The internet has made everything in life easier. Unfortunately, this also includes crime. As we’ve transitioned more of our finances online, cybercrime has experienced a rise alongside it. Every day, cyber security is getting better, and so are criminals. According to the U.S. State Department, in 2020 alone, the U.S. lost over $4 billion due to cybercrime. And the introduction of AI has only made things more complicated as people on both sides of the law are incorporating it into their practices.
But threats aside, we still must go about our normal lives, including sending money back home. Here are six steps you can take to protect your information and send money online safely:
Always use apps on your device
Never log into a financial app or service on another person’s device. With password savers and autofill, your login credentials could easily (and accidentally) be stored on someone else’s device. Remember the days of people updating Facebook statuses when people forgot to log out? It’s better to wait until you can log in from your own phone or laptop.
If you must use someone else’s device, log out once you’re done. Make sure you uncheck boxes for “Remember my username” and “Stay logged in on this device.” If you log in through a web browser, you can clear the cash from the past hour to erase your data.
Do not send money over public wi-fi
When sending money or banking online, the best security practice is never to use a public or open wi-fi network. It is all too easy for cybercriminals to use the network to hijack personal information from your devices or install malicious software. Using your own secure network at home is always safest.
If you are out and about and need to make a payment or check your balance, use mobile data.
Use 2-factor authentication
Two-factor authentication requires an extra step to prove your identity when logging into an account or sending a transaction. The most common forms of two-factor are sending a text to your phone number, sending a code to your email or using biometrics, like fingerprints or facial recognition, to prove you are who you say you are. Essentially, it puts one more obstacle in the path of potential hackers and criminals.
Never share your account information
This goes without saying, but you should never give your personal information to someone else. It’s not a matter of trust but vulnerability. One of the basic principles of cybersecurity is limiting entry points to sensitive data. You may trust the person you give your information to, but it creates another point of entry. If they store the information on their device and that device is hacked or stolen, it creates the potential for your data to fall into the wrong hands.
In the case of PassportPay, receivers of funds do not need to sign up for the app or provide sender account information to receive funds.
Keep your device and apps updated
The threat of cybercrime is constantly evolving, and so are the defenses against it. Developers actively monitor the latest threats and work to improve defenses against them with every update. Allowing your device and apps to lag behind leaves them vulnerable to attacks for which there might already be a fix. Check for updates periodically or enable automatic updates so you can continue to send money online safely.
Use different passwords and change them regularly
We all know it’s a pain to remember passwords in an age where everything seems to come with a login, but passwords are the first line of defense when it comes to your data. Using the same password for multiple accounts is like handing a hacker your house and car keys. You’re just giving them access to more information.
Password managers like 1Password, NordPass, etc., can help you keep track of your growing list of logins, but this leads us to the second point of password security, which is to change your passwords regularly. Data breaches are becoming increasingly common, and thieves often walk away with account credentials, including passwords. Regularly changing your password can render this information useless and make your accounts safer.
At PassportPay, we take security very seriously. Using Priority’s industry-leading payments network, we use standard encryption on all transactions and enable two-factor authentication on all user accounts.