We’ve recently discussed ways to handle your money, and how to protect your personal information. But what about keeping your finances secure?
Payment security may be an afterthought for many, however, becoming a victim of identity theft can really impede on your daily life, and even impact your credit in the long-term.
Identity fraud is when someone acts as you, using your financial information fraudulently, and identity theft is when a thief creates new accounts using your name, which can be even more damaging- costing hundreds or thousands of pounds, and taking months to reverse.
Use the following guidelines in order to protect your financial information while banking, shopping online or withdrawing money from cash points.
Banking apps and websites
- If you have any banking information on your cell phone—i.e. a mobile banking app or shopping apps that store your payment information—you should lock your phone with a pin or passcode, and if possible, touch verification.
- Banking via public Wi-Fi, like in a coffee shop, can be risky. If you’re exchanging payment data online or accessing your bank account, wait until you’re on a secure server like at home or work. Public Wi-Fi may not protect your personal information from being shared with unwanted parties.
- Log in to internet banking to monitor transactions often, and immediately report any activity you don’t recognise to your bank.
Debit and credit cards
- Be wary of contactless cards, which don’t require any personal authentication like a pin number. If a contactless card is lost or stolen, anyone could easily get away with spending your money (although the limit per transaction is £30.) Use a card with a pin or only carry a contactless card when necessary.
- There has, however, been a spate of viral scare stories that focus on contactless cards, sparked by this photo, which appears to show a man with a contactless card reader, taking payments from people without them realising. THIS ISN’T REAL!
- Use cash points inside or near banks, which are less likely to be tampered with. Always shield your pin and be wary of people near your while withdrawing money.
Online payments
- Only provide payment information to secure websites. You can tell by looking at the web address, which should read “https.” This means the website is authenticated and that any data exchanged is protected.
- Make a unique password for all sites that collect your payment information, and change your password every six months. If you struggle remembering passwords, use a secure password manager like
These are just a few methods for protecting your financial information. Follow your bank’s recommendations for keeping your details secure, and report any suspicious activity to the appropriate authorities.
Get in touch if you have been a victim of identity theft and require representation.
