With nearly every aspect of daily life, from banking to vacation planning, happening on a screen, protecting your digital footprint is important. Abacus Wealth Partners hosted “Stay Safe Online: Q&A with the Schwab Cybersecurity Team,” a live event designed to give practical, jargon‑free guidance for safeguarding personal and financial information.
For those who couldn’t join us or would like a refresher, you can watch the recording of the webinar here:
In this blog, we recap the conversation and highlight actionable takeaways you can apply today.
Spotting Scams: Your First Line of Defense
Being skeptical of unsolicited communications is important. If you didn’t initiate the interaction, whether it’s an email, text, or phone call, approach it with caution.
Red flags to watch for include:
- Messages creating a false sense of urgency
- Unexpected communications about money owed
- Requests to click links or call unfamiliar phone numbers
- Anyone asking for access to your computer or passwords
- Suggestions to purchase gift cards as a solution
Approach unexpected messages and emails with caution. Pause before clicking any link or attachment. When in doubt, independently contact the organization through verified channels rather than using contact information provided in the message. You can contact companies directly by typing the website URL yourself or calling a number you found on an official website, not the one in the email.
Password Management: Beyond the Basics
Proper password management can play an important role in protecting your data and information. Current best practices include:
- Using longer passwords (15+ characters)
- Creating unique passwords for every website
- Implementing multi-factor authentication whenever possible
- Using a password manager (like LastPass, 1Password, or iCloud Keychain)
Password managers are great storage systems for all those complex passwords. You only need to remember one master password to stay secure, plus these tools can also generate strong passwords and alert you to any compromised credential.
Network Security: Protecting Your Digital Home
Securing your networks can also help in protecting your data privacy. Here are some things to consider:
- Avoid public Wi-Fi when possible; use cellular data instead
- If you must use public Wi-Fi, employ a Virtual Private Network (VPN)
- Update your home router and change default passwords
- Create a separate guest network for visitors at your home
- Consider using your phone’s hotspot feature when traveling
Remember that even hotel networks pose risks. Proceed with caution when connecting to public wifi and wait to check private information such as financial and health accounts when you’re connected to a secure network.
Keeping Your Devices Secure
Regular maintenance of your devices is important for security:
- Update all devices regularly to patch security vulnerabilities
- Restart your devices weekly
- Enable encryption on all your devices
- Consider automatic updates to stay protected
If You’ve Been Compromised: Act Quickly
If you suspect your information has been compromised:
- Report it immediately to:
- Your financial advisor
- Financial institutions
- Credit bureaus
- Local police (if appropriate)
- FBI’s Internet Crime Complaint Center (IC3.gov)
- Take protective actions:
- Change passwords
- Enable multi-factor authentication
- Freeze your credit
- Set up disbursement alerts on financial accounts
- Monitor accounts for suspicious activity
Remember that the faster agencies are notified of an incident or fraud, the faster they can intervene and do something about it.
Final Thoughts
The digital landscape continues to evolve, and so do the tactics of those with malicious intent. Staying vigilant and following these best practices can help to reduce the risk of falling victim to cybercrime.
Remember, we’re here to help. If you have questions about protecting your financial information or suspect something isn’t right, please reach out to your advisor immediately. Thank you to everyone who joined us for this important conversation. If you would like to be notified of upcoming events, receive educational tips and articles straight to your inbox, then sign up for the Abacus Newsletter here.
