In 2023, victims reported $12.5 billion in losses to the FBI’s Internet Crime Complaint Center (IC3). And IC3 received more than 2,412 complaints per day over the 5 years, from 2019-2023. (Source: FBI 2023 Internet Crime Report.) One of my local financial services practice’s highest priorities is to protect clients’ personal information. This is why I wanted to share advice that may help keep your finances secure.
There are certain things we can all do, at least once a year, to ensure that our financial lives stay on track. This includes reviewing your personal budget, outstanding debt, your estate and financial plans, as well as your account statements which comprise your investments portfolio. As we head into the second half of the year, consider taking steps to secure your finances in the digital realm as well, so you don’t become a victim of identity fraud.
Here are seven ways to help protect your personal information, online as recommended by the Federal Trade Commission as well as overall -- within our rapidly changing technological world:
Never give out your information over the internet, phone or by mail, unless you’re sure about who will be receiving it. The “Prince of Nigeria” is alive and well and looking for easy targets. So, if it seems too good to be true, investigate first! With advancements in artificial intelligence (AI) technologies, this is allowing scammers to clone the voices of loved ones too. Remember to always verify the source and their story. Additionally, if you receive an email from a company and are unsure if it’s legitimate, consider double-checking the validity of the company by closing the email, opening a new browser, searching for their official sites and contacting them through their customer service. You can learn about the latest scams by visiting: usa.gov/common-scams-frauds, www.irs.gov/help/tax-scams , www.consumer.ftc.gov/scams . Report internet and international scams to the FBI at: ic3.gov. Other scams can be reported to the Federal Trade Commission at: ftc.gov.
Be sure to securely shred or delete sensitive documents and information. (For my clients, I offer a complimentary annual document shredding event, with a licensed vendor.) Also, wipe your retired electronics of all information before you dispose of them, as this can also help prevent identity fraud.
Back up important information to an encrypted device. Update software, including operating systems, web browsers and apps. If you want to ensure your browser is secure, look for “https” at the beginning of the web address (the “s” stands for “secure”). Only access your accounts using networks and computers that you know are safe.
Create a strong password using more than six characters, a mix of letters and numbers, both upper and lowercase letters, and punctuation marks, such as exclamations. Avoid using your pet’s name, date of birth or other easily identifiable personal information.
Check for inaccuracies. Review credit reports annually. Consider freezing your credit.
Review your privacy settings on each site and enact privacy measures you’re comfortable with. Consider omitting your date of birth or full name from public online forums and limiting who can view your profiles.
Avoid public Wi-Fi or use a virtual private network (VPN). Review the default settings on your apps.
These seven steps can help protect your private information. To learn more about safeguarding your digital life, visit consumer.ftc.gov. And for more information about keeping your personal finances and retirement planning on track, feel free to contact me.
This information, developed in part by an independent third party, has been obtained from sources considered to be reliable, but Raymond James Financial Services, Inc. does not guarantee that the foregoing material is accurate or complete. This information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investments mentioned may not be suitable for all investors. The material is general in nature. Securities offered through Raymond James Financial Services, member FINRA / SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Lynch Wealth Strategies is not a registered broker/dealer and is independent of RJFS
