Outer Limits Consulting

Banking Rules

1. Destroy your bank debit card.
Cut up your debit card right now. It's the electronic key to your bank accounts, and unecessary.

2. Only use credit cards.
Use a credit card, not your debit card, everywhere you go: on the web, in restaurants, anywhere.

3. Use a separate bank account online
If you pay your cellphone bill, rent, utilities or anything electronically, they may have asked you to provide your bank account information to set up
auto-pay. Funny, since it's actually auto-take as they reach into your bank account each month and take whatever they decide. Don't give them the number to your main bank account.
Get another account specifically to use on the Internet. Keep just enough money in it to cover the bills. If your utility company, or anyone else, gets hacked, or decide you owe more than you do, you'll only loose that small amount sitting in that special Internet account, instead of all your money.

4. Setup multi-factor authentication.
Passwords aren't enough. Setup multi-factor authentication for your online accounts, especially for your bank. If you haven't yet, see this for more information

Here's why

Bank accounts aren't protected like credit cards. If your bank account is hacked, that's your money they're taking. But if a scammer/hacker gets your credit card information, it's the credit card's money he's taking, not yours. Credit card companies want you to keep using their cards and gladly erase fraudulent purchases or transactions to keep your confidence. The amount they loose on fraudulent transactions is small compared to what they make when people are using their cards.
So destroy your debit card, use your credit card and get another bank account. Be proactive in protecting your money.

Quick hint

If you've already given your bank account number to anyone, you should make that your Internet Account. Get a new account and transfer your money into it and never give that new account number to anyone.

Think of every company that you've given your bank information to. Any one of them could get hacked and it's your data they're taking, then your money. Don't trust anyone, not your cell phone company, not your rent management company, not ever the IRS. Give them your credit card and if won't take that then give them your new Internet Safe bank account.

Disclaimer: This information is based on our experience and of course your experiences may differ.


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