3 Smart Ways to Keep Your Money Safe in 2024

Americans lose a ton of money to fraud -- according to the Federal Trade Commission, we lost $8.8 billion in 2022 (which was up more than 30% over 2021). With a number like that, you might assume there's nothing you can do to keep your money safe. Thankfully, you're wrong.

Here are three smart ways to improve your financial security and keep your cash out of the hands of scammers in 2024.

1. Keep tabs on your credit

If you've been told your credit score is irrelevant -- no, it's not. 2024 is a great year to start keeping track of your credit score and credit report, and seeing how the financial moves you make have an impact. You likely have access to your credit score via your bank or a credit card issuer, but it might not be the most useful credit score. It's your FICO® Score you want, as it's used by 90% of lenders when they decide whether you can borrow money -- and at what interest rate.

FICO® Score access comes for free with some credit cards, and this is a great perk indeed. Your score will be updated monthly, as your creditors report your payments and other activities to the credit bureaus every month. You can access your credit report for free too -- just hit up AnnualCreditReport.com. You should do this a few times a year, unless you are going through a big financial change (like a divorce), are gearing up to make a big money move (like applying for a mortgage), or you suspect your identity or financial accounts have been compromised.

Another smart move could be signing up for a credit-monitoring service this year. It'll give you an early warning -- if someone who isn't you uses your information to open a new credit card account or take out a loan, you'll be notified and can take action to report the fraud.

2. Improve your account security

If you're using the same login and password for all your various accounts across the internet, I hate to be the bearer of bad news -- but your data is most definitely at risk. Honestly, having to create new logins and passwords all the time is the bane of my inching-toward-middle-aged brain, but doing so is absolutely crucial.

If it's been a while since you beefed up your bank and credit card account security, now is a great time to do it; after all, it's freezing outside and you probably need to stave off impending cabin fever.

Change those passwords (make them long and difficult to guess, with special characters and numbers along with letters), and while you're at it, opt in for multi-factor authentication. This will mean that you'll need to respond to a push notification or enter a code that's been emailed or texted to you before you'll be able to log in. Yes, this adds a few seconds, but it can help keep your financial data safe and secure. You might also consider using a password manager to keep all your logins straight.

3. Be more alert to phishing attempts

Picture this: You're rushing around, getting ready for work one busy morning, and you receive a random text message claiming to be from your bank or credit card issuer. The message has a link, and asks you to click and provide your account login and password. What do you do?

You don't click that link! This is an example of a phishing scam, and they're very common -- over 500 million were reported in 2022. If you fall for one of these scams, it can be devastating. Had you provided your bank account information, you could find your accounts emptied out.

Don't click links or open attachments in unsolicited emails or text messages. Read all communication purporting to be from a financial institution carefully -- you might spot typos or email addresses suggesting that the message is not, in fact, from your bank. And if you have any reason to suspect a problem with your account, log into it yourself, from a new browser window and by going to its actual website (or using the mobile app). And if you receive a suspicious message, don't reply -- hit that "report spam" button.

There are a lot of scammers out there, just itching to get your money and put a serious crimp in your personal finances. But you know the old saying -- being forewarned is being forearmed. Use these tips to keep your money safe in 2024 and beyond.