive information into websites and applications
- Sign up for login notifications. This will allow a website or application to notify you if your account is accessed from an unfamiliar location.
- Change your passwords regularly
As evidenced by the 2017 security breach of Equifax, even a smart consumer can have their information at risk. In a recent interview with ABC News, Craig Newman, a privacy and data-security attorney at the Patterson Belknap Webb & Tyler law firm noted, “Companies can build the proverbial 10-foot firewall around their network and sensitive information, but criminals are always going to find that 11-foot ladder”.
For consumers, an additional security measure would be to enroll in an ID theft prevention program. This way, if your information is ever at risk, you will be notified and have that additional layer of protection.
With almost all industries moving towards a paperless world, it is important to stay up to date on changing regulations, as well as new ways to stay secure in a quickly changing world. Using some of the tips above is a great place to start in ensuring the safety of your information.