Top 5 mistakes that could expose your financial data to cybercriminals

How secure is your financial information? Let’s do a little test: Do you currently have a budgeting app installed on your phone? Statistically speaking, there’s a good chance you do.

Seventy-five percent of smartphone owners have tried at least one. It seems like a smart move to take control of your finances, right? Unfortunately, what many people don’t realize is that apps like these could be exposing your sensitive financial data.

That’s just one example. There are other common habits and oversights that could leave your financial data wide open to cybercriminals. 

Mistakes like these don’t just jeopardize your bank account, they can lead to devastating consequences like identity theft, mounting debt and even shattered retirement plans. I’ll walk you through the five biggest mistakes that could be putting your financial future at risk, and, more importantly, how to avoid them.

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The 5 biggest mistakes you should avoid

Navigating the digital world can be tricky, especially when avoiding common pitfalls that compromise your privacy and security. Here are the five biggest mistakes you should avoid:

1. Neglecting security measures

This is one of the biggest pitfalls many of us fall into. There are so many things we have to do these days to keep our online security up to par. It’s easy to grow complacent, essentially leaving the door wide open for cybercriminals to walk through. Here are the basics you should never forget to follow:

Enable two-factor authentication (2FA) everywhere you can, especially online accounts that hold your financial information.

Keep your software updated. Hackers exploit known weaknesses in old versions of apps, operating systems and even browsers. So, be sure to regularly update your software on all your devices.

Avoid using public, unsecured networks, especially when accessing sensitive accounts like online banking or even e-commerce. If you have no other choice, use a trusted VPN to encrypt your online activity, including financial information. For the best VPN software, see my expert review of the best VPNs for browsing the web privately on your Windows, Mac, Android and iOS devices

A woman scrolling on her phone  (Kurt “CyberGuy” Knutsson)

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2. Reusing passwords

Though technically a…