I think the issue of financial fraud and cyber attacks have Macro significance but in any case every METAR needs to be aware and cautious.
I would like this thread to discuss security steps we have taken to protect our accounts. I will list some. Please add more.
Yesterday, a 79 year old friend phoned me in great distress. His local bank account had been tapped for $4,500 from an unknown source. (The bank reimbursed him after a personal visit.) At the same time, he bought a new computer to replace his old computer. The new computer locked up - he doesn’t know why. A few years ago, a supposed tech helper persuaded his wife to turn over remote control of their computer and the helper then stole $25,000 from their Fidelity account (which Fidelity did not return since the permission was given by the wife).
After @intercst reported a large theft from his Vanguard account I took some security steps.
Here’s my list of security. Please add to it.
Even though our modem and network are encrypted I do all my financial transactions over an ethernet cable. I trust the cable more than the WiFi. I never do financial transactions over the phone. I don’t have financial apps on my phone.
My computer C: drive is encrypted. I use Bitwarden for passwords. I use Google Authenticator for 2-factor authentication.
I placed a security freeze on all my Fidelity accounts. No money can be withdrawn (except for routine payments to my credit cards, health insurance, etc.) unless I go to Fidelity, uncheck the account, make the payment and then re-freeze the account. It takes a few more minutes but I think the security is worth it.
I put a credit freeze at three major nationwide credit reporting agencies, Equifax, Experian, and TransUnion. This is free and prevents anyone from taking credit against my identity (credit cards, mortgages, etc.).
I regularly check my credit rating at these agencies.
Unfortunately, my local bank doesn’t use 2-factor authentication.
Fortunately, ours does. They also email and text me every time there is a log on to the account.
Should also add they email/text ever time there is a change on the account. We have multiple CD’s with them. We recently created a Trust and are changing the CD’s over to the trust when they mature. For some reason the new CDs aren’t being added to our online account screen automatically. We have to email them to get them added. When they get them added we get an email/text saying there has been changes to our account. I like that feature
We placed a credit freeze years ago. Not a pain to unlock, only had to do that twice over the past 20 years.
We use 2 factor authentication. My current business bank does not use 2 factor. My previous bank did use it but was bought out/merged with the current one.
Hard drive encrypted.
Check all my accounts weekly at minimum.
Since my mom entered assisted living/memory care, was able to place alerts/warnings on financial activity. Essentially so low that ANY activity gets alerted. Done similar with ours but not nearly as low.
Computer hooked to ethernet but mostly for more consistent connection. Not that my mesh network has issues.
I’ve made up all my own passwords using my own algorithm. A hold over from when I first started doing things on the internet. I’m sure it could be cracked. I do use biometrics when I can, fingerprint on keyboard and Face ID on iPhone. Again, not 100% if you’ve ever watch Mythbusters they hacked fingerprint. Have never used a password manager.
I don’t use passkeys. Was thinking about it but then a Youtube channel I follow had an episode about it. A good channel - Explaining Tech Like You’re 5
I like Bitwarden. It’s open source nature gives me more confidence than proprietary corporate software, what with the risks of corporate disinvestment leading to loss of security. It has browser plug-ins and a phone app so I’m never typing passwords and only copying/pasting from Bitwarden for a few sites/apps that don’t play nice. The free version lets two of us share passwords for media subscriptions and anything else we want to share.
