Be Cyber Smart: Prevent Identity Theft and Internet Scams

Americans are more vulnerable than ever to cyber attacks arising from the pandemic.

Today’s technology allows Americans to connect around the world, to bank and shop online, and to control their homes, smart devices and cars from their mobile phones. And with the advent of 5G, this capability to connect and to control will expand exponentially. With this added convenience comes an increased risk in cybercrime of identity theft and internet scams.

Additionally, most Americans and business owners are not well versed in cybersecurity, nor understand the financial impact it can have on their everyday remote work and online lives and businesses. Meanwhile many people approach security as a purely technical challenge dictated by technology and security updates. With this change in behavior brought by COVID pandemic comes additional cyber security risks to privacy and personal information.

Cybercriminal activity is one of the biggest challenges that humanity will face in the next two decades and it causes far more financial damage than people can imagine, according to Cybersecurity Ventures. By 2021, Cybersecurity Ventures estimates that cybercrime could cost upwards to $6 trillion to protect and/or recover from cybercrime. When companies like Yahoo or Equifax are hacked, it causes the size, sophistication, and cost of these crimes to grow at an astronomical rate.

Did you know

The average financial cost of a data breach for a US company in 2019 was $8.19 million. That’s an increase of 130% since 2006!
7-10% of the U.S. population are victims of identity fraud each year, and 21% of those experience multiple incidents of identity fraud.

Cybercrime costs include damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm.

Common internet scams

As technology continues to evolve, cybercriminals will use more sophisticated techniques to exploit technology to steal your identity, personal information, and money. To protect yourself from online threats, you must know what to look for.

Cybercriminals — from government-backed groups to organized crime gangs — are using the public’s fear, uncertainty, and curiosity about the pandemic to adapt their techniques, tactics, and targeting strategies.

There has been an increase in the number of phishing, malicious sites, and business email compromise attempts linked to the pandemic. This malicious content can appear as fraudulent news updates, precautionary guidance, virus maps, friend requests, or employer’s memos.
Cyber criminals, conducting data theft for economic gain, extortion, disruptive or destructive ransomware attacks, have targeted individuals and organizations perceived as under pandemic-related stress and strain.

Some of the most common Internet scams include:

COVID-19 Scams take the form of emails with malicious attachments or links to fraudulent websites to trick victims into revealing sensitive information or donating to fraudulent charities or causes. Exercise caution in handling any email with a COVID-19-related subject line, attachment, or hyperlink, and be wary of social media pleas, texts, or calls related to COVID-19.
Imposter Scams occur when you receive an email or call from a person claiming to be a government official, family member, or friend requesting personal or financial information. For example, an imposter may contact you from the Social Security Administration informing you that your Social Security number (SSN) has been suspended, in hopes you will reveal your SSN or pay to have it reactivated.
COVID-19 Economic Payments scams target Americans’ stimulus payments. CISA urges all Americans to be on the lookout for criminal fraud related to COVID-19 economic impact payments—particularly fraud using coronavirus lures to steal personal and financial information, as well as the economic impact payments themselves—and for adversaries seeking to disrupt payment efforts.

Simple tips for online safety and protection

Getting educated and savvy on how to recognize and react to phishing emails and cyber threats may be the best way to protect yourself virtually and financially against cybercrime.

Double your login protection. Enable multi-factor authentication (MFA) to ensure that the only person who has access to your account is you. Use it for email, banking, social media, and any other service that requires logging in. If MFA is an option, enable it by using a trusted mobile device, such as your smartphone, an authenticator app, or a secure token—a small physical device that can hook onto your key ring.
Shake Up Your Password Protocol. According to NIST guidance, you should consider using the longest password or passphrase permissible. Get creative and customize your standard password for different sites, which can prevent cyber criminals from gaining access to these accounts and protect you in the event of a breach. Use password managers to generate and remember different, complex passwords for each of your accounts. Read the Creating a Password Tip Sheet for more information.
Be up to date. Keep your software updated to the latest version available. Maintain your security settings to keeping your information safe by turning on automatic updates so you don’t have to think about it, and set your security software to run regular scans

Protect yourself from online fraud

Stay Protected While Connected: The bottom line is that whenever you’re online, you’re vulnerable. If devices on your network are compromised for any reason, or if hackers break through an encrypted firewall, someone could be eavesdropping on you—even in your own home on encrypted Wi-Fi.

Practice safe web surfing wherever you are by checking for the “green lock” or padlock icon in your browser bar— this signifies a secure connection.
When you find yourself out in the great “wild Wi-Fi West,” avoid free Internet access with no encryption.
If you do use an unsecured public access point, practice good Internet hygiene by avoiding sensitive activities (e.g., banking) that require passwords or credit cards. Your personal hotspot is often a safer alternative to free Wi-Fi.
Don’t reveal personally identifiable information such as your bank account number, SSN, or date of birth to unknown sources.
Type website URLs directly into the address bar instead of clicking on links or cutting and pasting from the email.

If you discover that you have become a victim of cybercrime, immediately notify the business and authorities to file a complaint. Keep and record all evidence of the incident and its suspected source.

For more information about how you can Do Your Part. #BeCyberSmart, visit www.cisa.gov/ncsam

References:

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