Send crooks to your junk folder

Protect online data to prevent security breaches Are you doing enough to defend yourself against phishing scams and social media attacks?

Fraud is on the rise as crooks look to take advantage of us spending more time online, as our work and private lives change more to a virtual world.

The latest report from UK Finance, a collective voice for the banking and finance industry representing around 300 firms, shows criminals stole £1.2billion through fraud in 2022.

Given so much fraud is initiated from criminal activity taking place through online platforms and telecommunications, UK Finance and its members have long called for far greater cross-sector action to tackle the problem at source.

Phishing and social media attacks are used to steal your financial data and these are a huge threat, growing more widespread every year.

Many of these have resulted from your data being sold on to data brokers without your knowledge or agreement.

They are following your online activity and digital footprint to profile you.

Your data is then being sold on the dark web to thousands of companies.

Some of these companies will sell it, others will look to use it to make money from it. This concerns me greatly.

We can do what we can to protect our physical wealth but when the attacks come in a form that we don’t understand, how can we be expected to defend ourselves?

I want you to do what you can to limit your exposure to these threats.

Here are some steps you can take to reduce the risk of online fraud:

1. Keep your devices up to date: Ensure that your computers and mobile devices have the latest security software, web browser, and operating system. These are the best defence against viruses, malware and other online threats.

2. Use strong passwords: Create complex and unique passwords for all accounts. Consider using a password manager to help you manage your passwords.

3. Enable two-step (factor) verification: This adds an extra layer of security to your online accounts by requiring two forms of identification before you can access your account.

4. Be vigilant: Always take a moment to stop, think and check whenever you’re approached online or on the phone. Be wary of unsolicited requests for personal or financial information.

5. Report suspicious activity: If you come across any suspicious websites, emails, phone numbers, phone calls or text messages, report them to the appropriate authorities.

Finally, look at a site called ‘have I been pwned’ haveibeenpwned.com. This is free to use and anyone can quickly assess if they may have been put at risk due to an online account of theirs having been compromised or “pwned” in a data breach. You simply enter your email address and it will show sites which have previously been compromised and where your email may be at risk, along with other data. This then allows you to ensure your password is changed immediately.

You could be thinking that this is a financial column, so why am I focusing on data security? It is because a data breach could cost you thousands.

It’s important to protect what you have as well as create more wealth.