When we talk about money management tactics to protect funds, we are talking of ways of safeguarding your hard-earned funds. Protecting the money from people or situations can lead to the loss of funds. What this means is that even your bank account or other personal resources should be safeguarded from theft risks.
Did you know that even your bank account is not 100% safe and could be infiltrated by fraudsters? The Wells Fargo scandal in the banking industry is just the tip of the iceberg. A word of caution, do not trust anybody with your identification details. To reduce the risks involved, many financial institutions nowadays send reminders to their clients on the need to be wary of people who call asking for personal details of passwords. It is a good gesture however this alone is not enough. We should take personal responsibility to protect our funds. In this article, we will be going through some basic but sure ways of managing and protecting your funds.
The Top Money Management Tactics to Protect Your Funds
1. Your bank information is your life.
Whenever someone or a funny message requests you to share your sensitive information details, be wary be it via call, text message, social media, email, or any form of communication. Even a financial institution’s top managers should not know your sensitive information such as passwords. That is the reason why once you are given an initial password or pin, you are directed to change it immediately to your preferred pin. Human beings keep changing, somebody could be a nice person today only to become a murderer or thief tomorrow. Hackers and fraudsters are over the place looking for any slightest information to swindle people of their hard-earned resources unaware. Whether it is your email passwords, phones or other gadgets kindly do not leave any sensitive information without proper precaution. TAKE AWAY- do not be in hurry to respond to a request for your sensitive information even if it’s from your known financial institutions. Be cautious as you do it even then, do not share your password.
2. Use secured devices and networks to log in
If possible you should have a separate gadget or device that you use for financial transactions. Do not just go to your friends’ offices and request to use their devices to do your transactions. Another critical issue, do not and I repeat, do not leave your device logged on, or else you will live to regret the outcome. Even when you use your ATM card, on any machine out there, make sure you do not leave a trace of your identity. Keep distance, and avoid stalkers who might trail you to get to the information. Immediately your card gets lost or you suspect any leakage of your identity number, report the matter to the relevant authorities and change the password immediately. Avoid opening any spam or junk emails because fraudsters are using such tricks to get hold of your information.
3. What you should do to safeguard your online or digital banking
Kindly make sure the internet connectivity is secure. Make sure you use Wi-Fi that you know the owner and they assure you of its security.
A public password Wi-Fi could be your gateway to poverty or bankruptcy, avoid them like a plague.
Even if you do, use a two-level security authentication. Your passwords should be strong enough to beat scammers’ innuendos. Let them be long and complicated. Level two could be something like unique security or secret question that is known to you. You can also set your device to log out of your account automatically at a specific interval of time if your account is not being used. Some other times the second-tier identification could be a secret code or text. Learn how to secure your wifi and how to safely connect to the internet.
4. Monitor all your financial records regularly
Now that financial services have been digitized, it is possible to monitor your accounts regularly. In doing so, you will keep at bay any inside conspiracy from the staff. Noticing an irregularity early enough and reporting or following up on it could save you agony later on. If by any chance, you notice or find abnormality in your transactions, reach out to your banking institute and report the abnormality.
There was this particular case, that a particular bank customer trusted a bank employee to the extent of leaving cash for her to bank it for him later. That was when the banking sector especially in Africa used to experience long queues. Do you know what this lady used to do? Each time she would deposit the amount of fewer than 10 dollars. The customer never bothered checking what was banked. It took a year before he realized what was happening. Since he was a daily banker, you can imagine the amount he lost, considering he was losing 50 dollars weekly. Even when he reported the issue to the management, they blamed him and not the employee. There was no record of the amount he used to leave behind. See, he lost both the case and money. That is how important it is to follow your account transactions daily.
5. Always have a backing of your transaction statements
Of course, we are living in a digital era where even bank statements are generated electronically. However, it’s important to have paper-generated statements for backup. Sometimes your digital platform can malfunction, be hacked, or be doctored, how will you detect abnormally? Remember virus attacks or criminal activities can tamper with your electronic records, however, if you keep on following up the paper records and file them, they can save you a lot of stress someday. Most fraud institutions still insist on hard copies to follow up cases or to use them as evidence in a court of law.
There have been stories regarding the loss of funds through security breaches. Credit cards have been the most prone to fraud. In the US, over 25 million people have fallen to fraudsters according to a report by the FTC (Federal Trade Commission). With the above security measures, you can be able to safeguard your hard-earned funds. As digital technology evolves, so are new ways of stealing from unsuspecting customers. Therefore, you need to be on top of the game by being on the lookout for new criminal trends that are emerging and beating them before they do.
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