8 Tips to Help Protect Your Financial Data
If it’s been a while since you’ve taken steps to protect the security of your financial data, now’s a great time to review your cybersecurity strategies. The following tips can help safeguard your wealth in 2025 and beyond.
#1 – Use multifactor authentication.
Multifactor authentication (MFA) is one of the most effective ways to protect your accounts against hackers, because it requires you to verify your identity using two or more methods. Common MFA verification methods include:
- Passcodes sent to you via text or email
- Authenticator apps
- Biometrics, including fingerprint or facial recognition
- Hardware tokens that use encryption algorithms and single-use passwords
- Security questions
#2 – Watch out for phishing scams.
“Phishing” is the act of sending emails that appear to be from reputable sources in order to convince individuals to share personal information, such as credit card numbers, account numbers and/or passwords. Phishing emails may also include corrupted links that can be used to install malware on your device, which can then be used to access personal data or interfere with your system’s operation.
If you receive an email that seems too good to be true, it probably is. Resist the urge to click on any suspicious links, and never provide personal information via email.
Also, if you ever receive an email regarding your finances that appears to be from a financial institution, the IRS or another reputable source, don’t provide any information until you’ve confirmed the email’s authenticity. To do so, look up the institution’s phone number online (never use a phone number provided in a suspicious email), and call to verify the validity of the email before taking action.
#3 – Monitor your accounts.
One of the best ways to quickly identify fraudulent transactions is by consistently monitoring your accounts. At least twice a week, log in to your various accounts to review recent transactions. It’s also wise to establish banking alerts to notify you of any unauthorized or suspicious activity.
#4 – Install all available updates.
It’s vital to make sure all software and firmware remains up to date across all your devices. That’s because manufacturers and software developers regularly release updates to fix new security vulnerabilities. If you fail to regularly update your devices, you could be at risk of a cyberattack.
#5 – Use a password manager.
Password managers allow you to create and store strong, unique passwords. These apps store your usernames and passwords in an encrypted state. They can also generate strong passwords for your accounts and allow you to automatically fill in your login fields so that you don’t have to remember these complex passwords.
#6 – Regularly update your antivirus software.
Any devices that connect to the internet should be equipped with strong security software that regularly scans for suspicious activity. Make sure your software includes firewalls, antivirus protection and intrusion detection. Regularly update your software to help ensure it addresses any new vulnerabilities that hackers may try to exploit.
#7 – Only use secure Wi-Fi networks.
Make sure your home Wi-Fi network is password protected and encrypted. Consider using a virtual private network (VPN) to encrypt your online activities, especially when you’re accessing your financial accounts or using your credit card for online purchases. Never access financial information over public Wi-Fi or unsecured networks, as these can be vulnerable to cyberattacks.
#8 – Beware of QR codes.
In an act known as “quishing” (short for “QR code phishing”), cybercriminals are now sending out malicious QR codes via email. They do this because the QR codes are able to bypass the link checking security measures already present in email systems. If you see a QR code in an email, you should be immediately suspicious.
