Tips for Avoiding Online Financial Scams

As more transactions move from physical to online spaces, the risk of identity theft and exposure to scams increases. The older people are, the more susceptible they often are to online financial scams. Even so, people of all ages are at risk. Here are some tips both older and younger people can use to protect themselves from fraud. 

Protect Your Devices 

Some devices come with built-in protection, but there is no such thing as overkill. Install and use trusted resources to protect your devices from spyware and viruses. The two main tools you should resort to include antivirus and firewall software. Consider installing private networks known as VPNs or using devices that have them built-in. These provide a secure connection to keep hackers out. 

Safeguard Passwords 

Most people think of hackers using complex codes to decipher their passwords to get into their accounts. Believe it or not, sometimes people provide passwords on their own. Try to avoid storing passwords on devices as fraudsters might access the device and steal them. You should also change your passwords often. Choose a schedule that works for you so you can keep track of what you change and when. 

Practice Good Internet Hygiene 

When connecting to publicly offered internet, be mindful of what you access and what you sign into, especially if you do not have a VPN. Note that even when you’re careful about what you sign into, someone might be able to access your local files through the network. Whenever possible, try to use only WiFi sources that you can verify, especially for work and financial transactions. 

Verify Queries for Personal Information 

Sometimes you get the request by letter or phone call, but they might also appear in your email inbox. The message often includes threats to close an account or move forward with debt collection or a lawsuit. Before responding, contact the company directly to find out what they need your information for. If you do not recognize the company, proceed with extra caution. 

Research Companies 

During the pandemic, many honest, hardworking Canadians lost money to scam artists pretending to provide anything from hand sanitizer to financial assistance. No matter how desperate the situation, try to only do business with companies you recognize. When doing business with a new company, do your research. 

Use Virtual Numbers 

If you distrust a company’s security, then consider virtual numbers. Several banks offer virtual credit card numbers tied to your actual account, but which can only be used once each. If a thief steals that information, trying to use it a second time would prove unsuccessful. Any company can suffer a data breach, so it is worth using even on websites you trust. 

With a few extra steps, you can protect your privacy and your confidential financial information from online scammers. Pay attention to these tips and ensure your online moves are well researched.