Online Security

Why Is Online Security So Important

Sensitive data and assets of traders – particularly those who conduct business over the internet – are a potential treasure trove for cybercriminals. Especially in this day and age, when the market is more accessible, there are many ways by which you can fall victim to malicious schemes.

Trading platforms, as well as their apps, have been found to have weak spots, such as the lack of data encryption in storage or transmission, and increased user vulnerabilities from weak passwords. In fact, a study examining 100 fintech developments found that nearly all had vulnerabilities, while web and mobile apps had a number of issues and bugs acquired from third-party developments and tools used by programmers.

On the part of the user, these security issues will inevitably lead to a breach or a leak of important personal information, resulting in damage to a personal and company’s reputation.

As the opportunities expand for traders doing business online, so do they grow as well for cybercriminals. In this article, we will discuss some security tips to keep in mind to facilitate secure trading transactions.

 

Use a VPN

VPN
 

A VPN, or virtual private network, enables you to have a secure network connection when using public networks. It is highly useful for online trading as it encrypts your internet traffic and hides your online identity, throwing third parties tracking your online activities off the scent and minimizing the risk of data theft. While VPN allows one to access data securely, unencrypted data, on the other hand, can be seen by anyone with access to the network.

The VPN does all this by hiding your IP address via redirection to a specially configured remote server run by a VPN host. When you surf online, the VPN server will be the source of your data. Your internet service provider and other third parties won’t be able to see what websites you visit nor what data you send and receive.

One of its main benefits is secure data transfer, a necessity for secure trading. VPNs connect to private servers and encrypt data to reduce the risk of leakage.

When you connect to the internet, your ISP establishes your connection and tracks you using your IP address. Your network traffic is then coursed through their servers, which can lay out your online activities. ISPs may also share this information with advertisers, government authorities, and other third parties. Additionally, should ISPs get hacked by malicious actors, your data may be compromised.

 

Use Safe Browsing

When surfing the web, we are always at risk of one harmless click leading to a malware-infected device or a case of data exposure. Avoid this by enabling safe browsing. You may have a better chance at securing your PC, mobile devices and your internet connection.

This of course applies as well to digital transactions or activities ranging from online shopping to real-time online trading. Cybercriminals change up their methods to access your accounts and data.

 

Be Vigilant of Phishing Mail

Phishing

Phishing scams are a popular and unfortunately successful scheme in which cybercriminals send emails or text messages in an effort to trick the victim into handing over sensitive information.

Messages look legitimate, as though they are sent by companies you know or trust, such as a bank, credit card company or a payment services app. They may invent a reason to make you click a link or open an attachment. Despite looking like communications that come from real companies, there are some telltale signs you can watch out for:

  • Sent from a public domain email (e.g., @gmail.com)
  • Misspelled email domains
  • Incorrect spelling or grammar
  • Comes with suspicious attachments or links
  • Message imparts a sense of urgency

To avoid phishing scams while trading, you can take steps to guard yourself against them:

  • Shore up the security software on your computer and your mobile devices. Adjust the settings so it updates automatically.
  • Employ multi-factor authentication for accounts containing sensitive information.
  • Back up your data on your computer and phone to the cloud or an external hard drive. Ensure that these are not connected to your home network.
     

Use Strong Passwords

One of the most important security tips when trading is to use a strong password. Take note of the following pointers:

  • Use one that is not easily guessed.
  • Avoid deriving a password from publicly available information (e.g., birthdays, anniversaries, phone numbers).
  • Your password should always be at least eight (8) alphanumeric characters long. You may also include symbols.
  • Change passwords regularly.
  • Avoid using the same password for multiple accounts.

Other password related tips would include to never disclose your login credentials to anybody, and never store passwords on your computer or phone. 

For more information about scams refer to this post on “4 Things To Know About Forex Scams”.
 

Only Use Trusted Device

People can now trade anytime, anywhere on their phones and computers. The advancements of technology have enabled us to monitor, buy and sell investments with just a simple click or tap. However, this is a double-edged sword: there are always risks.

As much as possible, avoid using public computers and unknown or insecure networks. It is also important to update the router settings (if applicable) and check on the wireless router. Cybercriminals may be monitoring your online activity and succeed in accessing personal data.  For safety and best practices, do not share your computer or device you are using to access your online account. Also, avoid downloading and installing unknown software used to access your account.

These security tips can help minimize your risk of exposure to hacks or malware.

 

Talk to experts at Orient Futures Singapore

When it comes to secure trading, it’s always best to consult the experts. Having over 20 years of experience, we are confident that we will be able to guide you in your trading journey. With Orient Futures Singapore, we ensure funds deposited with us are kept safe.

  • Your money is kept in segregated client bank accounts at regulated banks.
  • Your money is separated from that of Orient Futures Singapore.
  • Your money is not used for the company’s business activities.
  • In the unlikely event of liquidation, your money is protected from creditors.
  • Orient Futures Singapore holds a Capital Market Services license given by the Monetary Authority of Singapore.
  • Orient Futures Singapore fully complies with the MAS regulations in all business activities.

Security in trading is a responsibility shared by the trader, the digital platforms, and the brokers. Let us help you fulfill your part.