Keep Your Money Secure
We all have a role to play in keeping our financial accounts safe. Similar to the way you protect your physical wallet today, it’s important to protect your digital payment experience.
As electronic and mobile commerce options expand, the payments industry, with its long history of security and fraud prevention, is using advanced technology to protect consumers. At the same time, even the most secure application can be compromised, especially if you use a weak password or if your device is unlocked and ends up in the hands of someone else.
There are a few simple things you can do to help
Make sure access to your money is as secure as it is convenient. Keeping your sensitive information safe can be easy and inexpensive, while providing immediate benefit in protecting against identity theft and fraud.
Essentially, keep three letters in mind to “L-O-K” access to your money and keep it safe:
Lock it down
Enable device passwords
Set devices to require a password before they can be used. Enjoy the benefits of additional layers of security mobile devices or PCs offer.
Connect to secure networks and applications
Choose secure network connections you trust. A simple test: more secure WiFi connections require passwords and are easily identified as “WPA or WPA2.” Highly-unsecure WiFi is wide-open for anyone to connect to, and may be labeled as a “WEP” connection.
Keep your device updated
Hardware and software manufacturers release frequent updates to optimize performance and security. Stay aware of updates and their impacts, and ensure they are installed.
Use security software
Be smart about it – activate applications for detecting and removing threats, including firewalls. Also activate virus and malware detection and intrusion-detection systems.
Only you access sensitive information
Keep your private stuff private
Don’t share sensitive data with those you don’t trust. This includes when you respond to email requests, phone inquiries or allow control to anyone you would not normally hand over actual physical wallet to. Credible service providers and support staff will never ask for private information such as passwords or payment-account numbers.
Keep login credentials secure
Easy access to usernames and passwords leads to misuse. Don’t write down information used to access your digital payment account in plain view or store in an unprotected file.
Use a password that only works with your digital payment account
Don’t use the same password you use for other accounts especially email or social networking sites. This increases the risk of unauthorized access. Instead, use an easily remembered, yet hard-to-guess password unique to your digital payment account.
Know who to call
Identify who to contact if there are issues, before one arises
Financial institutions, payment networks and merchants are all needed to make electronic and mobile payments work. Make sure you understand the quickest way to resolve any issues that arise and who is responsible for any fraudulent activity on your account. Scenarios to consider:
- Your phone is lost or stolen
- An individual card stored in the digital payment account is lost
- Your account has been or may have been hacked
Review contract terms and conditions
This is where rights and liabilities are defined. Topics should address data privacy, opting-in and out of various features and impacts of enrolling and canceling accounts and services.