With technology making it easier than ever to access our finances online, we're exposed to new dangers every day of our information being stolen from us. This week's Personal Finance 120 video focuses on some of the things you can do to protect yourself and your finances while online.


Transcription:
Hi, I’m Carly Cherry with Cambridge Credit Counseling. Welcome to Personal Finance 120 – information for managing your financial life in about 2 minutes. Since the internet is used for almost everything these days, it’s important to remember, when dealing with our bank accounts and other sensitive information, we need to take extra precautions to protect ourselves.

Most financial institutions have online banking available to their customers, And smartphone apps are becoming widely popular, as well. All of this convenience may make our lives a bit easier, but it also leaves us vulnerable. There are several things you should avoid doing with your online bank account that will help you avoid any kind of theft that you’re at risk for. The first thing you can do is (On-Screen Graphic: No banking on public computers) to avoid signing into your bank account from any computer that is located in a public place and can be seen and used by many. There could be watchful eyes sitting near you that are keeping track of your keystrokes. Also, if you’re not careful signing out of your accounts, one click of the back button could give the next user access to your account.

(On-Screen Graphic: Online Purchases) We tend to find it much easier to shop for gifts and other items online than it is to go to the crowded stores ourselves and shop. Online shopping may be easier, but it’s a lot riskier than you might think. First, (On-Screen Graphic: Credit vs. Debit) your credit card is significantly safer to use online than your debit card due to the fact that, if your information is stolen, you have a higher chance of getting your money back because your liability typically caps at $50. Whereas, with your debit card, a thief could clear out your entire account before you even notice there’s been a theft. Another safety tip for online purchases is (On-Screen Graphic: Don’t Store Your Information) not to take your favorite store up on the offer to store your credit card information on their system to make your purchases easier in the future. If that website were to suffer a breach, much like the case of Target stores this past winter, your information is at a high risk.

Another frightening method used by thieves today is getting consumers to unknowingly provide their banking information to the criminal themselves. (On-Screen Graphic: Phishing) This is called “Phishing” and it typically happens in the form of an email or phone call. In a phishing email, the signs you should look for are: spelling and bad grammar, links that look suspicious to you, or threats about your compromised security. If the email is claiming to be from a company or business you know, call their offices and ask if they’ve sent the email. On the other hand, if you receive a call about a service that was unsolicited by you, do not give the individual on the phone any personal information. If you’re suspicious about the caller, take down their information and report them to your local authorities.

There are more types of scams out there than we have time to tell you about today. If you’re interested in learning more about how to protect yourself from cybercriminals, visit (On-Screen Graphic: www.onguardonline.gov/) onguardonline.gov. There you can learn about how to avoid scams, protect your computer, and even protect your kids while they’re online, as well.

Until next time, I’m Carly Cherry with Cambridge Credit Counseling.