Should you use a separate computer for online banking?

When so much of your financial life lives online, protecting the device you use to access your money deserves some extra thought. Nancy from Baton Rouge, Louisiana, recently wrote to us asking whether keeping banking and investments on an entirely separate computer could provide another layer of protection.

"I've had several clients tell me they have bought a computer that is only used for online banking, financial institutions and anything to do with their investment accounts. Is this a good strategy for protecting some of your assets? What are the upsides and what are the downsides?"

Nancy, yes. Using a separate computer only for banking, investments and other financial accounts can add a meaningful layer of security. I especially like this approach for someone with substantial savings or retirement assets. It can also make sense if you simply want to keep your financial life separated from everything else you do online.

However, buying another computer will not make your accounts untouchable. How you set it up and how you use it are what make the strategy worthwhile.

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CYBERCRIME LOSSES NEAR $21B: 5 WAYS TO PROTECT YOUR MONEY

Think about what happens on the computer you use every day. You open email, click links and shop online. Maybe you also use social media, download documents or install browser extensions. All of that creates opportunities for malware, phishing attempts or malicious software to reach your device. A dedicated financial computer removes much of that exposure.

On this computer, you would skip email and casual web browsing. Online shopping would happen on another device. Ideally, you would install very little software beyond what the computer needs for security and accessing your financial accounts. That gives attackers fewer opportunities to reach the device you use to manage your money. Our guide to also explains why protecting the device you use is an important part of financial security.

The biggest advantage is isolation. If malware gets onto the laptop you use for email or everyday browsing, your dedicated financial computer remains separate.

There are several other benefits worth considering:

For people who do not need to check investments constantly, that separation can be especially useful.

FAKE PASSWORD-MANAGER ALERTS COULD PUT YOUR VAULT AT RISK

This is where you need to be careful. A banking-only computer can reduce certain risks, but it cannot protect you from every way criminals may try to reach your money.

If you reuse a password that later appears in a data breach, having a separate computer will not solve the problem. Every financial account should have its own strong password. A password manager can help create and securely store unique passwords for you.

Many financial institutions still use text messages to send security codes. Criminals may try to hijack a victim's phone number through SIM swapping or an unauthorized number transfer. If that happens, they coul