With the ever-increasing ransomware and cybercrimes committed against organizations and individuals, it is imperative that we take measures to protect our good credit. Cybersecurity Ventures estimates that over 33 billion records will be stolen this year at a total cost of $8 trillion worldwide.
It can be daunting to figure out how to protect yourself from cybercrime since most transactions today are executed electronically, and cybercriminals know how to exploit the internet to access your information. However, there are measures you can take to keep your personal data and financial accounts secure. In a recent webinar for clients, I reviewed three actions that you can take to protect yourself and make it more difficult for cybercriminals to access your financial information:
- Set up email and text notifications for your credit card and bank accounts – this allows you to be notified about activity in your accounts and can be done quickly online. This small step can provide a timely alert to any suspicious activity in your accounts.
- Enable 2-step authentication – a critical step in protecting your online financial information. In addition to your login credentials, a code will be sent to your mobile phone or email address, which must be entered before you can access your account.
- Freeze your credit– this security measure prohibits anyone from accessing your credit. You must contact each of the three major credit agencies to request a credit freeze. The downside to this protective measure is that if you want to apply for any credit, you must unfreeze your credit first. This is a minor inconvenience compared to the financial devastation of a stolen credit identity.
Implementing these practices can stop a cybercriminal in their tracks and protect your financial information. Take the time to protect yourself and preserve your good credit and the lifetime of wealth that you have built.
Mario Hernandez has been a Certified Financial Planner (CFP) for over 30 years and brings a vast amount of experience in the financial planning and investment management business. Through Longevity Wealth Management, Mario provides holistic planning services that help clients find solutions to live their best life. Mario’s email address is mario@longevitywealthmanagement.com. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Investment advisory services offered through Longevity Wealth Management. Osaic Wealth, Inc. is separately owned and other entities and/or marketing names, products or services referenced here are independent of Oasic. Certain insurance products are offered by Mario Hernandez as a licensed agent independent of Osaic Wealth, Inc.. Mario Hernandez is not affiliated with Osaic Wealth, Inc. or registered as a broker-dealer or investment advisor.
