By Stephen Kyne CFP
Financial fraud is a growing concern in our increasingly digital world. With cybercriminals constantly finding new ways to scam unsuspecting victims, it is more important than ever to protect yourself from becoming a target. Here are five simple things you can do to help safeguard your finances and avoid falling victim to financial fraud.
Monitor your accounts regularly
One of the simplest and most effective ways to protect yourself from financial fraud is to monitor your accounts regularly. By keeping a close eye on your bank statements, credit card statements, and online accounts, you’ll be more likely to spot any unauthorized transactions and take action to rectify the situation. Set up alerts with your financial institutions to notify you of any unusual activity, such as large withdrawals or transfers, and report any discrepancies immediately.
Use strong and unique passwords
Another easy way to protect yourself from financial fraud is to use strong and unique passwords for all of your online accounts. Avoid using easily guessable passwords like “123456” or “password” and instead opt for a combination of letters, numbers, and special characters. Additionally, use different passwords for each of your accounts to minimize the risk of a hacker gaining access to all of your sensitive information if one account is compromised. Consider using a password manager to generate and store strong passwords securely.
Be cautious with personal information
Be cautious when sharing your personal information online or over the phone. Scammers often use phishing emails, fake websites, and phone calls to trick victims into disclosing sensitive information like Social Security numbers, account numbers, and passwords. Take the time to verify the legitimacy of any request for personal information before providing it, especially if you did not initiate the contact.
Keep your devices secure
In today’s digital age, we rely on our devices for everything from online banking to shopping to social media. To protect yourself from financial fraud, it is crucial to keep your devices secure. Install antivirus software on your computer and mobile devices, keep your operating systems and apps up to date with the latest security patches, and avoid connecting to unsecured public Wi-Fi networks when accessing sensitive information. Additionally, enable two-factor authentication wherever possible to add an extra layer of security to your accounts.
Educate yourself about common scams
One of the best ways to protect yourself from financial fraud is to educate yourself about common scams and how to recognize them. Stay up to date on the latest fraud trends and techniques used by cybercriminals, and be wary of unsolicited emails, phone calls, or messages asking for personal information or payment. If something seems too good to be true or raises red flags, trust your instincts and proceed with caution. Remember that knowledge is power when it comes to protecting yourself from financial fraud.
In conclusion, financial fraud is a serious threat that can have lasting consequences if you fall victim to it. By following these five simple tips – monitoring your accounts regularly, using strong passwords, being cautious with your personal information, keeping your devices secure, and educating yourself about common scams – you can help reduce your risk of becoming a victim of financial fraud. Stay vigilant, stay informed, and protect yourself and your finances from falling into the hands of scammers.
Securities offered through Cadaret, Grant & Co., Inc. Member FINRA/SIPC. Advisory services offered through Sterling Manor Financial, LLC, or Cadaret Grant & Co., Inc., SEC registered investment advisors. Sterling Manor Financial and Cadaret, Grant are separate entities. 18 Division St, Ste 202, Saratoga Springs, NY 12866 518-583-4040