How secure is your financial information? Let's take a little test: Do you currently have a budgeting app installed on your phone? Statistically speaking, there is a good chance of doing so.
Seventy-five percent of smartphone owners I've tried at least one. Seems like a smart move to take control of your money, right? Unfortunately, what many people don't realize is that apps like these can expose your sensitive financial data.
This is just one example. There are other common habits and omissions that can leave your financial statements wide-ranging Open to cybercriminals.
Such mistakes not only put your bank account at risk, but can lead to serious consequences like identity theft, mounting debt, and even ruined retirement plans. I'll walk you through the five biggest mistakes that can jeopardize your financial future, and more importantly, how to avoid them.
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A couple working on their budget (Kurt “CyberGuy” Knutson)
The 5 biggest mistakes you should avoid
Navigating the digital world can be difficult, especially when avoiding common pitfalls that could threaten your business Privacy and security. Here are the five biggest mistakes you should avoid:
1. Neglecting security procedures
This is one of the biggest mistakes that many of us make. There are a lot of things we need to do these days to keep our online security up to par. It's easy to become complacent, leaving the door wide open for cybercriminals to walk through. Here are the basics you should never forget:
Enable two-factor authentication (2FA) everywhere you can, especially online accounts that contain your financial information.
Keep your software up to date. Hackers exploit known vulnerabilities in outdated versions of applications, operating systems, and even browsers. So, check it out Update your software regularly On all your devices.
Avoid using Public and unsecured networksEspecially when accessing sensitive accounts such as online banking or even e-commerce. If you have no other choice, use Reliable VPN To encrypt your online activity, including financial information. For the best VPNs, see my expert review of the best VPNs for private web browsing on Windows, Mac, Android, and iOS devices
Woman browsing her phone (Kurt “CyberGuy” Knutson)
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2. Reuse passwords
Although it's technically a security measure, it's so bad, it deserves its own place on the list. A Last scan It revealed that more than half of Americans reuse passwords on at least some of their accounts. Make sure you are not one of them.
When hackers compromise a single account, they don't stop there. They use a technique called credential stuffing, through which stolen login details are tested on other platforms. So, if you reuse the same password for your bank account, email, and favorite shopping site, one data breach could take them all down in one fell swoop.
If you don't have a perfect memory, capable of memorizing every password you'll ever need, I recommend using a reliable tool Password manager. They can create and store complex, unique passwords for all your accounts so you don't have to remember them yourself.
Woman working on her budget (Kurt “CyberGuy” Knutson)
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3. Use budgeting apps
Budgeting apps can be a convenient tool Manage your moneyBut they also come with potential risks that many users ignore. These apps often share user data with third parties and may request extensive permissions, including access to sensitive personal information. This can raise concerns about privacy and data security, especially if the application lacks strong safeguards. Before using a budget app, it's important to carefully review its permissions and data sharing policies to protect your financial and personal information.
Instead of relying on a budgeting app, consider using your bank's online tools. Many banks offer built-in budgeting and expense tracking features within their secure online banking platforms. These apps are usually more privacy-focused than third-party apps. Here are some examples:
Bank of America: Offers Interactive charts Which analyzes spending trends, highlights budget categories and displays total monthly spending with customizable categories.
What is artificial intelligence (AI)?
Wells Fargo: Features a package called My money mapwhich includes spending reports, custom budget creation, goal setting, and visual analysis of spending compared to budget limits.
First capital: Provides automation Budget tools Through its Checking Account 360, allowing customers to automatically track and categorize expenses. It also includes Eno, a virtual assistant for transaction inquiries.
chasing: Offers are combined Budget tools That integrates seamlessly with your accounts. This includes features like automatic expense categorization, spending insights, and custom budget tracking. With Chase, you can also set savings goals and monitor your progress directly through the mobile app or online banking platform.
Huntington National Bank: Offers several in-app budgeting tools, including Spend Analysis to track expenses, I put spending To set category boundaries and a Look Ahead calendar to visualize upcoming payments.
Regions Bank: Provides a set of budgeting tools called My GreenInsightsIt can be accessed via mobile and desktop app, allowing customers to track expenses, set spending goals, and receive suggestions to reduce expenses.
These bank-provided tools offer direct integration with your accounts, potentially providing more accurate and up-to-date information while maintaining a higher level of privacy than third-party applications.
If you decide to stick with the budget app, be sure to check out its privacy section in the App Store or Google Play, where you can find out what data it collects and shares. Next, read the app's privacy policy carefully, because it's boring and often deliberately complicated.
A man uses his phone and laptop to work on his budget (Kurt “CyberGuy” Knutson)
Your email has not expired, it's just another scam
4. Shop anywhere online
Shopping online is convenient and tempting, especially during major sales events such as Black Friday. But diving into deals without knowing the retailer could cost you more than you bargained for.
When you shop on unfamiliar websites, you share sensitive information such as your financial data, address and contact details. If a retailer doesn't have strong privacy or security measures, this data could end up in the hands of cybercriminals or be sold to data brokers.
Even popular retailers are not always safe. For example, platforms Like Timowhich attracts millions of shoppers, has faced scrutiny over questionable data practices. Popularity does not guarantee privacy or good security standards. To protect yourself, only shop on websites that have a good reputation for security and privacy. Here's how to check a site before making a purchase:
- Check them out privacy policy To understand how your data is collected, used and shared.
- He reads Consumer reviews To spot red flags, such as poor customer service or complaints about data misuse.
- Whenever possible, use a A virtual credit card or payment service such as PayPal To add an extra layer of protection to your financial information.
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A man uses his phone for budgeting purposes (Kurt “CyberGuy” Knutson)
5. Allow data brokers to keep and sell your information
Unless you go completely off the grid digitally — no internet, online accounts, or smartphones — it's nearly impossible to avoid leaving a digital footprint. Most companies collect and share your personal information, which ends up in the hands of data brokers and people search sites who aggregate it and sell it to more third parties.
Data brokerage is a A $245.8 billion industry Which takes advantage of your personal information at the expense of your privacy and security. Some data brokers have even been arrested Intentionally selling information to scammers. People search sites also provide an accessible way for anyone, including scammers, to obtain your personal information.
To mitigate these risks, it is necessary to periodically remove your information from these databases. Although this is not a perfect solution, ongoing removal can significantly reduce your exposure and protect your financial data and personal safety. Check out my top picks for data removal services here.
Key takeaways for Kurt
In my experience, it's easy to overlook these risks in our fast-paced, convenience-driven world. But taking just a few minutes to review your security practices can save you a world of trouble. Don't wait until it's too late to protect yourself and your loved ones. Neglecting basic security like two-factor authentication, reusing passwords, or shopping on untrustworthy websites can put you at risk. Using financial apps that share your data, such as allowing data brokers to leverage your personal information, also increases your risk of fraud and identity theft. By staying vigilant, you can protect your money and your loved ones.
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