Is Your Bank Secure? How to Protect Your Financial Information

Modern day banking is made to be easy – we login into our bank’s app on our mobile devices, click around, and boom – we’ve quickly moved a couple hundred dollars. Easy, however, does not always equate to secure, as we’ve consistently seen attacks occur time and time again both on online banking apps, as well as on actual financial institutions – all in the effort of stealing customers’ personal information and money. That’s because, for financially motivated cybercriminals, attacking a bank just makes sense.

According to a recent survey McAfee conducted with Ovum, Closing the Cybersecurity Gaps in Financial Services – a Global Survey, it turns out financial institutions are using so many different pieces of security software that they are creating information silos. These silos are putting companies at risk of being hacked, which ultimately puts customer info at risk. That means routing numbers, credit card numbers, and social security numbers could all be compromised with a data breach.

Financial Institutions need to look to new ways to secure consumer’s personal information, such as integrated security platforms, from increasingly sophisticated attacks. In the meantime, it’s important to know what can you do as a customer to ensure your personal and financial information stays secure. We have a few tips:

1. Keep a close eye on your bank account and credit report. Even though you can’t stop your bank from getting attacked, you can stay vigilant so that you’re immediately aware of when your personal data has been compromised. That way, you can address any red flags before serious damage is done.

2. Don’t give away too much personal info if you can help it. The best way to keep your personal information safe is by keeping it to yourself. Unless a site or service absolutely requires it, try to limit the amount of personal information you share. If you do give out your personal info, research the company you’re giving it to first to see if they have security top of mind.

3. Use a comprehensive security solution. Whether you’re banking through a mobile app, or contacting a financial services institution over the web, make sure all your devices are protected. Use a comprehensive security solution, like McAfee LiveSafe, to keep your personal data out of the hands of cybercriminals.

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