Cybercrime, identity theft and consumer protection

We hear it in the news every day.  Facebook and email accounts are being hacked.  Tax scammers file and collect your tax refund.  Security data is breached from agencies we trust like Equifax. Cyber crimes are on the rise as we are becoming very aware in the recent news media.  Identity theft statistics are quite frightening and they appear here to be here to stay.  We can never be too careful.  There is a very strong underground economy that mirrors our world with illegal transactions originated by stealing identities and personal information in a place called the dark web.  Much of what we value in protecting our assets and personal lives can be stolen in seconds and cause financial ruin.

I just went to a workshop on this and one major thing we all need to do is have good password protection. Logging into your computer with a password is like having a key to the front door to your house.   Once you are inside it is easy to go from room to room.  You need to guard the entrance.  Make your password a phrase or something only you can recognize.  Hackers play around with algorithms to detect passwords so familiar street names, address numbers etc can become easy hacking targets.  You need to be on guard as cybercriminals are very smart and they are out to get all of us.   As we were told in the workshop spend an extra 15 minutes a day to be sure your cyber life is being protected. As part of my research for this blog I researched several articles on cybersecurity tips.  I then found a comprehensive link on the U.S. Government website.  If you have not read anything on protecting your identity I ask you to check this out this site as it shares much valuable information.

Signs that You're Already a Victim of ID Theft

Always keep aware of your banking and personal spending accounts.  Review your monthly statements for unusual activities.  Likewise if you start receiving statements or bills you don't recognize someone may have opened a new account without your permission.  Below is a list of warning signs to keep aware of:

A creditor informs you of an application for credit in your name and Social Security number that you never made, or that you’ve been approved or denied credit for which you never applied.
A collection agency contacts you to collect on delinquent accounts that you never opened and never authorized.
 Unfamiliar charges on account statements, including your bank accounts, credit cards, loans, mortgage, calling card, utilities, other established credit or billing account statements.
Your bank sends you an automatic insufficient funds notice or an overdraft funds transfer notice when you should have sufficient funds in your account for all debits, checks and payments you’ve made.
 An unusual or unexplained notice from a government agency, or state, county or federal tax notices may indicate your information was used to commit fraud involving a government agency, a federal or state assistance program or taxes.
A visit from a police officer involving a criminal investigation or a warrant for your arrest for something you didn’t do.
Service of summons to appear in court or lawsuits for actions you know nothing about.
 The amount of mail you typically receive is suddenly significantly reduced without explanation, or specific bills, documents or account statements are not received.
An automatic credit report alert or your regular annual check of your credit reports informs you of recent negative changes in your credit report, unfamiliar account or unexpected credit activity.

How to protect yourself and be smart 

Always be watchful when using your credit or debit card.  If you use plastic frequently you may want to have a separate debit payment account for small transactions.  I keep an account with a low balance for day to day transactions such as gas, groceries and postal purchases.  I transfer money from my primary account that I use to pay larger items such as the mortgage.  This way if someone gets into my debit account the exposure risk is limited.  Another important thing to do is to shred all documents and bills.  Identity thefts will go through the trash and recycle bins to phish for account and social security numbers.  You must destroy this evidence.  Use privacy and security settings on social media.  Always be thinking about what you are exposing each time you looks a post or respond to an email   Never click on an unfamiliar email.  

In today's Boston Globe there was a suggestion by Michelle Singleton, author of Color of Money to set up an online IRS account to periodically check to suspicious activity around your federal income tax filing.  You also want to be sure no one has tried to tamper with the title of your real estate property.  You should have Title Insurance and check to see if your local Registery of Deeds has a program to check for any fraudulent activity.  I provided a link to the one for my primary area as an example for consumer alert notification here.

Below are ways you can be smart to safeguard your business and security risks.  

Check your credit reports annually to identify problems, errors or possible identity theft.
Check all of your credit card and bank statements monthly or more often for any errors or unauthorized purchases. Even if you still have your card, your account number may have been stolen.  You may want to use a product such as Quicken to download and reconcile your account balances on a regular basis to review any unusual transactions.
You don’t have to wait for your monthly statements to come in the mail. You can check your financial account statements more often online or via automated phone customer services.
Check all of your bills and receipts including utility bills, were authorized by you.

Look for monthly billing or other account statements, credit card replacements or other expected communications from your creditors or bank. Make a note to yourself about when credit or debit card replacements should arrive.

Its a tough world out there and we always need to be on guard for our surrounding and think of ways to protect our vulnerabilities.  Sometimes pictures and videos speak louder than words thus I have included a fun Article from October 2017 cybersecurity month that includes some memorable media clips from around the country.  Enjoy.  I hope this blog gave you some insight into ways to be proactive.

P.S. Supplement to above:  In today's WSJ there was an article about privacy settings on our smart devices.   The article points out that data about where we are, how we shop and more are being sold based on the location tracking on our phones.  Always check your privacy settings.  

P.S.S. New supplement concerning online dating scams .  Bottom line is always bewarey and careful with any personal information.  

Wendy is a realtor with Coldwell Banker in Needham.  She enjoys sharing her insights into the local area and ways to protect the interests of her clients.  You can visit her on facebook @wendybcb or at her website www.wendybcb.com.