Banking on the Internet of Things: How to Protect Your Data on IoT Devices

Banking might not be in the top applications of internet-of-things (IoT) devices now, but it will be sooner than you might think. The rise of 5G wireless technology will boost the digitization of financial services, which will inevitably become accessible on more pieces of connected hardware.

But the future where IoT banking is the norm is a cyber-security nightmare. According to Fortunly, there have been countless incidents of hacks and frauds in recent years that have endangered the financial data of millions of people across the world.

Understanding what cyber criminals are capable of, the manufacturers of IoT devices are doing their best to protect their customers from data breaches. However, all of their efforts will go to waste if consumers do not play their role in protecting their own information online.

Below are some effective ways to secure your IoT devices in order to prevent yourself from falling victim to financial data theft.

Buy Reliable Security Software

Spend good money on a piece of reputable software that can deliver 24/7 protection against different types of existing and emerging malware. Cyber security may not come cheap, but you can’t put a price on internet safety.

Use Different Strong Passwords

Never reuse your login credentials. Ideally, you should create and use a strong password for every account. This way, any cyber attackers will find it more difficult to hack any of your devices and minimize the damage when one is compromised.

Read Privacy Policies

Before using any apps, take the time to peruse the privacy policy to know what information of yours will be collected, with whom it will be shared, and how exactly it will be used. Yes, it is tempting to scan large chunks of text and immediately click the “accept” button, but reading everything is worth the trouble.

Switch Off Wi-Fi and Bluetooth Access in Public

IoT devices can’t talk to one another without the internet or Bluetooth connection. The moment you go to public space while your gadgets are busy having a conversation, you might unwittingly let them connect to the smartphones of strangers. Some brands do allow their users to share information with each other automatically within a certain distance.

If you are in a place with a hacker or a fraudster, your financial data can end up in the wrong hands. You should consider turning off your Wi-Fi and Bluetooth access when you do not need to be connected, especially when you leave your house.

Download Firmware Updates

Last but not least, keep the firmware of your IoT devices updated whenever possible. It is the only way to address their hardware security holes in order to reduce your susceptibility to cyber-attacks.

The problem is that device manufacturers may have their own unique firmware update procedures. It can be inconvenient to learn each of them, but it is just a small sacrifice to lessen the vulnerability of your IoT devices.

Biggest Bank Frauds

Failure to protect critical assets allows cybercriminals and even insiders to exploit the vulnerabilities and compromise the banking systems as summarised in infographics below.

The Biggest Ever Cases of Bank Fraud

Infographic source:  Fortunly