Digital Pick Pockets

Dear Readers,

I know a lot of people who don’t like online banking, online shopping, or any type of financial transaction that involves computers and mobile phones. Honestly I can’t say that I blame them, your money just isn’t that safe on the internet. Not “Brinks truck” safe, not “fireproof safe” safe, not hidden in the closet safe. It will never be safe in that manner, however there are measures everyone can take to handle digital financial transactions safely.

Last weeks newsletter is a good starting point.

It addresses the steps to take to make sure the accounts you would be conducting financial transactions from are secure. Read Here

Here are a few measures you can incorporate to spend safely online:

Use Credit Cards to spend online:

• Your debit card is the access point to your checking account and if you have automatic overdraft protection it could even affect your savings account. So don’t use it online or at a retail terminal where it could be compromised. Your credit card company will gladly stop payment and reverse expenses if you alert them. Your bank will do the same thing, however, the money in question will be frozen and there is the possibility it may not be recoverable.

Read about credit card fraud protections here

Create redundancy in digital financial transactions:

• If you are participating in any large financial transactions triple and quadruple check all the details. Check all the account information twice. Then call and verify the information was received correctly. Make sure they know to call you and re-confirm the information before sending. Most importantly let them know that changes can not be made by email and the transaction needs to be confirmed via audio/video phone call prior to initiating the final transaction. Create a set of rules for sending and receiving money digitally. Most important to include amongst them is never to send you money without first contacting you.

She Sent 240K to the wrong people

Always use secure money payment processors:

• If you are going to send money use a trusted service provider. This isn’t the time to experiment or save a few dollars. Our number one recommendation is a member to member money transfer between to parties at the same bank. This is the most verified. Our second recommendation is Zelle via your mobile banking app of choice. With this you will want to call the receiver and verify the account name. Lastly Apple Pay is a sure favorite for security and simplicity.

Read about Apple Pay Security here

What does it all mean?

Every digital financial transaction poses a risk. Wire transfer, CashApp, or just buying a tank of gas at the pump. You owe it to yourself to stay up to date on the threats. Make up rules to protect yourself from theft. Have a plan and contact numbers in case you realize your being victimized so you can call and shut down the theft. You can prevent being a victim.

See you next Tuesday.

Stay informed,

The Help Desk

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