5 Powerful Tips to keep your Financial data safe online

When was the last time you wrote a cheque to pay your bills? In case you haven’t noticed, we are now living in an increasingly online world which allows the convenience of paying bills, transferring money from one account to another, shopping and travel booking. Financial transactions do not need your presence at the bank, insurance office or utility payments since they can be done from the comfort of your home.
While the convenience of applying online for a credit card or a personal loan cannot be denied, it is important to ensure that your financial data remains secure during these transactions. Use these tips to ensure that your identity is safe while making online transactions:
1. Get yourself a credit report: Your credit report is the best way to find out if your identity has been compromised. It allows you to see if someone has opened a fraudulent account or has applied for a credit card in your name.
2. Purchase from trusted sites only: Amongst the thousands of shopping
websites we browse daily, many offer unbelievable discounts and prices that
seem too good to be true. Always check the padlock in the browser to ensure
you are interacting with a secure site that there are remote chances of your
financial data being compromised.
3. Secure your wireless network: If you have a wireless network at the office or at home, make sure you have secured it properly. An unsecured network can allow a hacker to gather all the information he needs to hack into your bank account. Lock your router and encrypt your information to transact without fear.
4. Set Banking alerts: Every financial institution like your bank, mutual fund
house or insurance company offers email and SMS alert facilities. Every
transaction made using your bank account, credit or debit card online or at
physical stores is intimated to you on your mobile phone.
5. Make use of security questions: Set up optional security questions to log
into your accounts. The answers to these questions are only known to you
and hence are most secure.

Even while applying for personal loans or filling up insurance forms only, choose not to save any sensitive information to avoid any future complications. Never ever save passwords to your banking site while at the office or if you have to use a public computer. This will make your financial information vulnerable to hackers.

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