7 Cybersecurity Tips to Protect Your Money and Identity
Do you lock your doors at night? How about your car doors when you’re headed into the grocery store? Most likely, your answer is “yes.” Yet if you’re like many people, you’re leaving many of your virtual doors open, giving cyber thieves easy access to your financial and personal accounts.
You’re not alone. People of all ages fail to lock their online doors. This is true even though cybercrime is skyrocketing. Reports The Washington Post: “People reported losing $770 million to social media scams in 2021, the Federal Trade Commission says, while spam-blocking company RoboKiller estimates people lost $10 billion to text-message scams last year.”
Don’t be one of those people. Although no tactic is thief-proof, you can make it harder for scammers and fraudsters to gain access. Luckily, many steps are easy to implement.
Here are seven cybersecurity tips to help protect your money and identity:
1. Do the updates. Yeah, we know those “update now” messages come at the most inconvenient times. And though you might have to postpone them—say you’re on a Zoom call with the boss—do make a point to complete the update that same day.
Up to a third of us let the updates go. But the problem is those “update now” messages often cover security glitches that leave us vulnerable to hackers. And once the hackers know there’s a glitch, you can bet they’re working hard to take advantage of it.
Don’t let them take advantage via your computer. Update your system and software.
2. Make your passwords unique. Recycling is great, but not when it comes to your passwords. And the more important an account is to your life—say, your bank or brokerage account—the more it requires a unique password.
You can make up combinations or let a password management program like LastPass or Dashlane create passwords for you. The latter solves another password issue: how you can possibly store all those passwords. If you’re like most people, you probably have dozens of them.
Unless you want to write down every password on hard copy and store it very securely away, a password management system can keep your passwords for you. You’ll just need to remember the master code that gives you access to your password vault.
This How Stuff Works article breaks down how password management systems work, potential risks, and benefits.
3. Don’t touch the links. Whether you receive a link in an email or a text message, you can avoid potential malware and other baddies by refusing to click it. You may think a fraud email will be obvious, but we’ve seen some sophisticated ones that made us wonder if it really was the company contacting us.
If you’re absolutely certain the link is legitimate, you can click it—but you can also just go to the website and log on from there without touching any email links. If you’re told to call so-and-so, confirm the phone number with the official website.
4. Embrace two-factor authentication. You know when you try to log on to a website and the company texts you a code to enter? That’s two-factor authentication. And it can use multiple methods to verify it’s really you trying to access your account.
Many of your financial and personal accounts probably require two-factor authentication by now, and most accounts offer it as an option. Consider using it wherever you store financial and other sensitive information.
5. Look for the padlock. You want to make sure crooks can’t grab any information you send over the internet. The website should encrypt your information, and if it isn’t, don’t press “send.”
How do you know if the information is encrypted? Look for the padlock where the browser displays the website URL. The padlock should be locked, not open.
Also, check the URL. It should start with “https.” If that “s” isn’t there (i.e., you see “http”), think twice about sending your information.
6. Say “thanks but no thanks” to free Wi-Fi. Or at least don’t send personal or financial information, and don’t log in to any of your accounts. People really do prey on free Wi-Fi networks.
One workaround is VPN. Get yourself a virtual private network, especially if you use Wi-Fi hotspots regularly. Here’s what Forbes had to say about VPNs.
7. Keep tabs on your credit reports. Order one of your credit reports every four months:
TransUnion
Equifax
Experian
Check the report for fraudulent activity or just plain errors. You’re entitled to one free report from each agency annually via AnnualCreditReport.com. By spacing out the reports over the year, you are better able to keep current with potential theft.
And while you’re checking your credit, consider a credit freeze.
Don’t Let Thieves Steal Your Money or Identity
These seven tips can help you lock your doors to virtual burglars and other cheats. You can find more tips and information on this usa.gov website.
This material was prepared by Kaleido Inc. from information derived from sources believed to be accurate. This information should not be construed as investment, tax or legal advice.
Parkshore Wealth Management is a family-owned, independent, fee-only Registered Investment Advisor serving the greater Sacramento area with an office in Roseville, CA. We partner with financially responsible individuals and families who are eager to take positive steps that will allow them to use their money to build the life they desire. The firm is led by Harold Anderson, CFP®, and Daniel Andersen, CFP®, both members of NAPFA, the country’s leading professional association of fee-only financial advisors.