Theft is as old as humanity, and some thieves today have mastered technology so that their methods are increasingly sophisticated. Every day we see more skillful and persuasive attempts to steal our identity or our money.
Without going into technical issues, let's review some basics we all need to remember.
1. Verify the source. Don't click on the link in your email or call the number provided. Stop and look it up yourself. Research the company name.
2. Be extra careful about unsolicited communication. Why is this person calling you about a hot new investment? Is that official-looking letter in the mail really from the government? It's prudent to have a policy of not saying yes to anyone who calls you or communicates with you about something you didn't request.
3. Use strong passwords. This is probably the easiest fix but one that most people struggle with. Ask yourself: if a computer program knew all my personal details (birthplace, mother's maiden name, address, etc.) and had unlimited time to try random combinations, could this password be detected?
4. MFA - use multi-factor authentification whenever possible. This means adding an extra layer beyond just a password. Using a thumb print or a text message to your cell phones are examples.
5. Monitor your accounts. Schedule time to review your bank statements and investment portfolio on a regular basis. The same is true for credit card statements. Don't just assume everything is okay.
While the scammers' tools are sophisticated, the basics still apply: Does this sound right? Did I ask for this? Does the person who sounds so nice on the phone really have my best interests in mind? Normal skepticism is the last layer of defense, and perhaps the most important.
Disclaimer: The views expressed on this website reflect the personal opinions and experiences of the writer. Nothing in this article constitutes financial advice in any way. Information on this website should not be relied upon for investment or business advice. Please consult with a qualified financial professional before making any financial decisions. 3800935