By Sandra Guile
Better Business Bureau
More than $50 billion is lost to financial fraud each year, and most of it occurs simply because an online user accessed an unsecured website, or doesn’t have strong enough passphrases. Without having either protections in place, thieves are able to quickly and easily access information, commit identity theft and make a profit while you lose your heard-earned money.
Crimes Are Committed With a Click
The crimes are not necessarily new — theft, fraud, illegal gambling, sale of fake medicines, etc. — but the FBI says old schemes are evolving quickly with modern technology, and therefore becoming more widespread and damaging.
Fraudsters are constantly looking for consumer credentials, and it doesn’t matter if it’s on a personal computer or in a business database.
How Is Stolen Information Used?
A study conducted by the Federal Trade Commission discovered when given the opportunity, cyberthieves will quickly take advantage of email and payment information (like credit card or bank account information) for their own personal shopping sprees. Social security numbers, medical insurance policy information and birth dates can be used to apply for credit cards, buy cell phones and receive medical treatment on your health insurance.
Computer experts say there are thousands of hacking sites on the web allowing any petty criminal to learn how to become an accomplished hacker from the comfort of a coffee shop.
Who Is Vulnerable?
Small business computer systems are at high risk for identity theft because they may not have the most optimal security system in place to protect customer credit card records and employee payroll files. Many of them don’t use access logs, meaning they may not know that data has been compromised until it’s too late. Businesses can also be targeted by former employees, able to successfully commit computer identity theft by hacking into networks using insider knowledge or unchanged account information.
Opportunist hackers are amateurs and professionals who spend hours a day running random scams on the internet looking for unprotected home computers. When they find one, they’ll often poke around inside the network or computer to see what’s worth taking. Sometimes the opportunist hacker will access Smart TVs and wireless home electronics to silently spy on homeowners when the default password for the device isn’t changed.
Lock It Up
When it comes to keeping your financial and personal information safe online, be sure to update the firewalls and antivirus software on all of the electronic devices in your home or business. From there, maintain them with the latest patches provided by the manufacturer, especially if any of them access the internet. Be careful about the types of websites you visit, what you click on and the apps that you download.
If you’re shopping online, make certain the retailer has a secure portal for your financial information and always use a credit card for the purchase. Follow up by checking all of your statements to make sure all of the transactions are yours.
Think before you click, and look for more cyber tips on bbb.org.
