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Welcome. We at Compass Planning continue to appreciate your support. Thank you.
We are seeing an ever increasing trend of clever phishing, scamming, and fraud communications -- whether phone, email, text, or mail. Having dealt with many instances over the years, I now believe that the best way to protect against it is to stay current with technology. Those whose work or live in community settings are better able to do this through provided training and as well as IT support. Others have the greater challenge to find ways to stay up-to-date. This month, we’re discussing what could happen and how best to identify and prevent potential schemes.
If you missed our series on retirement, you can still access the issues. For Retirement, Part 1 - Retirement Savings, click here. For Retirement, Part 2 - Social Security, click here. For Retirement, Part 3 - The Retirement Paycheck, click here.
If you would like assistance with phishing, scams, or fraud, we are here to help you stay On Course!
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Your Personal Cyber Security
Always be alert to potential scams -- phone, email, texts, and mail. The scammers are clever and sophisticated. Knowing what to look for can help you avoid getting caught in a scheme that gives the wrong people access to your personal information.
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Key practices
- So much information is now online, e.g., Social Security payments, bank statements, investment statements and individual transactions. Probably your most important action is to stay current on how technology benefits your cyber security.
- Use two-factor authentication on all your accounts. It's the best way to keep your personal information secure. You can usually find the sign up under your profile or security.
- Learn to use your financial providers' apps as well as their websites.
- As much as possible pay bills online or with credit cards. Keep paper to a minimum. PayPal, Venmo, and Zelle are other options.
- Set up alerts on your bank, credit card, and investment accounts. The company will then send you notification for any transaction over that amount -- we suggest $500.
- Always verify separately whenever you aren't sure about the source. Call company directly. Do a search using the return email.
- Review your statements carefully. Credit card scammers often try small charges to see if the owner notices.
- Look for courses on current technology and scamming at your local community center, council on aging, or community college. Read articles to keep up-to-date on what's new.
- Buy a new laptop every few years to get the latest safety and cyber security functions. And also be sure whatever Wi-Fi you are using is secure.
Phone Calls
- First, DO NOT answer the phone. If it's important, the caller will leave a message.
- Scammers use fake IDs from known companies or local numbers. We have seen scamming calls from The Geek Squad, Apple, or email providers.
- Should you answer the phone and the caller wants personal information, say that you weren't expecting the call and need to call back. Ask for an case, ticket, or trouble number to use when you call back. That will quickly get rid of a fake caller.
Emails and Texts
- Take time when reading your emails and texts -- we get so many, we tend to skip through them as quickly as possible.
- Do not click on links or open attachments without verifying the authenticity of the email or text, including the "free" gift cards.
- Even when it closely resembles emails you get from people or organizations you know, do not automatically click. First, look at the return email address -- that often is the first clue that the email is not legitimate. Wording can also be a sign although not always.
- If you are at all suspicious, then call the company or person directly to double check.
- Once you confirm a bogus email, forward it to the real company (e.g., [email protected]). Mute and delete texts.
Mail
- Mail is more of an outbound issue. Thieves can steal the envelope, alter the check, and cash it.
- Use the US Post Office blue mail boxes or the slot inside the post office itself.
- If you have to mail a check, make sure you use a security envelope.
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Almost all brokerages now offer online statements and transaction confirmations, a much safer option than working with paper. That said, If you do receive paper investment statements, be sure to shred them because they contain lots of personal information -- such as your name, address, account number, and invested balances -- making it easier for identity thieves.
Get more tips in Jennifer's book
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