Today, cyber attacks are becoming increasingly common. In 2022, the FBI received 800,944 complaints related to internet crime, and it is predicted that the cost of those breaches is well into the trillions. Hackers and cyber criminals are getting savvier and more sophisticated, and the average investor would be wise to stay on their toes.

But how? If online crime and breaches are so common, what can you possibly do to keep yourself safe? Let’s explore 6 different ways to protect your online financial information.

Think Before You Click

One of the tricks cyber criminals use to capture personal information is sending phishing emails. These emails will include a link that, once clicked, can potentially provide them access to your computer and all its files. They can then poke around your private information, uncovering passwords and log-in information, which can help them gain access to your financial accounts.

To prevent this from happening, it is best to treat every email with caution, even if you think you know who has sent it (skilled hackers can impersonate others’ email accounts). If something doesn’t make sense or feels off, do NOT click. Instead, contact the person directly (if the hacker is impersonating someone) and ask about the email. Some hints that an email is meant for phishing are:

  • Misspellings or oddly worded sentences
  • Generic sender names (a hacker might hope you know a Sam Smith or a Sue Johnson)
  • Odd requests (asking you to pay an invoice you don’t recall, asking you to click to receive an offer)
  • Suspicious links (a link can appear as text. To see the web address or URL, hover over the link but do NOT click it. The actual URL will pop up in the lower left-hand corner of your computer screen).

Get Password Savvy

If you use simple passwords, OR if you tend to use the same password for multiple accounts, it could be a good idea to heighten your security. Consider either changing your passwords to ones that are more complicated and unique, or use a password manager, such as Bitwarden, 1Password, or KeePass.

It’s also a good idea to enable two-step authentication whenever you can. This will provide another layer of security to prevent unwanted access to your accounts.

Properly Dispose of Sensitive Documents

Oddly, some cyber criminals access your online information the old-fashioned way: digging through dumpsters for financial statements, credit cards, or other documents that contain personal financial information. It is important to shred any sensitive documents and cut up credit cards when you dispose of them.

Check Your Accounts

It is essential to regularly check your accounts to make sure all activity seems normal and authorized. At least once per month, I encourage you to look at your latest credit card statements, checking and savings accounts, and investment accounts. If you spot any unusual activity, investigate it right away and, if you believe you’ve been hacked, report it immediately.

Avoid Public Devices and Wi-Fi

If possible, avoid using public computers or Wi-Fi when logging into a financial account. You can never really know how safe these connections are, or who else has access to a public device. Rather, log in from home on your own secure wireless connection.

If Breached, Act Immediately

If you do experience a breach of any of your financial accounts, it is crucial to take action immediately. Report the breach, change your password, and potentially work with a customer representative to learn what other steps you can take (such as setting fraud alerts, credit card limits, or withdrawal limits) to protect yourself in the future. You could also freeze your credit with all three credit bureaus.

In the case of identity theft, it is important to visit IdentityTheft.gov, sponsored by the Federal Trade Commission, to report it. You can also file reports about breaches to your investment accounts to FINRA, the SEC, or your state securities regulator.

 

Keep your personal and financial information secure by exercising an abundance of caution and taking a few preventative steps to make accessing your account more difficult for cyber criminals. Use your smarts, know which resources are at your disposal, and always err on the side of caution.

Leave a Reply