How to Protect Your Investment When Trading Online
Technology has made trading ever so easy. Today, investment connoisseurs do not need to go too far to put their money to work. In fact, they can stay seated in the comfort of their favorite couch.
Nonetheless, new ways of trading bring along new perils. Trading involves passing sensitive information through the intricate tangles of the World Wide Web which makes investors and trading companies a big target for hackers all over the world.
Improve your password
When you set up your trading account, apart from money, you invested your personal information. Although information seems less protection worthy than your money, in a long-run it can cause much more harm. The password that is your date of birth or the name of your pet is not going to be very effective. Look for a password that is complex but memorable. For example, substitute certain letters in a word for symbols, choose longer phrases and use upper and lower case letters.
Set Up Two Layers of Identification
Ask the trading website or a service you are using if they provide a two-layer identification, most of them do. Two layer identification is an additional step that follows the usual login and password. It can be anything from a text sent to your phone with a verification code, change in contact information or a small account transfer. The company can also send you an alert every time your personal information are updated to warn you if you were not the one to change them. Call your services and inform yourself about the protection they can provide.For more info on how to avoid fraud check out website against online fraude.
The best way to protect yourself along with your investments is to acquire a basic, not so expensive PC that you will use for accessing your bank, trading accounts, and any other sensitive financial information. The most common type of malware is cross-contamination. It hacks your computer through a download or an opened email link and slowly collects passwords to all your accounts. Having a dedicated PC or laptop will minimize the risk that you or anybody else who uses your device will infect it.
Keeping your software up to date is essential whether or not you have a dedicated computer. Make sure you that all devices used to access your financial information are upgraded. Even though it can be a nuisance, never wait around too long to install the new version of the software as it increases the risk of being hacked substantially.
Trading is a lucrative business and if you are a smart investor, be also smart about protecting yourself. Take all necessary measures and never sacrifice safety for the sake of convenience. Most of all, keep in touch with your bank and trading platform and report any suspicious activity immediately.