Experts estimate that the global cost of cybercrime totaled $8 trillion or more in 2023. Such a staggering number underlines the real threat of virtual scams that prey upon unsuspecting victims. Unfortunately, cyber fraud continues to plague customers and even large businesses, rampantly growing in complexity and potency. 

Adequately preparing yourself and your family against bad actors can seem daunting in the face of such sophisticated cyber attacks. However, using the following tips and strategies against cyber fraud can significantly reduce the chances of fraudsters succeeding. Should a cyber attack occur, having a plan in place mitigates your losses and offers peace of mind before the attack goes any further. 

Cyber fraud protection strategies for the whole family.

Most cyber fraud scams are designed to gain access to your financial assets. Therefore, strategic defenses can deter scammers from claiming you as their next victim. Using the following cyber fraud protection strategies and staying alert online will help limit your exposure to fraud. 

1. Safeguard sensitive information. 

Social Security numbers, credit card numbers, and bank account numbers provide cybercriminals the information they need to steal your finances and identity. Even knowing your birthday gives fraudsters enough leverage to access your personal information. It’s critical to guard your sensitive information and exercise caution over when and where to share it online.

For example, instead of throwing away any important documents, shred them to prevent access to your financial accounts, retirement accounts, or other personal data. Avoid sharing important numbers over the phone or email or buying things online with your debit card. Many banks offer virtual credit cards and mobile wallets to limit risks. If you must write down sensitive information, ensure that it’s shredded or destroyed afterward. 

2. Protect your home network. 

Cybercriminals pride themselves on becoming experts on the Internet and gaining access to your personal information without your consent. One way to deter their efforts is to update the password on your router as soon as you install it. Don’t leave the generic password that comes with your equipment. The more complicated the password, the better. 

After changing the password on your internet router, check your security and privacy settings. Strict settings may be your best option if you’re concerned about someone hacking into your computer and swiping critical information. Also, make sure your computers are set to automatically update your operating system and security patches, which ensures that your computer remains as safe as possible from malicious software. 

3. Protect your browsing with a VPN.

A virtual private network (VPN) provides internet users a safer way to connect to the web. VPNs prevent hackers from tracking your browsing activity to find sensitive data they can use to further their schemes. Setting up a VPN can take a few minutes, but it’s well worth the effort to safeguard your personal information, especially, if you often surf the web via public Wi-Fi networks. 

A VPN encrypts communications by connecting to the Internet using a server in another region. While the encryption process can reduce how fast your internet loads, the added protection outweighs any loading delays. There are several options for VPNs, including free and paid services, which can help keep you secure. 

Due to their anti-tracking protection features, VPNs don’t always work well with financial websites. You may have to adjust settings or access your financial accounts differently. Again, this is a minor inconvenience relative to the account security VPNs provide.

4. Strengthen your security with strong passwords.

Choosing a strong password is vital to maintaining tight security over your personal or financial information. Sometimes, your password could be the last line of defense in stopping cybercriminals from accessing your hard-earned funds, identity, and other sensitive data. Make the effort now to craft a strong password and avoid the potential consequences of a scammer correctly guessing it later.

Here are a few tips before deciding on what password to use for your email, financial accounts, social media, and other websites:

• Avoid using the same password for different accounts. If a cybercriminal were to guess one of your passwords, he’ll try that same key to unlock your personal data (and, in this case, succeed). 

• Tempting as it may be to use familiar names, places, or sayings, be smart about how you incorporate this information into your passwords. Refrain from using your birthdate (month, day, or year) in your passwords. If a hacker can find clues to your password within a few searches on the internet, don’t incorporate that information.

• If you’re concerned about forgetting the different passwords you have set up through the years, a password manager can help. An analog method, like writing down passwords in a single place, can also help secure your personal information. Just don’t let this “old-school password manager” fall into the wrong hands. 

5. Educate your family about cyber risks.

Protecting yourself against cybercriminals also presents an opportunity to teach family members about staying safe on the internet (age-appropriately, of course). Aside from discussing the potential for scammers to contact you or someone you know online, highlight the dangers social media can present. Educate your family on what legitimate websites look like and how to identify suspicious activity that could indicate malicious intentions.

Unfortunately, cybercriminals often prey upon the young and old.  For this reason, it’s a good idea to have a talk with your aging loved ones about oversharing online and divulging confidential information. As cyber fraud becomes more sophisticated with new malware technology, you can never be too careful.

6. Stay secure while away from home. 

It’s easy to assume that the guest networks you connect to while on vacation or a business trip have enough protection to keep your personal data safe. However, cybercriminals can often hack these networks. Even secured networks with a posted password can act as superhighways for fraudsters toward collecting sensitive information. 

If possible, connect to a mobile hotspot you control when you’re out of town. Avoid public Wi-Fi, including USB charging stations that could be maliciously manipulated. Remember, even if you don’t use these public networks to log into a financial site, cybercriminals could use your browsing history to get some of the information they need to access your financials. 

7. Prevent unauthorized entry with multi-factor authentication. 

Multi-factor authentication (MFA), or two-factor authentication (2FA), requires completing more than one step to ensure your identity before accessing your data. Although the extra steps involved may feel tedious, they’re in place to safeguard your personal data from cybercriminals. 

MFA and 2FA are in place to stall scammers by forcing them to jump through several hoops. Most MFA protocols require you to enter a code via text messages or emails. Some coordinate with biometric-compatible smartphones (e.g., facial recognition) to scan your eyes or fingerprint.

Reporting cyber fraud and identity theft.

As vigilant as you may be, the possibility of falling victim to cyber fraud remains real and ever-present.  As a result, it’s critical to have a plan in place for notifying the proper authorities and financial institutions and for preserving as much of the uncompromised personal information that you can. Following are steps you should take the moment you determine that cybercriminals have gained access to your data: 

• Contact Popular Bank and your other financial institutions to put a security freeze on your account. Notifying us about what’s occurred can alert our security team to be on the lookout for other suspicious activity. Contact us at 1-800-377-0800 and send any suspicious emails to PopularNet@bpop.com.

• If you can narrow down the method by which scammers may have obtained your information (e.g., through a transaction at a particular location or website), contact the company or parties involved so they can investigate their security measures. 

• Report the incident to the FBI and the Federal Trade Commission (FTC) and include as many details as you can. Advising the local police and community of your experience can also help deter cybercriminals. 

• Notify Equifax, TransUnion, and Experian and request a fraud alert on your credit report. Request your report for free if you haven’t done so already in the past 12 months. Keep an eye out for any fraudulent accounts or delinquencies and contest them with the corresponding credit bureau if necessary. 

Unfortunately, cyber fraud can occur multiple times to the same person. Therefore, it’s important to remain alert, safeguard your information against malicious cybercriminals, and stay informed of online security features offered by your financial institution.

You are your first line of defense against cyber fraud.

With technologies becoming more advanced, the potential for your sensitive data to end up on the black market or in the hands of cybercriminals readily exists. Take the steps necessary to protect yourself against cyber fraud and strengthen every layer of protection you can to prevent scammers from obtaining your personal information. Give cybercriminals one less chance with your family members and spread the word about their tactics to reduce their impact further. If you feel you’re a victim of fraud or notice unusual account activity, contact Popular Bank immediately to help protect your sensitive information.