Keeping Finances Secure Online

Online banking is growing in popularity. In March, the Board of Governors of the Federal Reserve announced in its annual survey that 74 percent of Americans  with a bank account use online services to see their finances, pay bills and invest money, a jump from 65 percent back in 2011. With more tools available online than ever before, that number should continue to rise.

More online banking users, however, means a greater chance of a problem. With such important information being shared over the Web, safety and security are a top priority. Improving one's financial security online is recommended, especially given the numerous threats out there, such as identity theft.

From upgraded security software to elaborate banking passwords, taking precautions for security can have a tremendous impact in keeping finances safe.

Lock down a device
One of the easiest ways criminals access the private information of innocent online banking users is by logging into a server that doesn't have strong safety measures. According to the U.S. Computer Emergency Readiness Team, the best way to improve security on a computer  is by connecting it to a secure network. Upgrading a router and wireless network isn't very complicated, but can go a long way to keeping information secure.

Installing firewall software on a computer also can play a huge role in stopping criminals from accessing confidential information. From a threat protection standpoint, a firewall makes it more difficult for hackers to log in and obtain the private information criminals are trying to access. The U.S. Federal Trade Commission wrote that constantly upgraded firewall software will protect against infections that make it easier for confidential files to be accessed.

Changing passwords regularly
Creating and remembering a good password can go a long way in keeping financial information safe. Too many people have login information that is easy to steal, or they don't change the password often enough. Being lazy with passwords can make it easier for hackers to access important financial information.

Boston University stated that one of the best ways to have a unique online password  that is easy to remember but difficult to steal is by using the abbreviations of a common phrase. For example, the sentence, "I'll have a cheeseburger and fries" can become the password "ihacbaf." Mixing in capital letters, numbers and symbols can turn that into "Ih@cb&f," a password that will be difficult for anyone to guess.

Check with your Vectra Bank financial services professional to learn about how we can help keep your financial information safer online as well.