How to Keep Your Finances Safe When Making Money Online
With technology becoming more sophisticated by the day, it has never been easier to make money from the convenience of your smartphone or laptop. While this is a great way to create a side hustle or new business and grow your wealth, it can come with many risks.
Just because you don’t own a physical store with items, doesn’t mean you can run a or make extra cash online risk-free. From your sensitive business information to your betting bank accounts, you will need to be careful.
You shouldn’t have to miss out on these opportunities and let the risks hold you back. As long as you take the time to learn how to keep your finances safe when making money online, you can make money with peace of mind. Here are some top tips to help you get started.
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#1 Use security software
Whether you are making money on your laptop or with your smartphone, you should always install high-quality and trustworthy security software. This will protect your devices from malicious software and malware. When you make money online, you are likely sharing important information, for example, your bank account details, customer information and sensitive business documents.
Unfortunately, cyber-attacks are extremely common, and it has been reported that hackers attack every 39 seconds. If your details are subject to a cyber attack, you may lose your money and your devices and it can be very hard to come back from, especially if you work with customers. To avoid this, you should find credible security software and secure your devices. Make sure you keep it up to date.
#2 Keep information safe
It is common knowledge that your passwords should always be kept secret and stored securely. But did you know that you should also be careful with how you share other personal details, such as your name, date of birth, phone number, email address and home address?
You should not share this information with any person or any company online unless it is vital to do so. Although that information is basic, it will provide impersonators with enough information they need to cause damage. You should also ensure it is stored safely when using your phone and laptop.
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#3 Partner with reputable companies
Whether you like to bet online for some extra cash, or have set up a side hustle selling an item online, you should be careful who you partner with. For example, if you participate in betting, you should make sure they are a reputable company that complies with trading standards and have features such as same day processing withdrawals.
If you are working with suppliers to sell items to a business you have started, you should ensure you can test the products and develop a good relationship with the suppliers before signing any contracts.
If you follow these top tips and spend a little time making sure you know how to act online, you will be able to make money online in a more secure way and keep your hard-earned money safe.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies