Protect Your Money from Cyber-Thieves
Despite best efforts to avoid a cyber-attack or identity theft, it happens with increasing regularity. It is critically important to have safeguards in place that prevents a hacker who has compromised your identity from actually stealing your money. Once your money is stolen, it is nearly impossible to get it back. There are two simple preventative steps that you should take that will help to limit your exposure of financial loss to a cyber-criminal. The first is to use two-factor authentication, also known as two-step verification, for any on-line login you use to access banking or financial information. Two-factor authentication is a method of confirming a user’s claimed identity by utilizing a combination of two different components. Use of an ATM card is a good example of two-factor authentication. To withdrawal money from your account, you need both the ATM card (something you have) and your PIN number (something you know). In the on-line world, you are commonly asked for your password, which is something you know. Most financial web sites now can send a unique one-time code to your cell phone to be entered into their site when logging in. Thus, in order to login to the site, you would need both your password and possession of your cell phone (something you know and something you have). This significantly mitigates the risk that a bad actor can get into your financial accounts should they somehow otherwise obtain your login information. Login information, without also having possession of your cell phone, is worthless. Most bank and brokerages, including Fidelity and Charles Schwab, offer this security option to their customers without charge. We recommend that you enable this feature today.
The second simple preventative step you should take to limit cyber-attack damage is to implement the use of a password manager. Given the sheer number of passwords that most people are required to have, they commonly use the same password for multiple sites. If a cyber-criminal obtains this password, they have access to multiple sites, extending the scope of the damage that can be done to you. To manage this risk, you should use a unique password for every site that you access. The safest and most practical way to do this is by employing the use of a web-based password manager. These ingenious tools allow you to keep all of your user ids and passwords in one secure place. They will even suggest unique passwords for all of your web sites so you don’t have to constantly make up new ones. The best password managers require the use two-factor authentication to access your password data – you should insist on and use this feature. Not only does using a password manager improve your cyber-hygiene, it also is convenient. Once you log into your password manager, it will automatically log you into any stored web site that you wish to visit. For those sites requiring two-factor authentication, it brings you to that point in the login process. There are several vendors offering password managers. Two that we know of are www.lastpass.com and www.roboform.com .
Implementing the above two protocols now will not eliminate your risk of being the victim of a cyber-attack, but it will significantly lessen your exposure to financial loss.
IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Pathway Financial Advisors, LLC-“Pathway”), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Pathway. Please remember that if you are a Pathway client, it remains your responsibility to advise Pathway, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Pathway is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Pathway’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request. Please Note: Pathway does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Pathway’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
