Your Financial Future: Consider freezing credit to protect yourself
This week we are continuing our coverage about cyber security month.
The first line of defense to protect your family starts with you. You should install a good anti-virus software on your computer or other device to detect and destroy vicious attacks. It should be set to automatically update, so that you have the most recent protection available. Hackers are constantly trying to find vulnerabilities in your device.
Microsoft, Apple, Google and all of the big companies make patches all of the time to fix problems discovered in their computer codes. You should probably not buy second-hand software because it may be compromised.
You also want to back up your computer either in the cloud, or on a flash drive or external hard drive. This will help if a thief tries to plant Ransome wear on your device. When using Wi-Fi, try to use a secure system instead of public Wi-Fi. Libraries, retail establishments, airports and other locations may offer free internet, but others may be able to see your connections.
Probably the most common area to get hacked is through emails. Do not click on links from people you do not know. Watch for business that are using Gmail addresses. Most big companies will have their name as part of the address. Look for grammar or spelling mistakes. The way the virus is usually trying to get in your computer is by getting you to click on links.
The first safety gate to your emails or devices are passwords. Too many people use the same password for everything. While this may be easier to remember, it lowers your protection. People use their children’s names, pet names or even the word “password.” Potential hackers can gather some of this information from sources such as Facebook, and guess your passwords.
There are software password managers to help you remember. You can also use tricks to help you remember. One is using mnemonic reminders such as, Jack and Jill went up the hill to fetch a pail of water, might become, J&Jw%5Etht@a0w. Another way might be to use goal-setting passwords such as Run everyday might become Run3v3ryd@y. Two-step verification is another tool. When you log in, you will receive a text or email with a code that must be entered.
It is important to periodically check your credit report to see what accounts are open in your name. If you see a problem, contact the creditor immediately to get the problem corrected. There are credit monitoring services you can use. They send you a notification when a new account is open your name. They do not stop someone from creating a new account in your name, but will let you know that it happened.
The most powerful solution may be to freeze your credit.
You must do so at each of the three big credit bureaus. When your credit is frozen, it takes a special pin number before new accounts can be established in your name. You can do this on the phone or online. If you need to open a new account, you temporarily unfreeze your credit. This does not affect your current credit accounts. It is important to do this at all three bureaus: Equifax, Experian and TransUnion. As of Sept. 22, 2018 you can do this for free.
Be vigilant to protect your identity. Unfortunately, there are criminals out there try to access it every day. It is easier to prevent problems than it is to clean them up after an attack.
Gary Boatman is a Monessen-based certified financial planner and the author of “Your Financial Compass: Safe passage through the turbulent waters of taxes, income planning and market volatility.”