Protecting Your Financial Security: Six Steps to Safeguard Your Accounts

Financial fraud is on the rise in the United States, with Americans falling victim to nearly $10 billion in scams in 2023 alone. As fraud becomes more sophisticated, it is crucial for investors to take steps to protect themselves and their financial security.

One expert, Bronwyn L. Martin, a financial advisor and chartered financial consultant with Martin’s Financial Consulting Group, has outlined six key steps that individuals can take to safeguard their finances.

First and foremost, actively avoid scams by not responding to unfamiliar calls or texts, and never providing account information over the phone, email, or social media. Look for red flags such as typos and unusual email addresses in phishing emails, and be cautious of investment scams promising unrealistic returns.

Monitoring your accounts regularly is also essential in detecting any suspicious activity. Check your transactions and balances frequently, and contact your financial institution immediately if you notice anything out of the ordinary. Activating alerts and requesting annual credit reports can also help in spotting potential fraud.

Managing your passwords is another crucial aspect of protecting your financial information. Security experts recommend updating passwords regularly and using strong, unique passwords for each account. Consider using a password manager for added security.

Two-step verification, or two-factor authentication, adds an extra layer of security to your accounts by requiring a unique passcode in addition to your user ID and password. This makes it more difficult for hackers to access your accounts even if they have your password.

Lastly, avoid using public Wi-Fi whenever possible, as it is often insecure and can be targeted by cyber criminals. If you must use public Wi-Fi, consider using a virtual private network (VPN) to protect your connection.

By following these six steps, individuals can better protect themselves from falling victim to financial fraud. It is important to remain vigilant and stay informed about the latest scams to ensure the security of your financial accounts.