It should be understood that fraudsters are frequently trying to access people’s information, including bank details, usernames and passwords so they can gain access to your investments. They may even go so far as to pose as investment companies’ representatives via email and social media.
While this may seem worrying, there are numerous actions you can take to fortify your online security to protect sensitive information. Here is a summary of our top security tips to help protect your investments from these opportunistic criminals.
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Protect your investments from fraud attempts
- Enable two-factor authentication
Sometimes abbreviated to 2FA, two-factor authentication adds an extra layer of security to ensure only you can access your accounts. Characteristically, the user will enter their username and a password. Then, it would be best if you were required to provide another piece of information before logging into your account. This second factor could come in the form of a PIN, fingerprint or iris scan.
- Regularly upgrade your anti-virus and security software
It’s a good idea to purchase or upgrade anti-virus software. Make sure that you buy the software from a reputable anti-virus company. You can generally set it to automatically update within a time period of your choice, e.g. daily or weekly.
It’s recommended for extra protection to install a personal firewall (another security device) that impedes external devices from accessing your computer.
- Safeguard your devices and passwords
Don’t allow your browser to save the passwords for your accounts automatically. Also, please ensure that your passwords consist of letters, numbers and symbols; the combination significantly reduces the chances of a hacker cracking your password.
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Protect your investment from phishing
The practice of criminals contacting you via electronic communication channels pretending to represent your investment company to induce you to reveal personal information is known as phishing.
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Go with your gut: If it sounds too good to be true, it probably is
Avoid offers that promise high investment returns in a short space of time
Fraudsters are usually known to promise very high returns on investments within a short time without any risk – don’t be fooled. An investment manager would typically tell you that investments that can have high returns are generally subject to market fluctuations which is a risk you need to be willing to take.
Scammers are usually waiting for unsuspecting investors to try and withdraw their money from the fraudulent investment. Once they see funds are trying to be accessed, they usually implement delays and sometimes ask the investor to pay extra cash to release the funds. Eventually, the scammer blocks contact, and the investor loses their money forever.
When it comes to investing, you should always keep a level head. Promises of high investment returns in a short period trigger your emotions, clouding your logical judgement which can be detrimental to your portfolio. Think of online security as a long-term, low-risk investment in itself. You’ll have peace of mind that the returns you earn will be legitimate.