By Megan Marquardt, CFP, CTFA
President, Fort Myers office
At Florida Trust Wealth Management, we regularly train on the topic of cyber security to stay current on the most frequent or escalating trends in cyber scams and how to deal with them for the benefit of our clients and company. Too often we hear of friends, family members or neighbors who have been through the frustrating experience of cybercrime.
What used to be suspicious emails and basic password theft has evolved into new, more deceptive strategies powered by artificial intelligence, which can make traditional security measures less effective against identity theft. Today, we want to help you stay vigilant for your financial well-being.
Below are some of the top trending cyber threats affecting individuals today, along with practical steps you can take to protect yourself:
• AI-Enhanced Phishing and Social Engineering: Typically, we watch for errors in emails or texts to alert us that a communication is fake. But now criminals are using powerful AI tools to create messages that look and sound exactly like legitimate communications from well-known companies, government agencies or even friends and relatives to trick people into giving up passwords, credit card numbers and banking information, clicking on a link and more.
• Identity Theft: Hackers steal personal data – names, social security numbers and credit card numbers – to open accounts, take out loans or make fraudulent purchases.
• Ransomware: Malware that locks files or systems and demands payment to restore access.
• AI-Driven Fraud: In this new age, you have probably heard about the uncanny ability of AI to generate fake videos, images or voices of real people using a few seconds of audio or video from an individual’s social media, voicemail or online videos. This can be used for blackmail, misinformation or impersonation.
To avoid becoming a victim, here are several recommended best practices:
• Use strong unique passwords. Most people use the same or similar passwords for all their online access, which is easy for hackers to break.
• Do not write passwords on paper. Use a reliable password management tool such as LastPass, NordPass or Keeper. Password management tools are cloud-based and house all your passwords in one place.
• Enable the two-factor authentication especially for email, banking and social media. Two-factor authentication adds an extra layer of protection even if your password is stolen.
· Keep software and devices up to date. Install reputable antivirus, anti-malware and firewall software. Regularly update your operating systems, apps and antivirus.
• Monitor accounts and credit. Review bank and credit card statements regularly. Consider freezing your credit through the major credit bureaus of TransUnion, Experian and Equifax, so no one can open accounts or credit cards in your name.
• Be skeptical of emails and links. Don’t click on links or download attachments from unknown or unexpected senders. Check for small misspellings in email addresses or websites.
• If any email, text or call seems suspicious, do not use the phone number provided. Instead look up the company, organization, friend or family member from a known source, such as a legitimate website or your personal contact directory and verify that they are attempting to reach you.
If you have been a victim of cybercrime, change your passwords and login information immediately. Run a full antivirus and anti-malware scan. Contact your financial institutions, credit card companies and report the incident to authorities and your credit bureaus.
AI is a beneficial resource for the cybersecurity field, making it more intelligent, adaptive and faster in protecting your identity and finances, but those with harmful intentions are using it, as well. Your personal oversight is the best first point of defense.
About the Author
Megan Marquardt, CFP, CTFA, is president of the Bell Tower office of Florida Trust Wealth Management, which advises and cares for clients and their families by providing individualized wealth management through life’s transitions. For more information, please visit FloridaTrust.com or call 239-472-8300.
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