
Kacie Wick
Chief Compliance Officer
In 2023, the FBI’s Internet Crime Complaint Center (IC3) received a record number of complaints from the American public: 880,418 complaints were registered, with potential losses exceeding $12.5 billion. Fraud and cybercrimes pose significant risks to everyone but there are practical steps to take to protect your identity and assets. To minimize exposure to these threats, it is critical to exercise caution when sharing information or conducting transactions online. This article outlines common tips and best practices to follow to help safeguard your data and accounts.
Beware of Phishing
According to the FBI 2023 Internet Crime Report, the most frequently reported crime in 2023 was phishing schemes. Phishing is the fraudulent practice of sending unsolicited emails, text messages or calls appearing to be from reputable companies or trusted individuals trying to get you to reveal personal information. These attempts have an authentic appearance, are urgent sounding and intended to trick you.
- Do not click on links or attachments in emails and text messages if you question the validity of the sender. Instead, type the real company web address in your browser.
- Hover over questionable links to reveal the site’s full URL and see where the link really goes. Do not click on links that don’t match the sender or don’t match what you expect to see.
- Be suspicious of emails that have unclear sender and copied email addresses —they may have been sent to a mass distribution list.
- Check the sender’s domain name in the email address to see if it matches what you would expect to see.
- Activate the spam filters in your email settings to help prevent unsolicited emails from going to your inbox.
General Best Practices to Follow
In general, scammers pretend to be from an organization you know. They say there is a problem or offer a prize and pressure you to act immediately. Additionally, a scammer will instruct you to pay in a specific way. A legitimate opportunity or honest business will always allow time for due diligence. If an opportunity sounds too good to be true, it probably is.
- Be suspicious of unexpected or unsolicited phone calls, emails, and texts asking you to send money or disclose personal information. If you receive a suspicious call, hang up, then call back, using a known contact number.
- Be cautious when sharing sensitive information and conducting personal or confidential business, especially via email as it may be compromised and used to facilitate identity theft.
- Check your email and account statements regularly for suspicious activity.
- Verify payment requests you receive by phone or email. Requests for payment using gift cards, pre-paid debit cards, or digital currency are frequently associated with fraud or scams.
- If you receive an email instructing you to transfer money, verify the instructions by calling the sender at a phone number you’ve used to contact them previously, then verbally verify the instructions. Do not call any new phone numbers provided in the email.
- Keep your technology up-to-date and install anti-virus software. Safely and securely dispose of old hardware.
- Do not disclose personal or sensitive information on social media sites, such as your birth date, contact information, and mother’s maiden name. Do not verbally disclose or enter confidential information on a laptop or cell phone in public areas where someone could potentially see, hear, or access your information.
- Be cautious with public networks and avoid using public computers. Only use wireless networks you trust. Use your personal Wi-Fi hotspot on your cell phone instead of public Wi-Fi whenever possible and do not accept software updates if you are connected to public Wi-Fi.
- Freeze your credit for free by contacting each of the three major credit reporting agencies by mail, by phone or by submitting your request online:
Ways to Help Shaker Investments Protect your Information and Assets
- Keep Shaker Investments informed of changes to your personal information.
- Anticipate Shaker to call you to confirm email requests to trade, move money, or change account information.
- Set up account alerts to warn you when any important changes are made to your account.
- Monitor account activity regularly and report transactions you don’t recognize as soon as possible.
- Be strategic with your login credentials and passwords and use two-factor authentication.
- Create strong, unique 12-to-15-digit passwords and do not share them.
Most importantly, if you believe you’ve been approached by a fraudster or have fallen victim to a scam, it’s critical to report the incident immediately. Call your account custodian and file complaints with regulatory bodies such as the FBI at https://www.ic3.gov or your local law enforcement agency. Timely reporting can help prevent further victimization and increase the chances of recovering funds. Preventing fraud requires vigilance, education, and proactive action. Investors who take the time to educate themselves and remain skeptical of unrealistic promises will significantly reduce their risk.