Cybersecurity Checklist: 8 Ways to Protect Your Financial Life Online

Banking, investing, paying bills, and managing retirement accounts online can make your financial life easier, but it also creates opportunities for cybercriminals. Phishing emails, fraudulent websites, account takeovers, and identity theft can put your personal and financial information at risk. 

How can you protect your financial accounts online? Start with these eight cybersecurity habits: 

1. Use Strong, Unique Passwords 

Instead: 

• Never reuse the same password across financial accounts. 

• Create long, unique passwords or passphrases. 

• Consider using a reputable password manager. 

• Change a password promptly if you believe it has been compromised. 

2. Turn On Multi-Factor Authentication 

Multi-factor authentication (MFA) adds another layer of protection beyond your password. Enable MFA whenever available, particularly for: 

• Bank accounts 

• Investment and retirement accounts 

• Credit cards 

• Email accounts 

• Tax and financial applications 

Authenticator apps or security keys may provide stronger protection than text message codes when available. 

3. Be Suspicious of Unexpected Messages 

Phishing attempts often create urgency: Your account is locked. The payment is overdue. Click here immediately. Don't use links or phone numbers in an unexpected message. Instead, independently visit the company's official website or call a trusted number you already have. 

4. Protect Your Email Account 

Your email can be a gateway to your financial life because password-reset requests often go there. Use a unique password and MFA for your primary email account and regularly review your account for unfamiliar activity. 

5. Avoid Financial Transactions on Public Wi-Fi 

Public Wi-Fi networks, such as in airports, hotels and coffee shops, may expose you to additional security risks. Avoid accessing sensitive financial accounts on unsecured networks. When possible, use a trusted private network or your cellular connection. 

6. Monitor Your Financial Accounts 

Review bank, credit card, and investment accounts regularly. Watch for: 

• Purchases you don't recognize 

• Unexpected withdrawals or transfers 

• Changes to contact information 

• Password-reset notifications you didn't request 

Consider enabling account alerts so unusual activity can be identified quickly. 

7. Keep Your Devices Updated 

Software updates often contain important security fixes. Enable automatic updates for your: 

• Smartphone 

• Computer 

• Tablet 

• Web browsers 

• Financial apps 

Also use screen locks, device encryption when available, and reputable security software where appropriate. 

8. Protect Your Personal Information 

Cybercriminals can use personal information to make scams more convincing. Be cautious about publicly sharing on social media, birthdays, addresses, travel plans, family information, and other details that could be used to impersonate you or answer security questions. Consider using an email address that doesn’t include your name or birth date. Avoid answering calls from unknown numbers, and don’t use your name when doing so.  

What Should You Do If You Suspect Financial Fraud? 

Act quickly. Contact the affected financial institution using a verified phone number, change compromised passwords, review other accounts that may be affected, and consider checking your credit reports or placing a fraud alert or credit freeze when appropriate. 

Protecting Your Financial Life Is Part of Financial Planning 

Cybersecurity isn't just a technology issue; it can also be an important part of protecting your financial well-being. 

At Lightcap Financial Group, we encourage clients to take proactive steps to safeguard their financial information and accounts. Good financial planning isn't only about building wealth; it's also about helping protect what you've worked to create. 

Helpful Resources:  

Visit these sites for additional guidance on identity theft, online security, and protecting investment accounts. 

Federal Trade Commission's IdentityTheft.gov 

Cybersecurity and Infrastructure Security Agency (CISA) Best Practices https://www.cisa.gov/topics/cybersecurity-best-practices  

Investor.gov https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated-2 

This material is provided for educational and informational purposes only and is not intended as individualized investment, legal, tax, or cybersecurity advice. No security measure can eliminate all cybersecurity or fraud risk. 

This commentary reflects the personal opinions, viewpoints and analyses of the Lightcap Financial Group, LLC employees providing such comments, and should not be regarded as a description of advisory services provided by Lightcap Financial Group, LLC or performance returns of any Lightcap Financial Group, LLC client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Lightcap Financial Group, LLC manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.