Tips for Protecting Your Financial Information

Protect your computer. Install software that protects against malware, or malicious software, which can access a computer system without your consent to steal passwords or account numbers. Also, use a firewall program to prevent unauthorized access to your computer. While protecting options vary, make sure the settings allow for automatic updates.

Use the strongest method available to log into financial accounts. Use the strongest authentication offered, especially for high-risk transactions. Use passwords that are difficult to guess and keep them secret. Create  “strong”  user  IDs and passwords for your computers, mobile devices, and online accounts by using combinations of upper- and lower-case  letters, numbers, and symbols  that  are hard to guess and then  change  them  regularly. Although using the same password or PIN for several accounts can be tempting, doing so means a criminal who obtains one password or PIN can log in to other  accounts.

Understand Internet safety features. You can have greater confidence that a website is authentic and that it encrypts (scrambles) your information during transmission if the web address starts with “https://.” Also, ensure that you are logged out of financial accounts when you complete your transactions or walk away from the computer.

Be suspicious of unsolicited e-mails asking you to click on a link, download an attachment, or provide account information. It’s easy for cyber criminals to copy the logo of a reputable company or organization into a phishing email. When responding to a simple request, you may be installing malware.  Your safest strategy is to ignore unsolicited requests, no matter how legitimate or enticing they appear.

Be careful where and how you connect to the Internet. Only access the Internet for banking or for other activities that involve personal information using your own laptop or mobile device through a known, trusted, and secure connection. A public computer, such as at a hotel business center or public library, and free Wi-Fi networks are not necessarily secure. It can be relatively easy for cyber criminals to intercept the Internet traffic in these locations.

Be careful when using social networking sites. Cyber criminals  use  social  networking sites to gather  details about individuals, such  as their place  or date  of birth, a pet’s name, their mother’s maiden  name, and other  information  that  can help them  figure out passwords — or how to reset them.  Don’t share your ‘page’ or access to your information with anyone you don’t know and trust.  Cyber criminals may pretend to be your ‘friend’ to convince you to send money or divulge personal information.

Take precaution with your tablet or smartphone. Consider opting for automatic updates for your device’s operating system and applications (“apps”) when they become available to help reduce your vulnerability to software problems. Never leave your mobile device unattended and use a password or other security feature to restrict access in case your device is lost or stolen. Make sure your enable the “time-out” or “auto-lock” feature that secures your mobile device when it is left unused for a certain period of time. Research any app before downloading it.

Buying a home? Watch out for mortgage closing scams.  If you’re in the market for a new home this year, watch out for email phishing scams. According to reports, the scams target homebuyers who are nearing the closing date on their mortgage loan. The scammers attempt to steal the homebuyer’s closing funds – For example, their down payment and closing costs – by sending the homebuyers an email posing as the homebuyer’s real estate agent or settlement agent (title  company, escrow officer, or attorney). The email falsely claims there has been a last minute change in the closing process, for example, that a check is no longer acceptable or that the wiring instructions have changed. It instructs the homebuyer to wire or otherwise electronically transmit the closing funds to an account that the scammer control.

These tips may help homebuyers avoid this type of scam.

· Discuss the closing process and money transfer protocols with your real estate or settlement agent.

· If you receive an email requesting that you send money in connection with closing, even if it’s from a familiar source, STOP. Call your real estate or settlement agent to discuss. Don’t use phone numbers or links in the email.

· Don’t email financial information. Email is not a secure way to send financial information.

· Before sending any wire transfer, ask your bank for help identifying any red flags in the wiring instructions. Red flags include potential discrepancies between the account name and the name of the intended beneficiary (i.e., your real estate or settlement agent). Your bank may also be able to compare the receiving account number to account numbers identified in past consumer complaints as the destination of fraudulent transactions.

· Confirm receipt of the wire transfer by your real estate or settlement agent a few hours after the wire was transmitted. If you or another entity involved in the closing suspect a problem, report it to law enforcement and your bank as soon as possible to increase your likelihood of recovering the money.

What to do if you are a victim.

· Contact your bank or the money transfer company immediately upon discovering that funds have been transferred to the wrong account. Ask the bank or money transfer company to attempt a wire recall.

· Contact your local Federal Bureau of Investigation (FBI) and state Attorney General office.

· File a complaint, regardless of the dollar amount, with the FBI’s Internet Crime Complaint Center at www.ic3.gov

· Report the phishing scam to the Federal Trade Commission (FTC).

Documents Containing Personal Information

Ensure all paper documents containing information such as account numbers, social security numbers, or other personally identifiable information are stored in a safe place and disposed of in a secure way. Cross-cut document shredders can lessen the chance that your information can be misused or stolen. For documents stored as a soft copy on your computer, password protection is also recommended.

Checkbooks

Ensure that your checkbooks are stored in a locked and secure location. In addition, you should periodically review your files to ensure you know the location of these items.

Credit Report

Stay current with your credit by reviewing your credit report periodically for any unknown accounts or suspicious inquiries. You are entitled under federal law to receive one free credit report every twelve months from each of the three national bureaus – Equifax, Experian and TransUnion. This can be obtained by visiting  www.AnnualCreditReport.com, calling (877) FACTACT (1-877-322-8228) or by completing the Annual Credit Report Request Form and mailing it to: Central Source LLC, P.O. Box 105283, Atlanta, GA 30348-5283. You can print this form from  ftc.gov/credit