As if you needed another reason to be concerned about your financial well-being. Financial experts throughout the United States are continuously warning consumers about the dangers of various financial reaches. And with good reason. Throughout the past several years, there have been serious security breaches at some of the nation’s largest – and most trusted – retail stores.
When it comes to securing your financial information, there are many elements that are outside of your control. However, this doesn’t mean that you have to fall victim to these crimes. We spoke with a top security firm to discuss ways you can protect yourself. With the number of elements that are outside of the realm of your control, there are many more that are within your control. Whether you’re looking actively protect your credit card information or are simply wanting more information about how you can safeguard this essential portion of your life, this article delves into the various steps you can take to help reduce your risk when it comes to technology breaches.
Tip #1 – Use a Prepaid Credit Card
According to our research partner, this is perhaps the most secure way to carry out digital transactions. These cards are in no way connected to your bank accounts, which make them the ideal solution to this ever-present problem. However, they do have some downsides to them. The most noteworthy of these is there is virtually zero fraud protection. Therefore, if a thief gets a hold of your card number, you will likely just be out of this money. However, you can prevent this from being truly detrimental by only loading a small amount of money on the card to cover specific purchases. It’s a good idea to use a different card every month to reduce the likelihood of this happening.
Tip #2 – Temporary Cards
The majority of major financial institutions, such as Bank of America and Wells Fargo, offer what’s known as a single-use credit card. Just as its name suggests, these cards are only good for a single purchase. While these are a viable option, they are a pain for some consumers as you must go and retrieve a new card for every purchase you wish to make. However, if you’re planning a large purchase, then they may be a great option for you.
Tip #3 – Stick With Cash
While this may seem outdated, the safest way to protect your financial information is to limit its spread across the retail industry. Instead of using your debit card or credit card, opt for using cash instead. According to leading industry experts, traditional cash purchases are – and will always – remain the safest way to spend your money.