Client Resources

Protecting Yourself From Online Fraud

Hello everyone, and welcome to today's webinar on Protecting Yourself from Online Fraud. I'm Kaitlyn Karsten, Client Service Associate at Charleston Retirement Planning and today we'll be discussing essential tips and strategies to keep your personal and financial information safe in the digital world

Let’s start by understanding what online fraud is. Online fraud occurs when criminals use the internet to steal personal information or deceive you into giving up sensitive details, like your bank information or passwords. Common tactics include phishing emails, fake websites, and fraudulent phone calls. These can seem very convincing, which is why it’s important to stay informed and vigilant.

One of the most common forms of online fraud is phishing. Phishing is when scammers send emails or texts that look like they’re from a legitimate source, like your bank or a company you do business with, asking for sensitive information. If you receive an email or message asking for your password, Social Security number, or credit card information, always be suspicious. Legitimate companies will never ask for sensitive information over email or text.

Let’s talk about a few ways to spot a phishing scam:

Look for suspicious email addresses or links. Scammers often use email addresses or websites that look similar to legitimate ones, but with small differences.
An example of a phishing email address might be something like this:

"support@paypa1.com"
Notice the subtle difference where the "L" in PayPal has been replaced with the number "1." This makes it look almost identical to a legitimate address but is actually fake.

Other common phishing email examples include:

"customersupport@amzon-support.com" (instead of amazon.com)
"service@bankofarnerica.com" (replacing the "m" in America with "rn")
These scammers rely on small differences to trick people into thinking the emails are from legitimate companies. Always double-check for slight misspellings, suspicious domains, or added words.

Check for urgency. Phishing emails often try to create a sense of urgency, claiming that your account will be locked or you’ll miss out on something if you don’t respond immediately.
Hover over links before clicking. This will show you the true web address the link will take you to. If it doesn’t match the legitimate company’s URL, don’t click."
Now let’s talk about passwords. Your passwords are your first line of defense against online fraud. Here’s how to create strong passwords and keep them secure:

Use a combination of letters, numbers, and symbols. The more complex, the better.
Avoid using personal information like your birthday or pet's name.
Use different passwords for different accounts. If one account gets compromised, you don’t want all your accounts to be at risk.
Consider using a password manager to keep track of your passwords securely.
Here are some popular password managers that can help you store and organize your passwords securely:

LastPass: Stores encrypted passwords online and offers features like password generation, autofill, and multi-device syncing.
Dashlane: Provides encrypted password storage, automatic password changer, and more.
1Password: Offers strong password management with end-to-end encryption and features like travel mode and password sharing.

Another important security measure is Two-Factor Authentication or 2FA. This adds an extra layer of protection to your accounts by requiring two forms of identification—your password and something else, like a text code sent to your phone. Many banks and online services offer 2FA, and I highly recommend enabling it wherever possible.

Fraudsters often create fake websites that look like the real thing. To protect yourself:

Look for the 'https' in the URL and a padlock icon in the address bar—this means the website is secure.
Check the website's domain name carefully. Scammers often use misspelled or slightly altered URLs to trick people into thinking they’re on the right site, just like the phishing emails we discussed earlier.
Avoid entering personal information on public Wi-Fi networks. These networks are often less secure and easier for scammers to access.
It’s also important to monitor your accounts regularly. Look for any suspicious transactions or activities and report them immediately if you notice anything unusual. Many banks and financial institutions offer fraud alerts that notify you of any irregular account activity.

If you think you’ve been a victim of online fraud, don’t panic, but act quickly. Here’s what to do:

Contact your financial institutions immediately to report any suspicious activity.
Change your passwords right away. If you use the same password across multiple sites, change those as well.
Report the fraud to the Federal Trade Commission (FTC) or your local consumer protection office.
You may also consider freezing your credit.  This is an essential step in protecting yourself from identity theft and fraud. Here’s why it’s important: 

Prevents Unauthorized Access: A credit freeze restricts access to your credit report, making it difficult for identity thieves to open new accounts or take out loans in your name. This is especially critical if you suspect your personal information has been compromised.
Control Over Credit Activity: With a freeze in place, you remain in control. Only companies you authorize (such as lenders or landlords) can access your credit file, protecting your financial identity.
Free and Easy to Implement: Freezing your credit is now free by law in many places and can be done easily through major credit bureaus like Experian, Equifax, and TransUnion. You can also temporarily lift the freeze when needed.  You will have to contact each of the Bureaus separately to freeze and unfreeze your credit.
Peace of Mind: Knowing that your credit report is locked provides peace of mind, especially if you’ve been a victim of a data breach or are concerned about financial security.
While freezing your credit won’t prevent identity thieves from using your existing accounts, it is a strong preventative measure against new fraud attempts.

To wrap up, here are the key takeaways from today’s session:

Be cautious of phishing emails and links.
Use strong, unique passwords and enable two-factor authentication when possible.
Always verify websites before entering sensitive information.
Monitor your accounts regularly for any suspicious activity.
Remember, online fraud can happen to anyone, but with these tips, you’ll be better equipped to protect yourself."

Thank you all for following along on protecting yourself from online fraud. I hope you found it helpful. If you have any questions or need further assistance, please feel free to reach out to us. Again, my name is Kaitlyn Karsten – client service associate with Charleston Retirement Planning.  Thanks for watching!

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