Recently, I covered how TV host Andy Cohen was swindled out of a lot of money by scammers impersonating his bank. Many of us see these scary stories and think, “It won’t happen to me.” But it can happen to anyone—to me, to you, and especially to the elderly like your grandparents. So, how can we protect ourselves from scammers when they have access to some of our most sensitive personal information?
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How cybercriminals use your personal information
A lot of your personal information is readily available on the internet—in fact, there’s a $245.8 billion data broker industry built on the trade of personal information. Armed with information like what property you own, your purchase history, your employment history, family members, and even voter registration info, cybercriminals can launch highly sophisticated and convincing attacks, including spearphishing, account takeover, and identity theft.
With just your email address and the names of your work associates, for example, a clever criminal can impersonate your boss and trick you into opening an attachment containing malicious software. One financial worker paid out $25 million to a scammer after a deep-fake video call with his “CFO.”
They may even impersonate you, spoof your phone number (which they can easily find on people search sites), and contact your parents asking for sensitive information or money.
SNEAKY SCAMMERS DRAIN BANK ACCOUNT IN SINISTER PHONE PHISHING SCHEME
The consequences of financial scams
Financial loss is just the tip of the iceberg. If successful, financial scams can have devastating consequences. Often, they can lead to reputational damage, legal trouble, and a difficult battle to recover your identity, not to mention the anxiety and emotional distress it can cause. One man tragically lost his life after falling victim to a scam that cost him his entire life savings.
AN ALARMING SPIKE SCAM CALLS ORIGINATING FROM ROBOCALLS
How to protect yourself
Some studies have shown that Americans receive, on average, 17 spam calls a day. And roughly one in ten of those are from scammers. This means we all must take a more proactive approach to staying safe.
1) Remove your personal information from the internet
Which scam do you think you’d be more likely to fall for:
- A random caller claiming you’ve won a lottery you never took part in,
- An email from your manager (using what looks like their actual email address), asking you to look over the attached report from last quarter?
Scammers can easily get details like your phone number, email, employment history, and more from people search sites. Some data brokers have even been caught selling large datasets of vulnerable elders along with advice on how to best use the data.
You can remove your information from people search sites easily enough—though it takes time. Look yourself up online, and you’ll likely see a bunch of people search sites advertising your personal information right in the search results. Then it’s a matter of visiting each one and sending individual opt-out requests.
Data brokers are a little more complicated because there’s no good way to check if they have your data. It’s difficult enough to even find all the data brokers out there. You’ll have to do a bit of research to track down which data brokers are active in your area and send opt-out requests to all of them.
If you have the means, I recommend you use a data removal service like Incogni instead. They handle the entire process on your behalf, keeping your personal information private and saving you a lot of time and hassle.
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2) Delete unused apps and online accounts
Nowadays, there’s really no such thing as a “free” online service. Most, if not all, of them, make you pay by collecting and selling your personal information. That includes your financial apps. If you’re concerned about keeping your finances in tip-top shape, you may have a couple of these on your phone right now. Well, it turns out that 60% of them actually share your data. As painful as it may be, I recommend you go through all of your apps and online accounts and delete anything you don’t absolutely need. And make sure you ask them to delete your personal information first.
3) Secure your accounts with 2FA and strong passwords
Undoubtedly, you’ll keep at least some of your online accounts. Whatever you do keep, update all of your passwords, ensuring that each account has a strong and unique one. A lot of people reuse their passwords to make it easier to remember. If you’re one of them, no need to be embarrassed, but definitely consider using a reliable password manager instead.
You’ll also want to set up 2FA wherever possible. This will add an extra layer of protection, so even if someone still gets their hands on your info and tries to break into your accounts, you’ll know.
4) Use masked or throwaway emails and burner numbers
It’s also a great idea to keep your primary email and phone number private. If you have a designated email and phone number you use to sign up for online accounts and services, it lowers the risk of falling for scams. After all, why would your sister or boss call or email you using those contact details—why would they even have them?
I recommend using an alias email address wherever you can. The same goes for your phone number. You can either get a second number or use a burner. Either way, it’s safer to keep your primary email and phone number private and only share it with those you trust.
5) Use strong antivirus software
This one’s a no-brainer. You’re less likely to suffer serious consequences, even if you misstep when you have strong software backing you up. I’m not saying you should feel free to open any links as long as you have antivirus software on your device, but if you happen to do so by accident, it should protect you.
6) Avoid following links and opening attachments
That being said, even if you do have antivirus, avoid following links and opening attachments at all costs. For example, if you receive an email from your bank (like Andy Cohen did), don’t immediately trust them. If there are any links or attachments, reach out to their customer service to double-check that the communication is indeed from them.
7) Stay informed about scams
Cybercriminals come up with new and creative ways to target victims. Voice-spoofing is the latest trend, using AI software to copy someone’s voice—perhaps your brother’s or your child’s—and call you to ask for money or sensitive information. You should always stay on guard and trust your gut. If something feels wrong, especially if you’re under pressure to act quickly, there most likely is.
AVOID DONATION SCAMS THIS ELECTION
Kurt’s key takeaways
Scammers are getting smarter. Whether impersonating a bank, family member, or colleague, they’re finding new ways to exploit the data that’s out there. And the consequences can go way beyond financial loss. While technological progress has benefited society in many ways—convenience being chief among them—it’s also introduced a lot of new threats. And put the burden of protecting yourself from them on the individual. Not only is it highly recommended, but in my opinion, it is essential to take a proactive approach to online privacy and security.
Have you experienced financial scams? If so, we’d love to hear what happened, and if you’ve learned any valuable tips you can share in the comments below.
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