Morgan Stanley settled a case with the state of New York for $6.5 million for compromising the personal information of millions of customers nationwide. The company “failed to properly decommission its computers and erase unencrypted data in devices that were later auctioned off while still containing consumers’ personal information."
Closer to home, have you been notified that your Amazon account has been compromised? Or have you been asked for some additional information before the air fryer you really didn't order can be shipped? Or maybe the Social Security Administration would like to inform you of benefits due to you? These are just a few examples of attempts to capture your personal information and gain access to your financial accounts.
Managing our lives online is a modern day reality. And no, saving paper statements won't help. It's time to fortify your defenses against the numerous threats we know about and especially the ones we don't know about.
Fortunately, there's plenty of credible information available to help with that. A great set of guidelines is this five-page presentation titled "Simple Safeguards: How to Stay Safe From Identity Theft and Cybercrime." Here's the safe link:
Here are the topic headers.
1. Prevent Identity Theft.
- Create an online Social Security account.
- Freeze your credit reports.
- Protect your paper.
2. Watch Out for Tricks.
- COVID Scams.
- Account takeovers.
- Wire transfer fraud.
3. Protect Your Computer.
- Beware of pop-ups.
- Keep your software updated.
- Use passphrases instead of passwords.
4. Preventing Identity Theft.
- Protect your Social Security number.
- Get access PINs from the IRS and FTB.
- Monitor your medical and healthcare documents.
- Provide death certificates to credit bureaus and financial institutions where a deceased person had accounts.
- Steps to take if you're a victim of identity theft.
- Social media.
- Robocalls.
5. Preventing Cybercrime.
- Protect your credentials.
- Hover to discover.
- Use multi-factor authentication (MFA).
- Use antivirus software.
- Unsubscribe from unwanted emails.
- Securing mobile devices.
- Your home wi-fi.
6. Common Cybercrime Scams.
- Fake emails.
- Email account takeovers.
- Tech support scams.
- Email extortion.
- Ransomware.
- Real estate wire transfer fraud.
We're not cyber security pros. But we know enough to take reasonable and easy steps to manage our online life. Good defenses are available. The number one defense is to be a frequent and proactive monitor of your information. Contact us if you have any questions.
Jim Cosgrove, Partner, San Jose, CA jimcos42@gmail.com 408-674-6315
Evidence-based. Rules-driven. Policy-focused.
