Financial security How to keep your money safe
From investment and banking ideas to online security at home, we look at how to keep your money safe
After almost a year of workplace change, it’s perhaps no surprise that ‘cybercrime’ was the buzzword for 2020. Scammers were most likely to target older men with 20% of men over the age of 77 admitting that they’d been the victim of financial crime, according to the Great British Retirement Survey 2020.
What’s more, only 43% of men and 42% of women ever received their money back, despite enhanced protection now available. Since the introduction of confirmation of payee last summer, banks should automatically tell you if a name matches an account number. Unless in the case of gross negligence, authorised push payment (APP) scams should also be covered under a voluntary code of practice. Still, it’s not always individuals who are targeted.
Last year, some 70% of UK financial firms suffered a cyberattack, with more than half credited to the shift in remote working due to Covid-19. According to new research by the Ponemon Institute, commissioned by Keeper Security, 41% of finance bosses claim their business is now at risk of a major data breach. This is due mainly to human errors, such as staff using work devices on an unsecured home network.
So, what tips can we all follow to keep our money safe, both at home and in our investments? Firstly, be wary of any unusual phone calls — especially ones that say your computer or broadband has been compromised. Always verify with the company in question, but use the ‘contact us’ number on the website and contact them yourself.
When investing, ensure that the fund is held at a reputable stock exchange or through a regulated provider. And if holding cash or ISAs in a bank account or building society, try and keep each account under £85,000, so it’s covered by the Financial Services Compensation Scheme in case the bank fails. For joint accounts, this amount is covered per person, per financial institution.