Financial scams are an ongoing issue. It seems everywhere you turn there’s a big data breach or a new type of online scam, or someone you know who got a phone call and fell victim. In fact, according to the Insurance Information Institute, Arizona ranked sixth in the country in 2023 for financial losses due to Cybercrime, totaling over $360 billion. It’s true that these fraudsters are creating more games, but the good news is – you don’t have to play.
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There are multiple ways to reduce your likelihood of being involved in a cyber-attack, thus protecting your information and your money. As we head closer October, which is Cybersecurity awareness month, here are a few things to have at the top of your priority list:
Mult-Factor Authentication
Multifactor authentication, or MFA, is a way to verify a user’s identity using multiple steps before granting the user access to an application. Now a days, usernames and passwords just aren’t strong enough so adding an additional verification step to make it harder for people to get into your accounts is crucial. Make sure that you enable MFA on your devices to ensure maximum security.
Keep ‘Em Strong
When you are selecting usernames and passwords, don’t easily tie them to your personal information. Avoid using names, birthdates, special occasion dates, social security numbers or addresses. Instead, think of a saying or phrase and incorporate numbers or symbols to make it stronger. Make sure to use a different one for each site and download a password manager to keep track of them all.
Stay on Top of Things
For your devices to stay up to date and secure you need to stay up on those updates. Running regular updates and security scans is important. Phones and computers should be updated at least once a month and internet-connected devices like home routers should be updated annually.
Beware, Don’t Share
You know the lottery saying, “You can’t win if you don’t play”? Well, they’re right. If you didn’t enter something or sign up to get more information, then don’t give them yours! Beware of texts, emails and phone calls that sound suspicious, try to get you to click on a link, or share information. Call the company that is contacting you directly by using a known number or searching Google for an official number, rather than risking giving information to a scammer.
As we navigate the ever-evolving threat of cybercrime, awareness and proactive measures remain our strongest defense. With substantial financial losses reported due to cybercrime, the need for cybersecurity grows. By implementing strategies like multifactor authentication, strong password practices, regular device updates, and vigilant skepticism towards unsolicited communications, we can significantly reduce our vulnerability. As we approach Cybersecurity Awareness Month in October, let’s prioritize these steps to safeguard our personal information and finances.
Author: Rachel Caballero is community development and PR manager at TruWest Credit Union. TruWest® Credit Union is headquartered in Tempe, Ariz. and operates as a cooperative providing its members with a lifetime of quality financial services and a culture of caring for its organization, employees and communities
