As more companies and agencies have switched from using traditional methods of record keeping and doing business to using the Internet/cloud, cybersecurity has become a growing issue. Instead of having to obtain physical copies of information, perpetrators can now access personal information such as credit card and social security numbers or passwords by simply using the Internet. In order to avoid identity theft and data breaching, we have provided the following tips:
- Be aware of your digital footprint: Knowing how many websites have your personal information stored can be vital to protecting yourself against fraud. Making a list or spreadsheet with these websites can be useful, as well as deleting accounts from sites that you no longer use can minimize the chance of fraud.
- Create strong passwords: Having a strong password can make a difference. Make sure to change passwords for important accounts frequently, and to avoid using the same password for multiple accounts. Also, using common words/phrases or personal information can make it easier for perpetrators, so be sure that the password is unique. We also recommend avoiding AutoSaving usernames and passwords through the internet, and that to keep a copy of account information in a safe place.
- Be cautious of what you post on social media: Many fraudsters can gain personal information which can be used to answer security questions through websites such as Facebook or Twitter.
- Choose to use Two-Factor Authentication when possible: Two-Factor Authentication requires two different components from the user, such as entering a password as well as a verification code from an email or text message. Many websites now give the option to use this method of fraud prevention, and it can be useful in protecting access to personal information.
- Update your computer’s firewall and protection programs: Most computers come with a basic firewall that protects fraudsters from gaining access to information, but without updates, the firewall can become faulty. By updating your computer regularly, you can help further prevent fraud.
- Be wary of suspicious emails: Spam and phishing websites can be sent through email. Avoid opening or downloading attachments from emails that may be spam. Also, make sure to encrypt emails containing important or personal information by services such as SafeGmail or investing in encryption software (some programs provide free trials).
- Use secure Wi-Fi connections: Make sure to use a personal or secure Wi-Fi connection when making a transaction or sending emails with personal information, as public Wi-Fi connections can allow others to access your information. Identity theft hotspots include Starbucks and other locations that offer free Wi-Fi. Also, secure personal Wi-Fi connections with renaming the SSID and password with a name that will not identify you.
- Protect your smartphone and tablets: Setting passwords for smart phones and tablets can prevent perpetrators from accessing personal information. We advise against saving passwords or other important information in the phone in case of theft. If your phone or any other smart device is stolen, call your carrier to have the device locked and shut off.
Following these tips can make a difference in preventing fraud. If someone has gained access to your information, they may be able to answer the security questions TD Ameritrade or Schwab asks, so we highly advise our clients to call Asset Planning directly instead of contacting TD Ameritrade or Schwab when verifying transactions. We work hard on keeping close relationships with our clients, and we are more likely to identify fraud by being able to recognize differences in voice and mannerisms.