Published earlier in 2012 in my earlier Blog – Ported here in Aug 2017:
The internet has made life very simple in many ways but has introduced a new set of challenges particularly in the area of personal finance. I have provided some very simple steps that you could take to protect your financial health when using Internet safely in the 21st Century:
User ID or Name: Make sure Userids are generic and you do not reveal any personal information. For example, I know of some folks who include their Birthday in their userid e.g. adam07041991. You need to realize that this will show up on emails and other posts and anybody wanting to hack into your account is now armed with your date of birth!
Passwords: Keep passwords secret and do not share it with anybody. Also, make passwords a mixture of upper and lower case and include numbers and special characters such as @#$. For folks who forget, keep a copy of passwords in a very safe place at home (preferably in a safe)
Laptop or Desktop: Make sure that you have set up a Power-on Password and passwords to access your laptop. Also, ensure that the timeout parameter is set
Accessing Websites: Always key in URLs for sites that you need to access with a Userid & Password by yourself or use Bookmarks only if you are sure that you have saved it correctly. As a added precaution, use https instead of http in such cases e.g. use https://www.twitter.com instead of merely typing in http://www.twitter.com
Browsers: use the latest published version of the internet browsers available to you such as Microsoft’s Internet Explorer 8 or the Open Source Mozilla Firefox 4 (latest versions today). Ensure that the pop-up blockers are active and be careful to not install any ActiveX controls.
Portable Emails: When using portable emails such as Google GMail, Microsoft Hotmail etc ensure that the appropriate Spam Filters are in place so that possible junk mails go to the Junk Mail folders. These Email programs are very powerful and can be used to ensure that only valid emails are available in the inbox. Also, be careful opening emails from unknown sources and do NOT click yes to download any attachments or go to any suspicious links as these can trigger some malware to be downloaded onto your machine
Virus Protection and Firewalls: Always stay upto date with latest virus protection software and firewalls. These companies are constantly battling hackers who try to introduce trojans, botnets etc into your computer — some of these will merely slow your computer down with popup ads while the more malicious one will capture your keystrokes and transmit them on a periodic basis to some hackers who will be able to get into your accounts and lock you out! Hence, executing the latest virus protection software periodically and ensuring that the firewalls are always present will reduce this risk
Internet Cafes: To use an old adage, “Internet cafes are like public restrooms — you do not know what you are gonna get!” Never use Internet Cafe for any work which requires Userid and password such as checking emails or bank balances etc. The same holds true for using the Public Library, Hotel Business Center etc. When you logon to these computers, your personal information is generally stored in cookies and cache and somebody can come in after you and access this information. Worst case — if you ever had to do this, change the password immediately when you get to your personal laptop or desktop!!!
Your Personal Home Wi-Fi: Always secure your personal Wi-Fi Router with Encryption and password protect use of this Wi-Fi so you control access. This is very important — failing to do this could keep you open to somebody using your Wi-Fi to download proscribed stuff from the internet such as terrorist material, child porn to their computers and you can end up having the FBI breaking down your door at 3 AM in the morning to arrest you for these crimes! A number of such cases have been reported over the years
WiFi “hotspots” on the road: Never connect to any unsecured Wireless when on the road. I have known friends who would be desperate to get online and would look for the first available (unsecured connection)! This is a very dangerous practice for your financial health – hackers keep such WiFi hotspots open and are called “honey pots” — and gather your UserId /password, and download all kinds of malware or trojans on to your laptop which they can use to steal your personal information or take control of you computer with botnets and other malicious software
Mobile Phone Keypad lock: Remember two words — “Tiger Woods” ! Tiger could probably have avoided all his problems and still be World Number one if he had his mobile phones’ Keypad locked with a passcode that was secret to him! Seriously though, We do a lot of internet access using smartphones these days and we need to protect it like a laptop.
Smart Phones for Banking Transactions: Be very careful when using Smart Phones for Banking and other financial transactions — these are cutting-edge new technology with a number of flaws that hackers are trying to exploit. Security Journals are full of stories of different issues that have been coming up in the last few months — in my opinion, security protocols are behind this technology and will be a while before they catch up. So, I would recommend using this very sparingly knowing the risks!
Smart Phone dos and dont’s: Most of the infections that have plagued iPhone users occur when the phone is jailbroken. Jailbreaking is the process of removing the limitations imposed by Apple on devices running the iOS operating system. Jailbreaking allows users to gain full access (or root access) to the operating system, thereby unlocking all its features. Once jailbroken, iOS users are able to download additional applications, extensions and themes that are unavailable through the official Apple App Store.” Jailbroken phones are much more susceptible to viruses once users skirt Apples application vetting process that ensures virus free apps
Smart Phone Security: Be suspicious of unknown links or requests sent through email or text message: Do not click on unknown links or answer strange questions sent to your mobile device, regardless of who the sender appears to be. Download only trusted applications i.e. download “apps” from trusted sources or marketplaces that have positive reviews and feedback.
Wired Connection vs. Wireless Connection: My personal preference is for Wired connection on my laptop for financial and other transactions requiring Userid & Password. Wired connections are harder to hack by outsiders than Wireless. A wireless connection, if not enrypted correctly, can be hacked by somebody sitting a few hundred feet away using a simple radio antenna device which is available on the internet for hackers! As an example, when I travel I always ask for a hotel room with a wired connection.
Phone calls: Never respond to questions from your bank, credit card company when you get a phone call. I will always tell them that I will call back at the number on the back of the card to discuss any matter. This way you prevent being a victim of somebody pretending to be the financial institution and gathering your personal information.
Do not Call List: It is a good idea to put your phone number on the do not call list as this will prevent mere “junk mail” and more maliciious calls seeking personal information over the phone which could be revealed in a moment of weakness!
Data Breaches: You must have seen a number of stories where hackers obtained Personal Information from Sony, Citibank and a number of other large organizations. This companies spend millions of dollars each year to protect personal information but events such as this occur. If you are notified of a breach, follow up with the company and also check with your credit monitoring agencies to see if any accounts have been created under your social security number etc. Also, in such case, change your password periodically as indicated earlier. Currently, there is no way to prevent credit card fraud, or “account takeover.” Instead, check your statements diligently and refute unauthorized charges within 60 days, or two billing cycles. In most cases, your credit card company will quickly resolve the issue.
Keep these points mentioned above in mind when using the Internet and your personal financial health will be in a fit shape.