As we step into a new year, the digital landscape continues to evolve, offering both opportunities and challenges. With the increasing prevalence of online transactions, it’s crucial to be vigilant against the rising tide of online scams that threaten our financial security. I’ve had my own credit card skimmed (and ‘maxed out’) when a major department store in the USA suffered from a cyber-attack and had their databases breached and I’ve had a number of clients regale me with stories of how their financial security had been breached over the past months so I decided to post some simple suggestions on how to avoid these experiences that anyone can implement whether they are an IT expert or ‘not so expert’, like me.
In this blog post, I’ll explore some simple but essential tips and strategies to protect yourself from falling victim to online scams in the new year.
- Stay Informed:
The first line of defence against online scams is knowledge. Stay informed about the latest scams circulating the internet. Scammers are adept at adapting their techniques, so being aware of current trends can help you recognise and avoid potential threats.
There are a number of websites that may be helpful, I’ll share them with you here but with the disclaimer that I do not endorse nor am I sponsored by or sponsor these sites: https://www.scamadviser.com ; https://www.getsafeonline.org/checkawebsite/ ; https://consumer.ftc.gov/scams ; https://www.takefive-stopfraud.org.uk .
- Use Strong, Unique Passwords:
A strong password is your first line of defence. Create complex passwords that combine uppercase and lowercase letters, numbers, and symbols. Avoid using easily guessable information such as birthdays or names. Additionally, use different passwords for each online account to prevent a domino effect if one account is compromised. Do not share your passwords or have them written down anywhere that other persons could potentially find them and breach your accounts.
- Enable Two-Factor Authentication (2FA):
Two-factor authentication adds an extra layer of security by requiring a second form of verification, such as a code sent to your mobile device, in addition to your password. Enable 2FA wherever possible to enhance the security of your online accounts.
- Verify Website Security:
Before entering any personal or financial information online, ensure that the website is secure. Look for “https” in the URL, indicating a secure connection. Additionally, check for a padlock icon in the address bar, signalling that the website uses encryption to protect your data.
- Be Cautious with Emails and Messages:
Phishing remains a prevalent method for online scammers. Be skeptical of unsolicited emails or messages that prompt you to click on links or provide personal information. Verify the sender’s legitimacy before taking any action and avoid clicking on suspicious links. Do not fall for any scams telling you that you’ve won a lottery or that you have a bill payment pending for a service you do not recognise. Never share your password.
- Update Software Regularly:
Keep your operating system, antivirus software, and other applications up to date. Software updates often include security patches that address vulnerabilities, making it more difficult for scammers to exploit weaknesses in your system.
- Carefully guard access to your debit and credit cards.
Do not allow unauthorised use of your cards. Secure your cards at all times to avoid skimming or having them stolen. When you use them to pay do not allow anyone to walk away with your card or to see your pin when you’re entering it. Always remain vigilant.
8. Monitor Your Financial Statements:
Regularly review your bank and credit card statements for any unauthorised transactions. When I say regularly I mean daily. Promptly report any discrepancies to your financial institution to prevent further unauthorised access. I also like to keep a handwritten or daily electronic log of all my transactions.
- Be Wary of Investment Opportunities:
Be cautious when approached with unsolicited investment opportunities or financial schemes promising high returns. Conduct thorough research before committing to any financial arrangement and consult with a trusted financial advisor if needed.
Conclusion:
As we navigate the digital landscape in the new year, it’s crucial to prioritise our online security. By staying informed, using strong passwords, enabling two-factor authentication, verifying website security, being cautious with emails, updating software regularly, protecting your cards, monitoring financial statements, and exercising caution with investment opportunities, we can significantly reduce the risk of falling victim to online scams. Remember, an ounce of prevention is worth a pound of cure when it comes to safeguarding your finances in the digital age. Stay vigilant, stay secure, and have a safe and scam-free new year!
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