Stay Safe Online

Looking back at our past blogs and podcasts, I think online security is the only topic Nick and I have covered more often than budgeting and having a contingency fund. But based on some stories we’ve heard recently, this seems to be a topic we can’t talk about enough: Online and phone scammers keep getting more sophisticated, and we all must remain hyper-vigilant about protecting our information from phone and email scams.

How to Stay Safe Online

Recognizing Scam Phone Calls 

Ask for a Call Back Number: If you get a phone call from someone purporting to be from your bank or your credit card company, ask them for a call back number. Then, call the number on the back of your credit card or the actual number for your bank to confirm if the call is legitimate.

Do this before you give any personal information or confirm any information that they claim to have. This is known as “phishing,” and the caller is likely to use information they already have about you to build trust and then try and get more complete information from you. Make sure you are 100% certain to whom you are speaking to before giving any information over the phone. The caller will try to pressure you and convince you that you MUST act now before it is too late, but the pressure is designed to take you off guard and prevent you from analyzing the situation.

IRS: The IRS will never call you with a tax issue. You will receive a notice in the mail.

The Social Security Administration will not call you to tell you that your benefits have been hacked. 

Dealing with Scam Emails

The same is true of email: online thieves will impersonate your bank, your brokerage custodian, the IRS, and vendors from whom you purchase things. Start by checking the email address to make sure it matches the purported source. Watch for spelling errors and typos.

Do not click on any links in any emails without first being 100% sure that the source is legitimate.

If the email appears to be from a friend asking for financial help, rather than reply to the email, call them or text them to confirm. Replying to the email – even if it appears to be their actual email – doesn’t help if their email has been hacked.

Again, be wary of anything that creates a sense of urgency.

If you think an email may be legitimate, try calling or texting the sender on a number you know from another source instead of replying to the email.

Protect Your Passwords

We highly recommend getting a password manager. In a nutshell, a password manager lets you use one good, super-strong password and identity arrangement so you can use random, unique passwords everywhere else. Always turn on two-factor authentications if the site you are using allows it. While these steps may slow you down and be inconvenient, the trade-off is better security and that is worthwhile in the long run.

Getting Rid of Paper

Don’t forget about paper: shred or burn anything with identifying information and mind your mail. I don’t have current statistics but have read that thieves are still more than happy to use old school bank statements and paper checks when given the opportunity. 

Assume Your Info is Already Out There

Operate on the assumption that your information is already out there. While it is important to take the steps above and make it as difficult as we can for scammers, it is healthy to also assume that they already have your information, and you must therefore take steps to make sure they don’t DO anything with what they already know.

Monitor Your Bank and Credit Card Transactions

I like to check mine daily because if I wait, I won’t remember what I did a week or a month ago and it is easy to miss fraudulent purchases. Lock your credit report at all three credit bureaus. This means nobody can open or access your credit to open a new loan or credit card. You will need to unlock the credit before purchasing a car or applying for a card or a mortgage, but this precaution goes a long way toward heading off problems. Also plan to check your credit report at least once a year to ensure there is nothing on there that isn’t legitimate. 

Conclusion

If you think you are a victim of online or phone fraud, notify your bank and credit card companies right away to mitigate any problems. And let our office know, too. We are always on-guard for illegitimate money requests but letting us know helps us to be extra-vigilant as well.

Email us at info@srbadvisors.com.

Call 517-321-4832

About Shotwell Rutter Baer

Shotwell Rutter Baer is proud to be an independent, fee-only registered investment advisory firm. This means that we are only compensated by our clients for our knowledge and guidance — not from commissions by selling financial products. Our only motivation is to help you achieve financial freedom and peace of mind. By structuring our business this way we believe that many of the conflicts of interest that plague the financial services industry are eliminated. We work for our clients, period.

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Call us at 517-321-4832 for financial and retirement investing advice.