Cyber Crime
Cybercrime is on the rise everywhere. In fact, global losses due to cybercrime climbed from $600 billion in 2018 to $1 trillion in 2020. That’s enough to make anyone concerned about the security of their financial accounts. But you don’t have to feel helpless against the threat of hackers. While Baird takes great care in protecting your information, I will provide you with 5 steps you can take to help limit your risk and keep your financial accounts safe.
First is to Practice Good Password Hygiene
The right password is your first line of defense against hackers. Using a strong password will help make your account less susceptible to hackers. A strong password consists of over 10 characters, a mixture of both uppercase and lowercase letters, a mixture of letters and numbers, and an inclusion of at least one special character. An example of this could look like BairdIsTheBestPlaceToWork2022!.
You'll also want to stay away from using the same password for multiple online accounts and be sure to change those passwords every few months. You can manage your strong passwords securely by utilizing a dedicated software password manager that secures them in encrypted form. If you use your notes app on your phone to save passwords, be sure to secure it with a password.
The second tip is to Enable Two-Factor Authentication for Financial Accounts & Email:
Yes, two-factor authentication can be annoying, but it provides a second line of defense against hacks by requiring a password and additional information, such as an answer to a security question, a code sent via text message, or even biometric data, such as Face ID.
Number 3 - Be Skeptical of Unexpected Messages
If you get an email or text message you didn’t expect, be skeptical. Always be sure you’re on your financial institution’s real website before entering your information. Check the website address against the one listed on your account statement.
If an email requests you to call their support team to update or dispute information, navigate to the reputable website or application to obtain a contact number. Don’t trust the phone number embedded in the email.
And never give up personal information. Do not enter your username and password into unknown or untrusted sites.
Number 4 is to Watch Out for Public Networks
Public networks, like the one at your local coffee shop, are less secure than your private network at home or work. Go into the settings on your computer to disable “sharing and discovery” over public networks. Also check the settings on your mobile devices to make sure that they aren’t automatically logging into public Wi-Fi networks.
Lastly, Beware of fake social media accounts
Criminals are changing their attack methods and setting up fake social media accounts impersonating individuals. Phony accounts are often recently created and may include urgent requests for help, strange phrases, spelling or grammatical errors.
Be skeptical of unexpected interactions via social media no matter who it seems to be from.
- If you are unsure if a communication is legitimate, verify the persons contact information in your phone contacts and reach out to the individual directly using the phone or email you have for them.
- Use the social media platform’s tools to block and report these accounts to the social media providers.
- And Do not respond to public or private messages, accept connection requests or follow these accounts, which could lend them credibility, expose your information, and cause confusion for others.
While you can’t make your financial accounts 100% hacker-proof, implementing these steps can help you drastically reduce the likelihood of a hack and limit the potential damage if your account is breached. We hope taking these steps help bring peace of mind for you.