Step 99: Protect your Money Online

Step 99 of the 100 Steps Mission to Financial Independence: Protect Your Money Online
Step 99: Protect Your Money Online

Having money is one thing, but making sure you keep it and don’t lose it on dodgy scams or to people getting access to your accounts is a whole different thing. Now that you can access your accounts via the internet pretty much 24 hours a day, anywhere in the world and from any device you have, it has also become significantly easier for those with bad intentions to gain access to this money if they want to. This steps looks at ways to protect your money online to minimize the risk of you money being taken away from you.

Keep money in accounts with verified or associated accounts access only

Many savings and investments accounts already offer this option, which essentially means that you can’t access your savings or investments directly and instead requires you to transfer money into a regular checking account first before being able to get access to your money. That regular account needs to be validated first when you set up your savings account and it means that others even if they gain access to your savings or investments account, can’t just divert the money into non-associated accounts, but to verified accounts only.

Choose difficult passwords and change them often

Most people have very weak passwords with their pet’s or children’s names, they don’t change their passwords very often and they tend to use the same passwords for several accounts, which makes it them easy target for fraudsters to try to hack. Make sure to choose difficult passwords and change them often. One way of doing this is by using a password manager that lets you store complicated passwords so there is no need to remember each one. Examples of password managers include LastPass, KeePass and OneSafe. When using these password managers you only need to remember one master password to get access to all your other ones. You can use a very difficult one by keeping a long string of random characters saved somewhere of which only you know which chunk(s) actually represent your real password. Continue reading “Step 99: Protect your Money Online”

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