Managing Money in a Digital World
DIGITAL BANKING
Did you know 78% of Canadians use digital channels (online or app-based) when it comes to banking? Digital banking can offer many benefits, but it also comes with its disadvantages. Here are some tips to help you manage your money and stay safe in the digital world.
BENEFITS
- Online and app-based banking allows you to save time and complete your bill payments, transfers, and deposits from just about anywhere. It also gives you 24/7 access to your funds.
- You can save money if you choose banks that offer no fee chequing accounts, unlimited debit purchases, bill payments and withdrawals.
- Tap and pay provides a hassle-free banking experience, eliminating the need to count cash or memorize passwords and PINs.
- You can conveniently deposit a cheque through your smartphone without the need to visit a physical bank.
PROTECT YOURSELF FROM A CYBERATTACK
- Create strong, unique passwords for each app.
- Opt for biometric authentication for added security.
- Avoid public Wi-Fi when accessing banking apps.
- Only download apps from trusted sources like the official app stores.
IDENTITY THEFT AND FRAUD
Fraudsters can use your personal information, like your address, social insurance number, and bank details, to apply for loans or credit cards in your name. They can even go as far as creating fake IDs like passports or driver’s licenses using your identity.
Here are some tips to stay safe:
- Never share sensitive information unless you are sure its your bank.
- Beware of suspicious emails and texts requesting personal details.
- Avoid clicking on unexpected attachments or links in email or texts.
- Report lost or inactive phones/SIMs immediately.
- Verify ‘HTTPS’ in URLs before sharing info.
- Use malware protection for device security.
- If someone calls you for information. Hang up and call them directly.
MONTHLY MONEY TIP
“Shred everything with any personal information on it. Even an airline boarding pass that only has your name on it. There is a scanner code that a thief could use to access your Air Miles account which may give them access to additional information. Shred or burn everything.”
-Kelley Keehn
Guest of Debt Free in 30 and author of “Protecting You and Your Money: Guide to Identity Theft and Fraud”.
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