Scammers, hackers, and criminals continue to get greedier and more creative in their attempts to take advantage of vulnerable individuals. In a game of cat and mouse, they seek to disguise themselves, pursuing those who are most likely to follow instructions, as they seek identifiable information or direct access to financial accounts.

Unfortunately, individuals aged 60 and older, are often common targets, with the average victim losing $33,915 in 2023. Investment scams were the costliest type with more than $1.2 billion in losses. Other costly scam methods are tech support scams, business email compromise scams, confidence and romance scams, and government impersonation scams.

All of that is to say, anyone can be a target and with multiple tactics and methods – all of which are becoming more advanced and convincing – everyone should take the proper steps to protect themselves, their identity, and their finances.

Protecting your information and accounts:

1. Use unique, complex passwords for financial accounts, but preferably for all accounts, with these tips in mind:
• Combine uppercase and lowercase letters, numbers, and special characters. Avoid using easily guessable information like birthdays or names.
• Many of us won’t be able to remember a password like “Qghp$oVBhfuErlA9234-!@” for every account we have. Consider using a password manager that securely stores your strong passwords all in one place.
2. Enable multi-factor authentication (MFA) whenever possible. While it may feel like jumping over hurdles trying to log into an account, MFA has become a staple in cybersecurity as it requires you to verify your identity in more than one way. This extra layer of security can be a security question or pin, sending a code to a device, or a fingerprint or face scan.
3. Think before you act. Phishing emails, smishing (fraudulent SMS texts), vishing (voice calls), spear phishing, and mining social media are all common and, unfortunately, successful methods for tricking people into acting or sharing personal information.
• For emails, carefully check the sender's email address, which can differ by a single letter, avoid clicking on URL links or hover over it to know what you’re clicking on, and turn on spam filters to help identify suspicious emails.
• For any request, it’s always a good idea to contact the company yourself at their publicly listed company number to speak with someone from the organization to help identify the legitimacy of the request.
4. Monitor account activity by regularly reviewing your account statements and transaction history. Report any unauthorized or suspicious activity immediately.
5. Talk to your family and have a member as a trusted contact who can assist in identifying or following up on any suspicious requests. They can also help monitor accounts to raise red flags.

Cybersecurity best practices:

1. Regularly update software on all devices as updates often include security patches that protect against known vulnerabilities.
2. Use secure Wi-Fi connections, especially when accessing financial accounts online. Avoid public Wi-Fi, like at airports or shopping centers when making sensitive transactions.
3. Use websites whose URL begins with “https:/” which is a secure encryption. An easy way to know is to look for the padlock icon in the address bar.
4. Protect personal devices by installing reputable antivirus software, keeping it updated, and regularly scanning your devices for malware.
5. Regularly back up data and important financial data to an external drive or cloud storage. This helps to recover information in case of data loss or ransomware attacks.
6. Stay informed about common cybersecurity threats and best practices as knowledge is your best defense!

If you become the victim of the scam, notify the company and appropriate reporting agencies, change your credentials, and check your credit report for any other activity. Just like we lock our homes, check our pockets, and are aware of our surroundings – taking similar proactive steps online can significantly reduce the risk of cyber threats.

Source: FBI.gov

Please consult with an attorney or a tax or financial advisor regarding your specific legal, tax, estate planning, or financial situation. The information in this article is not intended as legal or tax advice.