The Secrets to Safeguarding Your Data: Learn How You Can Avoid Cyber Threats!

there's risk everywhere you go. Getting out of bed every morning invites a new set of risks, probably many of which you've never considered. But what about personal security issues, such as the safety of your online financial transactions and information stored on your computer? It is especially important to consider these potential blind spots since so many transactions are done electronically these days. Did you know that criminals tend to be most active when money is in motion? I'm going to illuminate these blind spots, help you reduce or maybe even eliminate the threat of cyber crime. Stay tuned.

Hi, I'm Phil Clark, founder and CEO of OmniStar Financial Group. Welcome to another edition of We're Talking Money. Today we're going to focus on cyber crimes. These include things like phishing, spelled with a PH, business email compromise and other attacks where cyber criminals impersonate individuals or institutions in hopes of gaining access to your sensitive information and systems.

Now, these crimes should be on everyone's radar. Why? For starters, many of these thieves have created very sophisticated systems, and they are adept at finding vulnerabilities within personal finances. Now, if you think cyber crimes only touch businesses or maybe low income, vulnerable families, think again. There is a growing and more concerning trend, and it is specifically targeting high net worth individuals.

In many of these cases, criminals spend a great deal of time and money and effort identifying a worthwhile target, and then they develop a victim profile based on public and private information such as property records, credit information. Be careful what you're putting on Facebook or YouTube or Instagram. Many people don't think about it.

Now, let's look at a common scenario before I tell you about the techniques that these thieves are using. So step one, a thief sends an email with a link or an attachment. It appears to come from a legitimate source. The targeted victim might click the link, and all of a sudden malicious software, known as malware, infects the victim's computer. Step two, the thief uses installed malware to steal login credentials. Now, this will allow the thief to log in as the victim.

Step three, with access to the accounts, the thief can easily change the victim's profile at the financial institution and/or impersonate the victim. They can move money to the criminal's account, and they can do all of this being undetected, at least for some period, long enough for them to get the job done. This is not a good outcome. The good news is that with some simple steps, you can improve your defenses and reduce your vulnerability to this type of crime.

Let me cover the most common criminal activities so that you'll become more aware of what they are. That alone will help you put on a greater defense. So the first, something called a key logger. That's software that records consecutive keystrokes, so anything that you're typing on your keypad can be recorded if this software happens to get installed on your computer.

The second is phishing, spelled p-h-i-s-h-i-n-g, phishing, so not like the type that you do in water. This is an attempt to gain personal information using links in legitimate looking emails, and they are going to connect you to malicious sites or malware. Number three, spear phishing. These are more personalized emails with links that download key logging software. Number four, something called whaling, a type of spear phishing that focuses on high net worth individuals, family offices and businesses.

Number five, malware. This is software designed to cause unwanted damage, including viruses and Trojan horses, to one or all of your computers. Number six, and this one is being used more and more, ransomware, a type of malware that will restrict access to your device until, you guessed it, a ransom is paid to the malware operator.

So let's talk about prevention. Everyone has come to hate online access which requires unique user IDs, passwords and sometimes even two-factor authentication. I can tell you, I feel your pain. I don't like them either, and I use them every day. What it means to us is that maintaining many passwords, that's a normal thing now. We have to do it. And these passwords are like the keys to your house. These are the keys to your online financial information. If the cyber criminal finds these passwords, you may as well hand them the keys to the front door of your home. All it takes is one innocent, inadvertent click on what appears to be a legitimate link.

Now, adding an additional layer of security when you access your accounts, something called two-factor authentication, that is a strong defense against the most common attacks. Unique security codes are randomly generated when you use this two-factor authentication and sent to your phone or other mobile device. These codes are required in addition to your standard login ID and password.

Now, another blind spot is what you use to create your usernames and passwords. Let me give you a little advice. Never use names such as your own, birth dates, Social Security numbers or any personally identifiable information. Use a different password for every application and website. Data breaches, where more sets of credentials are leaked onto the internet, well, that provides criminals the opportunity to collect these credentials, and they can try them at financial sites, email providers, mobile phone providers, social media sites until they find what works. Using the same password on multiple accounts should be avoided for this reason.

Make no mistake, we all have dozens of passwords these days, and trying to keep track of them, it's challenging. I get it. There is something called a password manager app. They generate and store all of your passwords in a secure environment. Now you don't have to worry about coming up with a great password, and you certainly don't have to worry about remembering all of the passwords that we know is so difficult to do. They will even auto fill login information for many of your applications, and they sync your passwords across all of your devices, and that can be done automatically. You can even have new passwords generated on a regular schedule.

Now, another blind spot is failing to back up your data. A simple backup prevents your information from being lost forever, but it does something more important. It immunizes you for ransomware attacks. If your system data is backed up elsewhere, it eliminates and he Leverage The scammers have, and it neutralizes their threat. Don't forget, include mobile devices in your regular backup, and do it often.

Cyber criminals are getting smarter about making their fishy emails look legitimate. These emails mimic those of financial institutions, complete with logos and convincing signature lines. Sometimes the criminals will impersonate emails appearing to come from friends, family or even professional contacts, people that you trust. Searching Google and social media sites actually makes it quite easy for them to personalize these emails with your name and subject lines like "your recent transaction with us." That one has become very popular. All of this is designed to do one thing, and that is lower your guard when it comes to security.

I say emails cannot be trusted, and no matter how compelling the language in the email, don't click it. Go direct to your financial provider's website. Always look for the https prefix in the site's address. If it doesn't have this, you know that site is not encrypted. It probably isn't connected to your institution.

Now let's talk about Wi-Fi. Your home Wi-Fi network comes with built-in security. That's a good thing. And your network provider generally supplies you with a wireless router ID and password, but recognize that these are often default settings. Cyber criminals will usually know the defaults for many of the major providers. If you're using the default settings, it's probably not nearly as secure as you think. When setting up your home network, be sure to change the default Wi-Fi network name and password.

Be vigilant when it comes to public Wi-Fi. Unsecured public wireless access points, they are easy to intercept. They provide an opportunity for attackers to snoop around your online activity. They see something they like, and they can lock on. If you don't have access to a secure Wi-Fi network, consider purchasing a subscription to a paid hotspot provider.

Finally, if possible, when it comes to your online banking, use a dedicated device. By using one device for all of your transactions, an illegitimate login will stand out to your banking institution. Cyber attacks often start with web surfing and reading emails. We get comfortable when we look around on the web, and suddenly we click on something that allows that malware to be installed. That's all it takes for criminals to have an easy path to your financial data.

Cyber threats evolve almost as fast as technology itself. If you have questions or you want to learn more about this kind of risk mitigation, talk to one of our advisors. They'd be happy to help. When it comes to protecting your financial accounts from cyber threats or cyber crimes, practicing good habits and making a few changes to your online use can significantly improve your security.

Now, I hope this video has inspired you to take a little closer look at how best to protect yourself from cyber crime. The team at OmniStar is happy to help you better protect your assets and eliminate the worry of what if. If you like today's video, make sure to subscribe to our YouTube channel right now. Just click on the Subscribe button below this video and give us a thumbs up, and don't forget, ring that bell so you never miss a great episode. You can also find us on Facebook, Instagram, LinkedIn, Twitter and our website, omnistarfinancial.com. Thanks for watching. We'll see you next time on We're Talking Money.

Thanks for joining us on We're Talking Money. Be sure to visit us at omnistarfinancial.com, where you can learn more about how we provide value to our clients. So subscribe to the show and our newsletters, and drop us a line with topic suggestions for upcoming shows. If you enjoyed the show, we would appreciate you passing it on to a friend and providing a rating on iTunes.

This podcast is a publication of OmniStar Financial Group. The content is developed from sources believed to be reliable and accurate with all information. The information in this material is not intended as tax or legal advice, may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security or service provided by OmniStar. All expressions of opinion reflect that of the authors and are subject to change. Any distribution, use or copying of this podcast other than the intended recipients is prohibited.