Financial Technology
Financial Technology Is Everywhere — Even in Your Pocket!
Technology is prevalent in nearly every aspect of daily life, including finances. Financial technology, known as fintech, can include online banking, e-commerce, digital and mobile wallets, and investment platforms. The smartphone in your pocket and the computer on your desk have become vital tools for business and personal financial transactions. While there are many benefits that come with the ease of fintech, it is critical to keep up with security measures and best practices to protect yourself.
Best practices include:
Online Account Security
Keep current with computer and phone software updates. New software often has enhanced security measures. Don't share personal information (Social Security number, credit card number, or passwords) with unknown entities. If you do have to provide that information, before it is shared, evaluate why it is needed and the trustworthiness of the requesting organization.
Financial Technology
Make sure you use a password on your phone and consider signing up for your provider's lost phone program. The FTC recommends using at least a six-digit password. Your account passwords should be a combination of letters, numbers, and symbols and don't use the same password in more than one place. Know that public Wi-Fi spots are often unsecure. Only use secure networks and encrypted websites if you're submitting personal information. If you manage your money online whether to manage your spending plan and pay bills or to invest your money, be sure to research any applications or platforms you're considering and make sure you understand the capabilities, security, and any associated fees.
Two-Factor Authentication
This is adds another step to your sign-in process for additional security. One example is receiving a text message or email with an authorization code, that is only valid for a short period of time. Consider adding this to accounts related to sensitive financial information.
Financial Technology for Consumer Protection
Do research to ensure that you understand any major purchases you're making online. When using mobile payment apps (such as Venmo, Cash App or Zelle), double check that you are sending the correct amount to the correct person and only send money to people you know.
Additional Resources
- Tips To Help You Create a Plan For Your Digital Assets
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