There are so many aspects to Awesome Aging. Being able to protect and grow your money is one of many. Over the course of time, we will be exploring many money topics that can be informative in helping us to be money-wise. Given that my bank account was hacked last week, this seemed like a good time to discuss fraud. It was appropriate that the title of this month’s AARP Bulletin is “Inside The Fraud Factory.” I recommend if you are an AARP subscriber, to have a look at their “Special Investigative Report” on fraud in the April 2021 edition. Some of what I’m sharing will be from this article.
Last week, I checked the balance in my checking account, confirming that I had enough in my account to comfortably maneuver through the weekend. That evening, I enjoyed a nice meal with one of my girlfriends. I secretly slipped the waiter my ATM card so that I could pay for the meal. I was shocked when the waiter returned informing me that my card had been declined. “Impossible,” I thought. “That’s my ATM card, I just checked the balance this morning. I have more than enough to pay for this meal.” I checked my account on-line and saw that my account was now overdrawn by $9.00. I won’t bore you the gritty details. But now, over a week later, my money has been restored to my account, but there are still so many unanswered questions swimming in my mind.
How did this happen? How did someone get access to my account? My bank is so good at monitoring my account for fraud. How did they miss this? Despite the fact that the mystery is still unsolved for me, I don’t want you to experience anything like this. Here are a few things to be aware of:
Change your bank password regularly and wisely. A study found that the most common password used is 123456. Really? Hackers must love that. Make sure your new password is not easy to configure. Hackers are very crafty so don’t use familiar names, birthdates, addresses, etc. You might consider using a Password Manager. Dashlane, 1Password, and RoboForm are a few among many. I have no affiliation with any of them, so do your research before making a decision.
Install good antimalware. In the past, we didn’t think much about protecting our cell phones from viruses and hackers, but times have changed and it is a wise move to make. You can probably use whatever you are using for your computer.
Don’t use public, unsecured Wi-Fi. This can be a hang-out spot for the bad guys. Wait until you get to a secure place before using Wi-Fi.
Lock your devices. For a long time, I didn’t lock my phone because I felt there was no one around me that I needed to protect myself from. Again, things are different now. Hackers don’t have to be near you to gain access to your personal info and wreak havoc on your assets.
Be sure to check out the AARP cover story from April 2021 for details on preventing different types of cyber fraud. There are so many ways your personal information can be compromised, especially if you’re over 60 because they think we’re old, but we’re not. If you have experienced some unfortunate encounter with fraud, please feel free to share it in the comments below. You may be able to prevent someone from experiencing the same.
Remember Awesome Aging includes being able to Awesomely handle your money.
Love & Light,