Cybersecurity: How to protect yourself and your finances from fraudsters
In today’s digital world, cybersecurity is key in protecting personal data and financial assets. With the development of online banking and online payments, cybercriminals are using increasingly sophisticated methods to attack, putting users’ security at risk. In this article, we will discuss the main cyber threats that anyone may face, as well as share effective ways to protect your data and finances.
We will pay special attention to the security measures implemented by FINCA Bank in Kyrgyzstan to protect its clients, as well as provide practical advice to help you minimize risks in the digital space.
What is cybersecurity and why is it important?
Cybersecurity is a set of measures and technologies aimed at protecting information, financial data, and digital devices from unauthorized access, cyberattacks, and fraud. In today’s world, where online transactions and internet banking have become an integral part of daily life, ensuring information security is a critical task.
Each year, the number of cyberattacks continues to rise, and the methods used by criminals become more sophisticated. Hackers use phishing, malware, attacks on mobile applications, and other tactics to gain access to users’ confidential data. This can lead to financial losses, personal data leaks, and other negative consequences.
Facts and statistics: How often do cyberattacks happen and how much money do users lose to fraud?
Statistics show that the number of cyberattacks grows every year. According to international research agencies, users lose billions of dollars annually due to fraud. Specifically:
- In 2023, over 2 billion cyberattacks were recorded worldwide.
- One in ten online transactions is targeted by fraudulent attempts.
- In Russia alone, users lose hundreds of millions of rubles annually due to banking data theft.
These figures highlight the importance of banking security for every user.
Main threats: Account hacks, phishing, data breaches
Cyberattacks can take various forms, but the main threats include:
- Account hacks — gaining access to online banking or email accounts through weak passwords or data breaches.
- Phishing — deceiving users through fake websites and emails to collect their personal data.
- Data breaches — stealing confidential information due to hacks or unauthorized access.
Types of cyber threats
Phishing (deception through fake websites and emails)
Phishing attacks disguise themselves as official notifications from banks and payment systems. The user enters their data on a fake website, and the fraudsters gain access to their accounts and cards.
Social engineering (manipulations to obtain data)
Criminals use psychological tactics to manipulate individuals into willingly providing personal data or performing actions they need, such as transferring money to a “secure account.”
Malware (viruses, trojans, keyloggers)
Spyware programs infiltrate devices, track keystrokes, and transmit personal information to criminals. They can record passwords, credit card data, and other sensitive information.
Password and data theft
Using simple or repeated passwords makes accounts vulnerable to attacks. When databases are breached, usernames and passwords can fall into the hands of fraudsters.
How to protect your finances and personal data
Strong passwords
Use complex and unique passwords made of a combination of upper and lowercase letters, numbers, and special characters. Avoid using obvious words and dates related to you, such as your name or birthdate. It’s recommended to:
- Regularly change passwords, especially for banking accounts and emails.
- Use different passwords for each service to prevent one account hack from giving access to all your data.
- Store passwords in secure password managers, not on paper or in text files.
Two-factor authentication
Activating two-factor authentication adds an extra layer of protection. Even if a hacker learns your password, they will need to verify login with a second factor, such as:
- SMS codes — one-time codes sent to your mobile phone.
- Authenticator apps (Google Authenticator, Authy) — generate temporary codes for login.
- Hardware tokens — physical devices that generate authentication codes.
FINCA Bank in Kyrgyzstan uses multi-factor authentication to protect its clients, ensuring secure access to online banking and mobile apps.
Online payment security
To protect your finances when making online payments, follow these rules:
- Hardware tokens — physical devices that generate authentication codes.
- Check website security: Make purchases only on secure websites, whose URL begins with “https” and shows a lock icon next to the address.
- Use virtual cards: These are one-time-use cards for online purchases, protecting your main bank accounts from unauthorized access.
- Enable transaction notifications: Set up SMS or push notifications for all card transactions. This will help you quickly respond to suspicious activities.
- Avoid entering payment data on public Wi-Fi networks: Using unsecured networks can lead to data interception.
What security measures do banks offer?
How banks protect client accounts
Financial institutions use advanced transaction monitoring systems to detect suspicious activities and block fraudulent attempts to withdraw funds.
Technologies used for data protection
Modern banks apply multi-layered protection, including data encryption, biometric authentication, and AI systems to analyze client activity.
What FINCA Bank provides to protect clients
FINCA Bank in Kyrgyzstan offers enhanced protection measures for its clients, including notifications of suspicious transactions, the ability to block cards via the mobile app, and biometric identification.
Top 5 cybersecurity tips
1. Never share your passwords and codes with third parties
No bank employee has the right to ask for your passwords, PIN codes, or confirmation codes from SMS. Fraudsters often impersonate bank security staff to extract confidential data. If someone calls under the pretext of verifying a transaction or blocking your card, don’t give any information and call the bank back using the official number.
2. Always check the website address before entering data
Fraudsters create fake websites that look almost identical to official banking pages, but the domain may have a single character altered (e.g., instead of .com, it might be .co). Before entering data, make sure the address starts with “https” and shows the lock icon. For extra security, use bookmarks or type the address manually.
3. Enable two-factor authentication
Two-factor authentication adds an additional layer of protection to your accounts. Even if cybercriminals learn your password, they will need to enter a one-time code sent to your phone or generated in an authenticator app.
4. Use antivirus software and update your software
Modern antivirus programs protect against phishing, spyware, and malware that can steal passwords and banking data. Regular operating system and application updates close vulnerabilities that hackers might exploit. Make sure automatic updates are enabled on all devices you use for internet access or financial transactions.
5. Monitor transactions in the banking app
Regularly check your accounts and review transaction history. This will help you detect suspicious activities and quickly block your card or account in case of fraud. FINCA Bank in Kyrgyzstan offers convenient notifications for all card transactions, allowing you to respond promptly to suspicious actions.
Conclusion
Cybersecurity is not just a technical necessity but an important part of our daily lives in the digital world. With the advancement of technology and the growing volume of online transactions, the risks of cyberattacks are also growing. Cybercriminals are becoming more sophisticated, using new methods to steal personal data and financial assets. Therefore, protecting your data is not only the responsibility of financial institutions but also a conscious choice for each user.
Following simple but effective security rules helps minimize risks: using strong passwords, enabling two-factor authentication, checking website security, and updating software. These protective measures will allow you to maintain control over your finances and personal information.