Safeguarding Your Financial Identity: Essential Steps to Protect Against Cyber Attacks and Identity Theft.
Imagine your financial identity as a treasure chest, filled with the hard-earned assets and personal information you have accumulated over the years. Just as you would safeguard this chest with the sturdiest lock and the most secure vault, it’s crucial to protect your financial identity from the ever-growing threat of cyber attacks. In today’s digital age, cybercriminals are constantly devising new ways to breach your defenses, making it imperative to stay vigilant and proactive.
Steps to Protect Yourself from Identity Theft and Financial Theft
Strengthen your passwords: Use complex passwords that include a mix of letters, numbers, and special characters. Avoid using easily guessable information like birthdays, anniversaries, school mascots, common words, or any information you have listed on social media. If allowable it is advisable to keep your passwords to 22 characters or more.
Here’s a tip! Consider using a password manager to keep track of your passwords securely. There are desktop versions such as KeyPass or web-based versions like LastPass.
Enable Two-Factor Authentication (2FA): Adding an extra layer of security through 2FA can significantly reduce the risk of unauthorized access. This requires a second form of verification, such as a code sent to your phone, in addition to the password.
Monitor Your Accounts Regularly: Keep a close eye on your bank statements, credit card bills, and investment accounts. Report any suspicious activity immediately to your financial institutions.
Update Software and Systems: Ensure that all your devices and software are up to date with the latest security updates/patches. Cybercriminals often exploit vulnerabilities in outdated systems. Unsure of how to update your software? Check out events held at your local library, or through your community programs on free classes on this topic.
Be Cautious with Emails and Links: Phishing attacks are common methods used to steal personal information. Be wary of unsolicited emails, especially those requesting sensitive information or containing links. Verify the sender’s identity before clicking on any links or downloading attachments. Even clicking on links can give cybercriminals access to your personal information.
Exercise Caution of Text Messages or Phone Calls: Utility or phone companies stating something is wrong with your bill. Almost always these companies won’t actively reach out to customers. If you do answer one of these types of calls, and they mention something was wrong with your recent bill, don’t confirm or give any information, it is most likely they have a copy of your statement and will sound legit. Be cautious of messages that state something is wrong with your FedEx or UPS delivery.
Here’s a tip! Consider hanging up, if it is important and legit, they will call back or send a notification via mail.
Use Secure Networks: Avoid conducting financial transactions or accessing sensitive information over public Wi-Fi. Use a Virtual Private Network (VPN) to secure your internet connection, especially when on the go at cafes, hotels, or traveling through airports.
Invest in Security Software: Install and regularly update anti-virus software and anti-malware software on all your devices. This adds a robust layer of defense against cyber threats.
Freeze Your Credit: As a preventative measure, consider placing a credit freeze with the three major credit bureaus, to avoid the risk of new accounts being opened in your name without your consent. If you need to open an account or get a loan, you may unfreeze your credit for a short window of time.
Use a Credit Card for transactions versus your Debit Card: If you are diligent and able to pay off any credit card balances in full when due, consider using a credit card for daily purchasing transactions instead of your debit card that is directly linked to your money in your checking or savings account. Most credit card companies have procedures in place if they feel a transaction is fraudulent. The financial institution is more likely to work hard to get that money back if it is their money versus your money.
Monitoring your transactions in your investment accounts: It is wise to review your financial statements regularly for any transactions that look suspicious. Work with a financial advisory firm that requires verbal confirmations for withdrawal requests.
The Role of Vigilance
Protecting your financial identity requires ongoing vigilance. Think of it as maintaining the security of your treasure chest, it is not a one-time task but a continuous effort to stay ahead of potential threats. Just as you would check the lock and reinforce the vault periodically, make it a habit to review your security measures and stay informed about new risks and protective strategies.
The Ecos Commitment:
Your security is our top priority. We are committed to helping you implement effective strategies to protect your assets and personal information. Should you have any questions or need assistance in enhancing your security measures, please contact us.