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We've been hearing all year about how the world is changing right before our eyes—phrases like "new world order," "the end times," "the new normal" are everywhere. Now more than ever, as the world becomes increasingly digital, it's crucial to protect yourself. Especially as financial institutions like Scotiabank continue to face disruptions.
In my July blog post, "Cash is King," I talked about the Scotiabank outage and its impact, and at the tail end of August, it happened again! It’s not just about Scotiabank—this could happen at any bank. The point is, it's happening, and it's no longer a fluke. The digital age brings conveniences, but it also comes with risks that require preparation and vigilance.
Become Digitally Literate
The more comfortable you are with digital life, the better prepared you'll be to navigate online services, manage your finances, and avoid pitfalls like fraud and scams. Keep educating yourself by casually reading about digital trends, security updates, and new tools to stay ahead.
Prepare for Service Disruptions
Viewing recent banking outages as a warning sign, it's clear that service disruptions are a reality. To protect yourself, set up backup methods for managing your finances. This could include keeping cash on hand, having access to multiple forms of payment, and maintaining accounts at more than one bank.
Make Copies of Important Documents
Having physical copies of essential documents is critical. Whether it’s your ID, passport, or bank statements, make sure you have a secure place to store them. You never know when you might need them in an emergency.
Set up Automatic Payments
If you can't log into your bank due to an outage, automatic payments can be a lifesaver. By setting these up, you can ensure your bills are paid on time, regardless of access to your online banking.
Limit Data Sharing
Be mindful of who you share your data with. Not every company needs access to your personal information. The more companies that have your data, the higher your risk of exposure in the event of a breach.
Strengthen Your Passwords and Use Two-Factor Authentication
Don’t rely on simple or repeated passwords. Create complex passwords and use a password manager (like LastPass or 1Password) if needed. Additionally, enable two-factor authentication to add an extra layer of protection—it's the feature that sends a verification code to your phone!
Use Secure Connections
It’s easy to hop onto free public Wi-Fi because it's convenient—but it can come at a serious cost. Be cautious when using public Wi-Fi for accessing sensitive accounts like online banking. Always use secure connections or a VPN when managing finances online to protect your information from hackers.
Monitor Online Accounts for Fraud
This might be the easiest tip to overlook because we live busy lives, and it’s easy to trust our online systems. However, don’t assume everything is running smoothly with your online banking. Regularly check your accounts for suspicious transactions so you can catch issues early and take steps to correct them.
One last thing...
Helping others stay safe is just as important as protecting yourself. Share this info, especially with those who might struggle with tech—whether it's by sending them a PDF or guiding seniors through security steps. A little support goes a long way!
Take your time and start with small changes, because even little steps can make a big difference in safeguarding your digital and financial life.
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