Rather than let inflation chip away at your savings, investing the money is a proven way of reaping the long-term benefits of market growth. Securing your investment platform account from theft, fraud, and other digital risks is crucial.
Here are the steps you should take to improve your investment account resilience and security.
None of the subsequent steps will be effective if your investment platform doesn't provide adequate security.
Does it employ high encryption standards like AES-256? Is there a reimbursement policy in place in the event of data breaches and the consequences that originate on the platform’s end? Were they involved in past breaches? If so, how were those breaches handled and communicated to the public?
Platforms that can answer these questions to your satisfaction are better protected against cyberattacks and more likely to act in clients’ best interests if and when something happens.
It's hard to keep track of everything we sign up for with our email accounts, even ones primarily used for business. One or more of the services tied to your email could have been compromised through a data breach, possibly exposing your credentials or even personally identifiable information.
If you want to use an existing email address, check whether it’s ever been part of a cyber incident. Even if it wasn’t, it’s a good idea to set up a dedicated address to help you keep track of related messages and notifications.
Poor user behavior turns passwords from effective security measures into exploitable vulnerabilities. The last thing you want is to tie a common or short and therefore easily crackable password to your investment platform. Reused passwords exponentially heighten risk since each account that shares one represents a potential entry point for attackers.
The safest and most effective course of action is to use a password manager to handle not just your investment account credentials but all other important ones as well. The manager automatically generates and securely stores as many one-of-a-kind passwords as you need. Several factors go into considering an adequate password manager for your device. It needs to use state-of-the-art encryption and enjoy a spotless reputation among real users.
Moreover, you may find browser extensions like password managers for Opera, Chrome, Firefox, etc. This makes it easier to use various investment platforms since most browser password managers have an autofill feature.
Any remotely serious financial platform will let you tie your account to a multi-factor authentication method. Since investments are on the line, consider strong methods like authentication via physical tokens or biometrics like fingerprints.
Authenticator apps are another viable option. However, refrain from receiving notifications via text message as they have outdated and inadequate protection.
Finally, you'll want to ensure secure access to financial accounts from all your devices. Start by checking that their operating systems and platform apps receive regular updates. This means patches that address known security risks get applied instantly and automatically. If you're on a PC, install anti-malware and regularly run checks. And if you ever access accounts on public Wi-Fi, use the best VPN available to encrypt your connection and keep your information private.
The final step is to choose and enable secure account recovery options if you ever get locked out. Security questions are a staple; just make sure the answers are something one couldn't easily guess or find out by viewing your social media profiles.
The platform may also allow you to list a trusted contact in case of an emergency.