Electronic Banking Safety Tips to Prevent Identity Theft

The world is fast moving towards a digital transformation in which most transactions happen online, on a smartphone, and in the blink of an eye, including bank-related transactions. This opens the door to identity theft. Suppose you are one of the many people embracing this technology (and most of us are). In that case, it is critical to have a few electronic banking safety tips to prevent identity theft from making you a victim.

That is critical to do. The Federal Trade Commission (FTC) reported that, in 2022, consumers lost $8.8 billion to fraud, which was a resounding 30% increase from 2021. At Sharmin & Sharmin Attorneys at Law, our Florida identity theft lawyers work tirelessly to protect our clients. If you are the victim of identity theft, contact us now.

What You Can Do to Reduce Risk

There are a number of steps you can take to reduce your risk of identity theft in relation to electronic banking. Get started with these strategies.

Create a Secure Password and Change It Often

A password that is unique (not a name, birth date, or other identifiable bit of data) is the best tool in fighting identity theft of online accounts. Be sure you change that password once a month or every two months to ensure no one can access your account.

Avoid Free Wi-Fi Access Points

Switching to a free Wi-Fi access point at a restaurant or, even worse, at an airport is a very dangerous step to take. When you are on this type of free hotspot, your information is visible to anyone else logged into that same hotspot. The same applies to concerts, sporting events, and the kid’s school concert. Identity thieves know you want internet access to stalk these areas to get it.

Use Multi-Factor Authentication

Whenever a bank or other service you use offers multi-factor authentication, opt-in for it. This may seem like a hassle, especially those first few times, but taking that extra step to put in place some valuable security is critical.

Do Not Bite on Too-Good-To-Be-True Scams

Even if you think you would never be a victim of one, many people are. If something sounds too good to be true (free video games, the best seats in the house for a concert coming to town, or free money for providing your name), just move on. These are nearly always scams to steal your personal information.

Monitor Your Bank Accounts and Financial Statements Routinely

Make it a habit to work through your checking, savings, credit card, and other account statements each week. If you do not recognize a charge, dispute it. The more diligent you are in monitoring what is happening here, the faster you can catch suspected theft.

Get Legal Support When You Need It

These electronic banking safety tips to prevent identity theft are just the start of what you can do to minimize your risks. It is also important to know when you need to hire a trusted, experienced attorney to help you. Contact Sharmin & Sharmin Attorneys at Law to schedule a free consultation if you have been a victim of identity theft in Florida.