Fraud is despicable human behavior.
Data breaches seem constant via our news feeds.
I have more and more clients reaching out to me with concerns about cybersecurity risk and fraud.
Since it’s Halloween season and National Cyber Security Awareness month, here are 13 preventative actions you can take to make it harder on the bad guys and gals who try to take advantage of you.
Here are several from the Consumer Financial Protection Bureau1:
1. “Beware when someone plays on your emotions or claims there’s an urgent situation.”
Brandon here: This likely means someone is trying to steal from you or make money off you by selling you a product that may not be in your best interest. Don’t fall for it.
2. “Don’t share numbers or passwords for accounts, credit cards, or Social Security.”
Me again: This means the people you trust too. After all, who would share such important things with those you didn’t “trust”?
3. “Keep your software up to date and maintain preventative software programs.”
4. “Put your number on the National Do Not Call Registry.Go to donotcall.gov or call (888) 382-1222.”
The FDIC adds these2:
5. “Use strong passwords.”
Brandon here: Stop using “1234” or “password” or your anniversary. If the company offers multi-factor authentication, enable it. This requires the company to follow up with a text message, email, or phone call to verify that it’s really you. Yes, enable it, even though it’s annoying.
6. “Update your operating systems on your electronic devices.”
I’m back again: I know there are two kinds of people in the world: the kind who updates their software whenever they come out and the kind that never do. Become the kind of person that does.
7. “Do not open email from people you don’t know.”
Brandon’s two cents: This means attachments too. Attachments can be dangerous.
Since one should not mess with Texas—as Texans like to remind us—here are a few suggestions from their Attorney General to keep people from messing with you3:
8. “Don’t share your personal, financial or health plan information over the phone, through the mail, or over the Internet unless you have a trusted relationship with the requestor and you initiated the contact.”
9. “Use only one credit card for your online purchases. Do not use a debit card.”
10. “Shred receipts, credit offers, loan and credit applications, insurance forms, bank statements, and similar documents when you no longer need them. A “cross cut” shredder is best for this.”
Here are a few more actions worth your consideration:
11. Be More Private on Social Media.AARP tells you how, “Set your profile so that only your friends can see your Facebook page. To do that, click the downward arrow button in the upper-right corner of your Facebook page, then click on Settings & Privacy and Privacy Checkup. This easy-to-use wizard will guide you through the settings. And never accept friend requests from people you don’t know or respond to random messages from strangers. But also note that impostor scams, where someone pretends to be your friend, are rampant on social media.”
Brandon here: Of course, this kind of thing goes for all social media sites, not just Facebook. Fraudsters can pose as an online romantic interest, favorite preacher asking for money, or charity asking for gifts after a recent natural disaster.
12. Only use encrypted public WiFi. When using WiFi at an airport or anywhere outside your home, make sure it’s encrypted: “Because of the widespread use of encryption, connecting through a public Wi-Fi network is usually safe…How do you know your connection is encrypted? Look for a lock symbol or https in the address bar to the left of the website address.”4
13. Freeze your Credit.The Wall Street Journal recently published a column in their personal finance section calling for the masses to freeze their credit. Here is one of the credit bureaus telling you how to do it.
End October doing your best to secure yourself from bad actors.
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Sources:
- https://www.consumerfinance.gov/ask-cfpb/what-are-some-classic-warning-signs-of-possible-fraud-and-scams-en-2094/#registry
- https://www.fdic.gov/consumer-resource-center/2021-10/avoiding-scams-and-scammers
- https://www.texasattorneygeneral.gov/consumer-protection/identity-theft/help-prevent-identity-theft
- https://consumer.ftc.gov/articles/are-public-wi-fi-networks-safe-what-you-need-know