In these days of high tech crime, fiercely competitive business and down economy, we need all the ammunition we can get to stay safe and save money. Here are six very common mistakes that most people make.
I just bought coffee and see? There it is on my statement.
Don't rely on instant online banking transactions to balance your statement, you still have to do the bookkeeping to keep it straight. Whether or not a transaction shows immediately in your online account depends on the software installed by the retailer. A transaction may take days to show up and have devastating consequences if you forget about it before it happens.
Believing in refund magic
Reverse transactions are rarely instant and usually take 10 days or more to appear. So don't assume the money will be there in a reasonable time after a company agrees to a refund…and don't spend it until you see it.
Not shopping bank rates.
Banking is a competitive industry and bank rates, including interest rates, charges and hidden fees can vary between banks. You do have to balance service with fees, though, because some of the stripped down, no fee banking rates operate by providing a low level of service. Make sure that what you're buying is what you want at a competitive rate and take your business elsewhere if you're being gouged.
Leaving a paper trail.
Treat all banking materials – statements, deposit slips, receipts and checks as if they were the keys to your personal identity, because they are. Don't make it easy for people to gain access to your banking information by wadding up a deposit slip you made a mistake on and tossing it in the trash.
WiFi is great, isn't it?
Agreed, unless you're logging into sensitive information in a public place. Everyone around you in a café, a hotel, a library or any public hotspot is accessing the same connection you are. Most of them aren't hackers. Can you spot the ones that are? Don't assume the WiFi you're using is secure and hand your password to the thief in the hotel room next door.
Using common passwords
If it's easy for you to remember, it's usually easy for someone else to figure out. Birth dates, kids' and pets' names, and clever words like "password" are on the list of most hackable. Your average identity thief doesn't have high tech equipment. They come in armed with a list of educated guesses. The best passwords are combinations of random upper and lower case letters, numbers, and symbols if the website allows it. Don’t store sensitive passwords in your computer…or carry them in your wallet. Consider combining upper and lower case, a symbol, a mnemonic phrase like My Password For This Account Is Hard To Break! (mPfTaIhTb!) and a number, like the jersey number of your favorite team player. The longer the password, the more difficult to break.