WORLD PASSWORD DAY: TOP TIPS ON PROTECTING YOUR FINANCES

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An incredible 5.2 million fraud offences were committed in England and Wales in the year up to December 2021, according to the ONS (Office National Statistics), a 41% increase since December 2019, making Fraud the number one crime in the UK.

To celebrate World Password Day on 5th May, the experts at money.co.uk have put together their top tips to stay safe online; from keeping your bank details secure, to the best ways to protect yourself against scams.

James Andrews, Senior Personal Finance Editor at money.co.uk, said: “Fraud is one of the biggest threats to your financial security, however many Brits don’t take the necessary steps to protect themselves online, leaving themselves open to scams, hackers and frauds.

“It might sound simple, but if you want to protect your finances, the first thing you need to do is ensure that all of your accounts are secured with a strong password.

“That’s because while your bank might have extra security, any online shopping accounts or other you’ve saved your details on could still leave you vulnerable to people spending your money on themselves.

“Most people at this point know to make their password a mix of letters, numbers and symbols – however it’s quite common for people to re-use the same secure passwords across multiple accounts.

“Fraudsters know this, so if one password is compromised, it means they’re much more likely to worm their way into other accounts using the same information.

“The best and simplest way to avoid this is to ensure every password you use is unique to that account, so if one is compromised, the rest are safe.

“While it might seem hard to keep track of all these different passwords, it’s important you never write them down on your phone or computer, as this will leave them vulnerable to hackers.

“Password managers are a great way to securely keep track of your passwords. Most browsers and mobile devices offer inbuilt password managers, but there’s also a range of secure third party password managers available, ranging from paid subscriptions to completely free.

“As well as good password habits, it’s essential to have an up-to-date anti-virus and firewall for your laptop or computer. This will help detect fraudulent websites and emails before they cause you harm.

“If you have the budget, investing in more technical software such as anti-spyware is also recommended, as this will block or remove spy programmes designed to steal your personal data.

“Even the best software can be fooled, so it’s also important to learn how to spot fraudulent sites manually.

“Things such as poorly written language, incorrect URLs and missing or incomplete contact details are key indicators that a site is not trustworthy.

“In the past, a simple way of vetting a website was to look for the padlock symbol in the URL bar. However, the more sophisticated scammers have found ways to forge the symbol, so it’s important to carry out other checks before you decide whether a company is trustworthy.

“When it comes to making payments online, it’s sometimes a good idea to make payments using your credit card, rather than your debit card.

“Doing so will give you an extra level of security, as your credit card will have anti-fraud measures in place (plus procedures for dealing with fraud victims).

“It’s also important to know that the Consumer Credit Act will allow you to make a claim to get your money back in the event of a scam, as the credit card company is jointly liable for any misrepresentation by the retailer or seller.

“If you think you’ve fallen victim to a fraud scam, speed is of the essence. Either contact your bank either directly, or dial the new ‘159’ fraud hotline as soon as possible.

“Once your bank has been informed, they can increase the security on your account temporarily to prevent further money being taken.

“For more advice on how to protect yourself against fraud visit: https://www.money.co.uk/guides/how-to-keep-your-bank-details-safe-online”