There are hundreds of personal finance software solutions available on the market at this moment. From Mint to Personal Capital, cloud-based software can help you keep track of your expenses, income and personal loans.
Personal finance software is a game changer for people who want to take charge of their finances. This is especially true for busy people who find it easier to manage their accounts using a single software solution.
If you manage your software using a cloud-based system, your primary concern should be security. According to a recent article published by CNBC, approximately 41 million Americans have been the victims of financial theft.
Is Your Cloud-Based Software Secure?
As the incidences of hacking increase throughout the world, people are becoming more vigilant about protecting access to their financial accounts. Unfortunately, there are millions of people who continue to downplay their chances of getting hacked. Take a look at these recent statistics.
- 42 percent of consumers do not monitor activity on their credit reports.
- 36 percent of banking customers rely on unsecured Wi-Fi networks to conduct online banking transactions.
- 25 percent of American consumers use similar account passwords for all of their accounts.
When it comes to protecting the security of your finances, how secure is your cloud-based personal finance software? If you are not sure about your software’s security, it is a great time to get the knowledge you need to protect your finances. Here are a few things you can do to protect your accounts using any personal financial software solution.
1. Research the software before you enroll in the program
One advantage of having access to the internet is you can get real-time information about cloud-based software solutions. Read customer reviews to determine if customers have experienced security problems. There are articles that have been written that can tell you about the pros and cons of the popular types of financial software.
2. Create strong PINS and passwords for your accounts
Use a combination of symbols, letters and numbers for each account. Using the same password might be convenient, but resist the urge to use the same password and PIN for each account. Be sure to change your passwords frequently.
3. Never save your software passwords on your computer
If you are prone to forgetting your passwords, write them on a piece of paper and keep them in a secure place. Hackers use sophisticated malware to gain access to your computer without your knowledge. It is best to protect your password and not leave your security to chance.
4. Log out of your cloud-based personal finance software completely
If you do not log out on a shared computer, another person can have access to your information. Always verify that your session has been terminated.
5. Take precautions when you are using public Wi-Fi connections
Airports, restaurants and hotels offer Wi-Fi connections with reduced security settings. Although this makes it easier for patrons to access the internet, it provides an opportunity for hackers to intercept your financial information.
Your cloud-based personal financial software is only as secure as the actions you take to protect it. Applying these tips will help you increase the security of your personal finance software.