On Guard Online

IN AN ARTICLE last year, I wrote about the importance of strong online account security wherever you keep your savings and investments. I shared habits that should help you avoid the potentially huge financial losses caused by a cybercrime. I also urged readers to weigh a company���s commitment to security when choosing a home for their money.

I���d like to give kudos to Bank of America for providing a good example of this commitment. It recently added proactive, structured guidance to its security center. It���s a combination of education and guided ���nudging��� to take steps like creating strong passwords, enabling two-factor authentication, using the company���s mobile app with push notifications, and agreeing to receive alerts if the bank notices unusual activity. Below is an example of the feedback that Bank of America���s site offers.

The bank recently added support on its website for two-factor authentication using industry standard hardware security keys, such as YubiKey, which I use on my computers. The bank���s mobile app, an early adopter of biometrics such as Apple���s Touch ID or Face ID, now supports relatively simple two-factor authentication, too. Even if hackers manage to crack your password, it would be incredibly hard for them to access your account if you���ve enabled two-factor authentication.

While I���d love to get a higher yield on my savings, it���s more important to me that my cash remains in my accounts and I don���t face the hassle of a security incident. Reaching for yield? Think about risk���including the risk that a financial firm���s security isn���t up to snuff.

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