How To Keep Your Money Safe
Economic literacy is something that many of us take for granted, and that many more of us wish we knew a little more about. Unfortunately, a considerable portion of UK adults are not fully aware of the ways in which they can protect their money, which is under ever-increasing threats from cyber-criminals and sophisticated scammers.
In times of increasing economic uncertainty, it’s more important than ever that your money is kept as safe as possible – whether from market tribulation or potential scammers. Here, we will explore some of the best approaches you can take to keep your well-earned cash safe and intact.
1. Banking Wisely
Step one in your quest for safer saving is to choose the repositories for your money wisely. Opening a savings account for your money can be a hugely useful way to hold and accumulate wealth, especially where higher interest rates are concerned. It is also the case that savings accounts often enjoy a higher level of protection, keeping your money safer from would-be fraudsters or cyber-criminals.
It is important that you do so with a reputable bank, though; choose a bank or building society with a high customer satisfaction rating, and ideally with a good word-of-mouth reputation. This way, you can be sure to receive quality customer service and rest assured that your savings are in the right hands.
2. Banking Safely
While choosing where you bank your money can be vital for security and peace of mind, it is just as important that you monitor your banking carefully. You should make sure to log in to your digital banking platforms on a regular basis, and to check over your bank statements to see if there are any irregularities. If there are any transactions you do not recognise, you should consult your bank immediately.
The same goes for your credit rating, which can have a profound impact on your future eligibility for loans or mortgages; scammers frequently commit identity fraud and open lines of credit in others’ names, having an adverse effect on their credit score without them knowing. Just as you check your transaction history regularly, you should also perform a regular credit check to make sure there’s nothing unexpected waiting for you.
3. General Safety Tips
Lastly, there are some general behavioural approaches you can adopt in order to ensure the safety of your money in the long run. The most important of these is the close guarding of all your banking details. You should never give out your PIN to anyone; you will not be asked to hand over or recite your PIN by any banking advisor or employee, and anyone who does ask for your PIN likely has ulterior motives.
Likewise with your account number, sort code and debit or credit card details, which you should keep close to your chest where possible. Do not write any security information on paper, and do not fill out any forms or respond to any emails regarding your banking security without verifying that they are genuinely from your lender or banking provider.