Have you ever received an email like the one below?
These “foreign money exchange” schemes typically start with an email from someone overseas who claims to be royalty or businessperson. The fraudsters lure you in by offering a share of a huge investment opportunity or a fortune they can’t get out of the country without your help.
Then they ask you either for your bank account number so they can transfer the money to you for safekeeping, or for a small advance payment to help cover the expense of transferring the money.
You may laugh at the insanity of falling for such a fraud but the FBI reports that potentially millions of dollars are lost each year to these scams.
How To Protect Yourself
There a few ways online criminals access our money, by relying on our emotions and ignorance or by stealing it directly using technology.
The first line of defense against scams is to question everything. Also, be confident to say no.
If you get an email from Dr. Gilberto Churchill offering a large sum of money, it’s probably not real. The old adage “if it sounds too good to be true it probably is” comes to mind.
Or if you receive a call from the Social Security Administration saying that your Social Security number is going to be suspended unless you take immediate action. Would the Social Security Administration make a call like that? Not likely. If you think there might be some legitimacy, refuse to give any personal information to them, hang up and call a number that you know.
As for the technology side of things, the first thing we can do is regularly update our operating system and applications. The companies who create the software recognize holes in their security and periodically release updates to combat it.
Avoid clicking on pop-up windows or attachments unless they are from a trusted source and you are expecting them. You’ll also want to make sure your security software (antivirus, spyware, firewall) is running and up to date in case you accidentally click on a malicious link.
Don’t use public Wi-Fi unless you have a VPN (virtual private network). It’s a lot easier for criminals to access your information if you use a non-secure network.
I recommend using a secure password system to manage your various online accounts, email,
Experts also recommend backing up your files to an external hard drive every few weeks, especially since malware can be incredibly difficult to remove. In the case of ransomware, even if you do successfully remove it, your files may still remain inaccessible.
If You Become A Target
If you realize that you fell for a scam or fear that your computer is infected with malware, you’ll want to act as quickly as possible to prevent any further damage.
Do NOT pay the scammer any more money and contact your bank to see if they can reverse what has been paid. You’ll also want to notify your state consumer protection office and report it to your local police too.
If your computer is being held ransom with malware, do not pay the hacker. These are not legitimate business people. Once they have your money (and the ransom is usually pretty expensive), they have no incentive to follow through on any promises to unlock your machine or files. This is where always backing up your files to an external hard drive will come in handy.
Although a scam can be financially devastating if you become victim to one, you can drastically reduce your vulnerability by educating yourself, practicing good online habits, and keeping your devices up to date.
