Keeping Your Money: Part 2- Fraud Prevention

Last week we looked at some basics on how to identify fraud.  This week we want to take time to look at ways you can protect yourself, your assets, and your family.  While you can’t stop fraudsters from attempting to access your information, there is a lot you can do to protect yourself and prevent someone from accessing your information!  Taking the time to protect your assets against fraud is just as important for your financial future as making sure you have the right investments or asset mix.

What Can You Do? Quite a Lot!

A lot of fraud activity has moved online, so it is important to be vigilant.  Fraudsters are looking for any kind of information about you.  Even things as innocent as posting vacation photos on social media when on vacation, lets people know you are not at home.  Online surveys can give people information about you that can help them guess passwords, so be careful what you share.   Here are a few things to think about:

Online Protection

• Software: Keep your anti-malware, anti-spyware and operating system software current!
• Backups: Use multi-version backup software for system and/or file recovery as needed.
• Passwords: Create long, strong, unique passwords.  As annoying as it can be, periodically change them, or use a reputable password manager to more securely store them.
• Extra security: Use it when available, such as two-step verification or fingerprint access.
• Phishing: Be careful about clicking links or opening attachments, especially from strangers.
• Social media: Privatize your profiles and activities so only those you allow in can see them.
• WiFi: Be extra careful using public WiFi; assume the world can see what you’re doing. 
• Banking: Make sure your online banking is secure. At RBC Dominion Securities we have state of the art online security so you can be confident in your online transactions.  If you ever have any concerns please contact us directly by phone or in person.

Suspicious Phone Calls

• Identify: Legitimate callers don’t call unannounced and entice or threaten you.
• End the call: Your best line of defense is to immediately hang up.
• Don’t cooperate: Never share your credit card number, social insurance number, or any other sensitive information.
• Investigate: End the call and contact the alleged source directly to inquire further.
• Report: Report the suspicious number to federal authorities.

Credit and Records Management

• Watch for inconsistencies: Look for odd transactions in your financial statements.
• Watch for missing statements: In case your account has been redirected elsewhere.
• Monitor your credit reports: Request and review credit reports.  If you’re a client of RBC you can view these securely through online banking.  
• Follow up promptly: If something seems “off,” immediately change any login passwords, and promptly contact the service provider and appropriate federal authorities.

Personal Security

• Remain on guard: There is still plenty of old-fashioned theft going on.
• Secure it: Lock up your desk, files, car, mailbox and trash bins.
• Shred it: Use a micro-cut shredder to destroy any paperwork you do not need to keep.
• When you’re out and about: Keep a close eye on your purse or wallet everywhere you go.
• Filling in forms: Don’t provide your Social Insurance Number unless actually required.
• Banking: When using an ATM machine, look for others around you or signs of tampering. Avoid taking out large amounts of cash.  Keep your phone safe and secure.

What If They Succeed? Act Promptly

• Online: Promptly change passwords on any affected accounts; recover backups as needed.
• In general: Check in with any bank or other institution involved, and the government agency responsible for overseeing the breach. Here’s a good place to start. 
• Financial: If you feel your financial security has been compromised, we’ll want to hear from you as well! We’ll do all we can to help you fix the breach and minimize any damage done. 

Make sure to share this information with vulnerable people in your life.  Seniors especially are vulnerable to fraud attempts.  To start the conversation, The Little Black Book of Scams is a great tool to share with teens and grandparents alike. 

If you found this article helpful please share it and check out my other blog series like "Back to the Investment Basics!"