Are You Doing Enough To Protect Your Personal Finances?

by Mike on October 2, 2016

Are You Doing Enough To Protect Your Personal Finances?

Ask anyone if they’re protecting their personal finances, and they’ll say yes. But, you’ll be surprised at how many people are actually doing less to protect them than they think. The purpose of this post is to talk about some key ways you can make your money a lot safer.

For all the information you need, read the points below:

PIN Numbers
If you use a credit or debit card, you’ll have a PIN number. This is a unique code that enables you to make purchases and withdraw money. On the fact of things, this code does a good job at keeping your personal finances secure. It ensures that if someone steals your card, they still can’t access your money through a cash machine. However, the problem lies with people that change their PIN to something more memorable. If you change your PIN number to a memorable date, then you put your personal finances at a higher risk. What you should do is change your PIN to random numbers every few months/every year. This adds an extra layer of security and keeps your money safe.

Identity Theft
One of the biggest dangers to your personal finances is identity theft. If someone gets your information, they can pretend to be you. This means they have free reign to spend all of your savings. If you’re lucky, they will get caught and have to pay all of your money back. But, even so, this is a very stressful process for you. The best thing to do is find some protection from identity theft services. There are companies out there that will monitor your personal finances and ensure identity theft doesn’t take place. It’s good to have this alongside the fraud detection your bank will offer you. Dual layers of protection can keep your personal finances safe and secure.

Contactless Payments
Contactless payments are highly convenient and popular. The problem is, they make it easier for people to steal your card and spend your money. If you lose your contactless card, and someone finds it, they have an easy job on their hands. They can go into any shop and use your card to pay for things without needing a PIN. To make contactless payments more secure, you should use your phone instead. This is safer because you can lock your phone with a fingerprint sensor. So, the only way someone can use it is if they have your fingerprint. A great tip to make contactless payments safer, and keep your finances protected.

Online Banking
If you use online banking, then you have a convenient way of managing your finances. Generally speaking, this is totally safe and secure. The only problem is when people use it when they’re out and about. Don’t start online banking when you’re in Starbucks on the open Wifi. You must bank on a secure connection, that only you have access too. This will protect your details and keep your money safer.

So, after reading this, you can decide whether or not you’re doing enough to protect your personal finances. If you aren’t, use my tips to make sure your money is secure and safe forever.

 

***Image thanks to Ken Teegardin***

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