Five steps to take to fraud-proof your investment accounts

Your typical investment account holds significantly more money than a checking or savings account. That’s the idea, right? Unfortunately, that means that these accounts are attractive to cybercriminals. Banks, investment firms, and other financial institutions bear responsibility for securing investment accounts, but you can also make your investments more secure by putting protections in place. 

We suggest starting with these five measures. 

1. Always choose two-step authentication. Are you logging in with just your password? That’s not the most secure route to accessing your information. Most platforms allow you to implement a step-step authentication process. Two-step authentication lets you prevent unauthorized access to your account by having you verify your identity. This can take a variety of different forms, such being texted a one-time code.
2. Make your passwords secure. We know how challenging it is to manage passwords these days. But bad password practices make it easy for criminals to access your accounts. Weak passwords are a major security risk. A weak password isn’t just a simple one, either. Using the same password across multiple accounts is also a security risk. Every password should be:
   1. Complex: Use upper- and lowercase letters, special characters, and numbers in every password. Don’t use common phrases or sequences of letters or numbers.
   2. Unique to each account you have
   3. Changed regularly 
3. Set up alerts on your accounts. Scan your monthly account statements. You should review them for any unauthorized transaction. However, you don’t have to wait a month to see if there has been unusual account activity. You can ask that your institution notify you via text or email of all activity. For example, they can confirm any orders to buy, sell, or transfer assets. If you didn’t authorize it, then contact them immediately.  
4. Consider biometrics. Your smartphone and laptop let you do more than manage your funds - they let you secure them, too. Biometric measures like facial recognition, can provide an additional layer of security that is almost impossible for criminals to bypass.  
5. Email with caution. Malware can wreak havoc on your security. Protect your devices and your accounts from intrusion by practicing caution with emails. 
   1. Don’t click on links in emails. Instead, access your account through your browser search and locate the information that way. 
   2. If the email is poorly spelled, written, or formatted, delete the email and then empty your trash. If you concerned about missing important information from your financial institution, you can always call them to verify. (But don’t use the number on the email - get all contact directly from their website.)
   3. Keep your antivirus and malware protection software updated.

Keeping your investments secure isn’t just about choosing the right funds or broker. You need to keep them digitally secure. Taking a multilayered approach and staying alert to threats can provide an additional boost of security that reinforces the hard work your financial service provider is already doing.