Five tips to protect yourself from financial fraud

Hackers are changing their ways of stealing data. We see headlines of financial fraud every day, either a hacker infiltrating businesses’ computer networks or identity theft. Hackers are getting through your chip-enabled credit cards and your awareness of phishing scams.

Fraudsters are evolving in their ways of seeping through the cracks in the foundation. The best way to battle these frauds is to take some precautionary steps. And most of these proactive steps are simple, but the massive influx of information can overwhelm the best of us.
Here are five tips to protect yourself:

Switch to a chip-enabled credit card

These cards have an added layer of protection; they generate a unique code for one purchase and prevent anyone else from using that information. But not all retailers accept these cards yet. In addition, the technology took time to roll out due to the huge number of banks, cards, and checkout counters.

Do not share sensitive information over public WiFi or email.

Public WiFi is not secure, do not send credit or debit card numbers or other such private information when using a public WiFi. Ensure that the site has an “HTTPS,” they are high-security links. Moreover, a financial institution never asks for passwords, ATM PINs, or other sensitive data over email.

Get your documents delivered electronically and check your online accounts regularly.

Paper documents have the risk of getting intercepted. When you sign up for online access to statements, you eliminate that risk, allowing users to monitor their accounts frequently to catch hold of any suspicious activity. Financial institutions also provide mobile apps which are considerably safer.
Check credit card and bank accounts every week. Sign up for fraud alerts from financial institutions as well to alert you when purchases cross a certain amount. It will pick up unusual activity on your account as well.
When talking of sensitive sites like these, make your passwords more complex and vary them.

Be wary of skimming.

Skimming is when thieves put a device over the payment slot to extract credit or debit card information. So, when you pay by plastic in a remote area, make sure nothing is out of place or fishy. You can also touch the ATM machine and jiggle it; if it moves too much, something might be attached to it.

Watch your mail

Policy for insurance or other financial documents can come in the mail as well. If you have chosen to receive paper documents, see to it that they arrive.

After all the business is conducted, you get a policy in the insurance arena. If you did not receive a policy, it is scary. If you are doubtful about anything, call the company and verify that your account is active. Also, check for your annual statements.
If you receive a mail about a change of address, call the company. There is a very real possibility that a thief will open up policies or financial products in your name with the intention of money laundering.