Finance experts reveal their favourite security tips

Managing your money might be an important part of life, but it’s probably not your focus every day. For some people, it’s their day job — and they see the best of the best habits, behaviours and strategies.

We spoke to two finance experts about their tips for keeping your savings safe. A common theme? Technology plays an important role in both peace of mind and ease of experience.

MFA all the way

Vision Money mortgage broker Bridget MacGregor regularly shares safety protocols with her clients. Often, they’re small steps in a client’s day-to-day that can protect them from a big loss.

As a broker and in her personal life, MacGregor uses Macquarie Authenticator, a multi-factor authentication (MFA) app, and broadly encourages use of MFA wherever it’s available.

“Online security is so important,” she says. “If your bank or lender offers MFA, turn it on to help stop your internet banking from being hacked.

“We’ve got multi-factor authentication on everything,” she adds.

Slow down before you send

MacGregor warns her clients never to share sensitive information over email and to apply caution when transferring money.

She encourages clients to verbally confirm bank account details via a trusted phone number when making a transfer to a new supplier or someone who has recently updated their details.

“A simple five-minute call could save you from being hacked or sending money to the wrong account,” she says.

If you need to share your personal information, for example as part of an application process, it’s also important to ensure that the person or institution you’re sharing it with is trusted and independently verified.

“Be mindful of sending personal details via email, such as your identity, bank statements or any identifying documents that could be used to apply for credit in your name,” she adds.

“We all work fast, but we should slow down when transferring money.”

Double down on your devices

Alman Partners True Wealth financial adviser Teneale Laister is equally focused on ensuring her clients are up to date on how to keep their money safe. One of her focus points is keeping her devices as secure as they can be.

“Hackers are more sophisticated these days, making potential threats harder to spot, particularly given that we’re all more connected than we have ever been before,” she says.

“I make sure that I keep the software on all my devices up to date, that devices are locked down and trackable, and that I always have anti-virus software in place.”

Laister is an advocate of good digital hygiene, including strong passwords. For this, she encourages use of a password manager.

MFA is also a must, Laister adds, and she uses the Macquarie Authenticator app for security at both home and work.

“MFA offers an extra layer of security to make sure that if someone gets hold of your password, they can’t get into your account,” she explains.

Keep track of your contacts

We all know how busy our inboxes are, and for Laister, keeping her trusted email contacts in order is an important part of staying secure.

Laister notes her clients are generally aware of the dangers in unsolicited contact, such as over email, but that sometimes the sophistication of a scammer or fraudster can catch out even the savviest of people.

She stresses that a degree of caution should always be applied to emails, especially if they relate to your finances.

“I always make sure my contacts are people that I actually know and I take steps to make that clear, for example, I have pictures saved to each contact – and I always check that they’re a trusted sender,” she says.

“Caution is key.”

Macquarie Authenticator is a multi-factor authentication app designed to maximise your security and provide a beautiful banking experience. To learn more, visit Macquarie.com.au/Authenticator.

Bridget and Teneale both may refer clients to various financial institutions including Macquarie.