Protecting Your Digital Life: Advice to Help Keep Your Family Safe From Cyber and Fraud Threats
PURE Staff
Cyber risks are at an all-time high, especially for high-net-worth individuals who face an increased risk of being targeted. Advanced tactics, such as AI-driven scams and social engineering attacks, highlight the need for a proactive approach to protecting your personal and financial data.
Fortunately, proactive measures like credit freezes, fraud alerts and mindful data protection can help safeguard your information. Here’s what you need to know to protect yourself from cyber risks and what steps to take if your information is compromised.
Five steps to protect yourself
PURE President Dave Logan sat down with leading cyber experts, Chris Pierson of BlackCloak, and Neil Rekhi of HSB, to discuss cyber threats and protections. From that conversation, here are five recommended first steps to take to enhance your protection. If your needs and risks are more complex, a personal cyber security firm like BlackCloak can provide more advanced solutions.
MFA enhances security by requiring multiple authentication factors: something you know (like your password), something you have (like your device) and something you are (your fingerprint), making unauthorized access much harder. Every member of your household should use MFA, including on social media accounts.
All of your devices, including your phone, can be compromised, so antimalware software can detect, prevent and remove malicious software like viruses, spyware and ransomware.
Only share sensitive details when absolutely necessary, and always question why someone needs your Social Security number.
Don’t be afraid to question a suspicious email or text message and double check anything that seems too good to be true. If you’re issuing payments electronically, always verify the recipient, even if you trust them, as their account could be compromised.
These tools limit a fraudster’s ability to open accounts in your name. You can learn more about each of these below.
Credit freezes v.s. fraud alerts
A credit freeze is one of the most effective tools for preventing identity theft. It seals your credit report, blocking lenders from accessing it and preventing new accounts from being opened in your name without your consent. If a fraudster attempts to open a credit card or loan, the freeze ensures that the request is denied.
To place a credit freeze, you must contact each of the major credit bureaus individually. Once activated, a credit freeze remains in place until you lift it. Freezing your reports does not affect your credit score or prevent you from obtaining your legally guaranteed free annual credit report. In some states, this service is free, while others may charge a small fee.
A fraud alert is a less restrictive security measure that notifies lenders to verify your identity before approving any new accounts. Unlike a credit freeze, it does not block access to your credit report but adds an extra step to the approval process. Fraud alerts last for one year but can be renewed, and you only need to notify one credit bureau, which will then inform the other three.
Both options can help reduce the risk of identity theft and give you greater control over your financial security, but here is some guidance to help you determine which option might be right for you:
- Choose a credit freeze if you want a stronger, long-term solution to prevent unauthorized credit activity, especially if you are not planning to apply for new credit soon.
- Choose a fraud alert if you prefer an easier-to-manage solution that still provides protection, particularly if you are actively monitoring your accounts.
For additional cyber advice from the experts, listen to our Risk Thinkers podcast on the topic.
What if I suspect I've been hacked?
If you suspect your information has been compromised, act quickly to minimize the damage:
- Change your passwords. Update login credentials for affected accounts.
- Review your account information. Check what personal data was shared or stored on the suspected platform.
- Report identity theft. If your Social Security number, driver’s license or passport is compromised, file an ID theft affidavit with the Federal Trade Commission (FTC).
- Notify your bank. If financial data was stolen, alert your bank and watch your credit report for suspicious activity.
- Monitor your mail and credit report. Stay vigilant for signs of fraudulent account openings or identity misuse.
With cybercrime on the rise, it’s critical to take proactive steps to secure your information. Utilizing responsible data protection habits can make a significant difference in safeguarding your personal and financial security. By staying informed and vigilant, you can reduce your risk and take control of your financial future.
