Staying Safe Online, 2.0

We’ve written previously about the importance of being smart about your online footprint and securing your vital financial and personal information. But just in case you don’t want to read that article, here are the high points:

• Keep important personal information out of email. When you need to provide a bank account number, Social Security number, driver’s license number, or other vital personal data, either use a secure upload, an encrypted method, or a hard-copy process that can be tracked and/or verified.
• Check your accounts regularly. Keep an eye out for any transaction, no matter how small, that doesn’t look familiar. Hackers often start with a small charge to see if you notice.
• Use a strong password. Alphanumeric versions of your name or those of family members are easy for hackers (or their password-cracking programs) to guess. Your best bet is to use a program to generate a strong password, and it’s also a good idea to change passwords to key accounts regularly.
• Don’t click that link! Pop-up windows and links to websites you don’t expect to see are the express lane to Hackerville.

AI is changing everything—including online scams.

The amazing technological advances around artificial intelligence (“AI”) are getting a lot of space in the headlines these days—especially in the financial news. This “machine learning” technology is changing everything from digital image processing to medical research, and the companies exploiting it—like chipmaker NVIDIA, Alphabet, Inc. (parent of Google), Amazon.com, Microsoft, and others—are enjoying higher and higher valuations with each new advance.

But, as with most innovations, there are others who are more interested in exploiting AI’s capabilities for nefarious purposes. This means that it is more important than ever for all of us to be vigilant when online and especially when interacting with any unfamiliar or unexpected website, email message, or phone call.

For example, it is possible for a scammer, using an AI-driven program, to make a recording of your voice on the phone and then use the technology to generate a message that sounds very much like you. This message could then be used to persuade someone—a banker, a financial advisor, or even a friend or relative—to transfer funds into an account controlled by the scammer. According to the Better Business Bureau, there have been instances where an AI-generated robo-caller will contact someone by phone and almost immediately ask a question that demands a “yes” answer, such as “Can you hear me?” Your simple “yes” on the phone can then be used by a hacker to authorize a financial transaction or even to verify your number for future targeting. Your best defense in this situation? Simply hang up without saying anything.

Of course, the “traditional” scams are still all too popular, as well. These include “phishing,” where you receive a phone call or an email “warning” you that your password has been compromised, then asking for you to verify your Social Security number or some other sensitive personal information, or providing a link for you to click to “secure” your account (of course, the link leads to the scammer’s computer).

In general, you should always be suspicious of any communication coming from an unknown or unexpected source. You should also be wary of any message that attempts to create a sense of urgency, especially when that is followed by a request for your personal information. Avoid clicking on links that are presented to you by some individual or company you don’t recognize, and don’t hesitate to verify any online communication that purports to be coming from your bank, financial advisor, or other entity that could involve sensitive personal or financial information.

The US Better Business Bureau maintains a website of known scams at https://www.bbb.org/scamtracker; this is a helpful resource, both for keeping yourself informed and also reporting any suspicious activity.

Don’t go there.

There are a few popular or important online activities that scammers treat like anglers treat their favorite fishing spot. These involve situations where people may be especially vulnerable or where vital personal or financial information can be obtained more easily. So, if you’re interested in or in need of using sites like those following, you should exercise special care.

Online dating sites. Recent reporting indicates that as many as 10% of the profiles on dating apps and sites are fraudulent. Scammers create online profiles with the hope of engaging with unsuspecting persons who will unwittingly provide personal information that can be used to impersonate them, potentially gaining access to bank accounts or other resources. They will often quickly profess interest, requesting contact via email or other unsecured, unencrypted means. They may agree to a meeting, but at the last minute, some emergency will intervene, often occasioning an urgent request for financial assistance. It’s unconscionable that anyone would prey upon a person who is likely at their most vulnerable, but it happens.

Sweepstakes or lottery scams. Suppose you get an email, a message on social media, or even a phone call, informing you that you’ve won a prize or a sizeable sum of money. All you need to do is confirm a few personal details or provide a payment method to cover a “small registration fee” or “shipping costs.” They may even ask for a bank account so they can deposit your “winnings.” Needless to say, you won’t be the winner in any of these scenarios.

Fake government official. Neither the IRS, Social Security, Medicare, or local law enforcement will ever call, text, or email to collect taxes, have you pay to keep your benefits in force or avoid suspension of your account, or collect a fine or delinquent fee. If you are contacted by someone claiming to be one of the above or any other official body, you should terminate the communication and either call a verifiable number for the agency or go to their official website to make an inquiry. Also, if you believe you have been targeted or victimized by such a scam, contact the Federal Trade Commission’s fraud prevention site at https://reportfraud.ftc.gov.

You’ve got a virus! Actually, you probably don’t. You may be minding your own business on the internet, when suddenly you get a blaring alarm with a pop-up window warning you that a virus is about to take over your computer. Naturally, there’s a convenient link you can click to “fix” everything. But if you click the link, you’ll either end up paying an exorbitant fee to fix a problem that never existed, or you’ll be granting a hacker access to your hard drive, possibly by means of a real virus transmitted via the link. To avoid any of this, you may need to power down your computer for a minute, then clear your browser cache before resuming your internet browsing. Both Windows and Apple users may experience this issue.

The Bottom Line

Anytime you get a message that attempts to create a sense of urgency or requests immediate action involving providing personal or financial information—pause and think. Remember, the government, your bank, and other trusted organizations will never email, call, or text you out of the blue and ask you to send money, “verify” your information or take any other immediate course of action. Keep these tips in mind:

• Email is the most common form of communication used by scammers.
• Use websites like those provided by the Federal Trade Commission and the FBI to learn about currently active scams.
• Immediately suspect unexpected communications, especially those that contain misspellings or odd phrases.

At Aspen Wealth Management, we want you to be safe online—and everywhere else. Remember, in 2023, consumers reported losing more than $10 billion to fraudsters. Don’t be among them! Stay alert online, and if you ever have any questions about the reliability of communications you receive, contact us; we’re here to help!

You can learn even more about protecting yourself online by viewing our webinar, “Cybersecurity Essentials: Protecting Your Digital World.” You can view the webinar on YouTube or connect on our website.