7 Ways to Reduce Your Risk of Banking Theft

Do you take advantage of online banking services? Are you planning on switching accounts in the near future? If you answered “yes” to any of these questions, make sure that you are proceeding without increasing your risk of banking theft. Many people become victims of financial identity theft or fraud because they’ve failed to take appropriate steps to protect sensitive information. In today’s mobile world, it can be especially difficult to protect yourself from identity thieves and cyber criminals. However, there are a number of ways to reduce your risk of having personal information stolen fro you.

Here are seven ways you can reduce your risk of banking theft:

1. Change your passwords regularly. Make sure you are not using the same password for each of your bank accounts, and change your passwords regularly – preferably once per month. Changing your passwords regularly can help to reduce your risk of banking theft and prevent cyber crimes.

2. Don’t log in to your accounts in a public place. WiFi hotspots and some Internet connections found in public places aren’t always secure and may not be able to protect sensitive data transmitted over the network. Make sure you are not logging in to these accounts in a public place, or you risk having your personal information stolen.

3. Don’t write your PIN number on your ATM card. Make sure you select a PIN number that is easy for you to remember, but also hard for anyone to figure out. It’s also important to make sure this number isn’t posted anywhere, and is not marked right on your ATM card.

4. Trashing bank statements. Your bank statements are the few pieces of information that contain extensive information about your bank accounts and other personal information. Make sure that you take the step to shred or tear up these statements when you want to discard them. Don’t just toss the statements in the trash or throw them in the garbage next to the mail box. Anyone can steal these documents and track down more information about you.

5. Choose the right password. In addition to changing your passwords regularly (#1), make sure you choose the right password so that nobody can figure it out easily. Use a combination of uppercase and lowercase letters and numbers so that you are not using obvious names and terms.

6. Monitor your credit report regularly. Remember you are entitled to order one free credit report from the major credit bureaus each year. Monitor your credit report regularly and make sure it is free of any errors or omissions. If you notice something suspicious, report it immediately.

7. Monitor your banking and regularly. Pay close attention to the types of transactions and activity posted to your accounts. This will make it easier to alert the bank or financial institution if someone is using the account without your authorization. It can be easier to review your statements online, but you can also log in to your online account to track recent transactions on a weekly basis.