By Fatma Younis
Cyberattacks are becoming more frequent and sophisticated, with artificial intelligence enabling hackers to identify security vulnerabilities at unprecedented scale. The recent $6.3 billion hack of Binance, one of the world's largest cryptocurrency exchanges, underscores the threat to both digital and traditional assets.
Update passwords and activate two-factor authentication
All passwords, especially those for banking and finance apps, should be unique. Reusing passwords across multiple sites multiplies exposure risk in data breaches. Random combinations of letters, numbers, and symbols are stronger than passwords containing personal information. A reputable password manager can store these securely. Never enter banking credentials on other websites or share them with AI assistants. Two-factor or multi-factor authentication adds an essential extra layer; authenticator apps are safer than SMS codes.
Install software and update apps promptly
Software updates often contain fixes for known vulnerabilities already being targeted. Delaying updates leaves devices exposed. Enable auto-updates for browsers and apps to simplify the process. Be wary of update prompts received via email or website pop-ups, as these are typically scams designed to install malware.
Use private networks for financial transactions
Public Wi-Fi should never be used for online banking or payments, as criminals can easily intercept data. If unavoidable, a virtual private network (VPN) provides protection. Home networks also have weaknesses: smart devices like speakers, cameras, and thermostats often have simple passwords and infrequent updates. Disconnect unused devices or create a separate wireless network on your router for them.
Treat all financial communications as suspicious
Assume any call, text, or email from your bank could be a scam until verified. Some banks allow app-based verification of incoming calls. Banks will never ask for full PINs, online banking passwords, or one-time passwords verbally or via text. If suspicious, ignore the communication and contact your bank proactively using a known number. For safe access, dial 159, an automated switchboard that routes to most major UK banks.
Create multiple ways to access your money
Splitting funds across several institutions ensures payment options remain available if one bank experiences an outage, as seen recently with Revolut, Lloyds, and Santander. The government's Be Ready campaign also recommends keeping some cash on hand in case card payments and ATMs are broadly affected.
Monitor accounts for unusual activity
Regularly check bank and credit card statements for unrecognized transactions. Conduct security audits through your password manager to detect exposed passwords. Free credit score services like Experian or Equifax can help spot changes indicating fraud. These steps are not time-consuming and rely on common sense to avoid disruptive financial incidents.
