Cybersecurity Threats
Written by: Ryan Bouchey
It wasn’t long ago that we were listening to the keynote speaker at Schwab Impact, a yearly trip we make to learn more about our ever changing industry and speak with investment managers from around the world. The keynote speaker in 2012 was former Secretary of Defense, Robert Gates. It was a great sit down interview, but what was most striking was his assessment of the biggest threat to the U.S. – Cybersecurity. Fast forward four years and we’re seeing it play out in our current election cycle, at major retailers, and especially with individuals. As a firm, we take cybersecurity very seriously and we want to share some issues we’ve seen first-hand that could save you from being the victim of a cyber threat.
E-mail Risk
In last weekend’s Wall Street Journal, there was a great article outlining the latest IRS Email scam individuals are falling prey to. In short, emails are being sent out showing individuals owe additional taxes due to the Affordable Care Act law changes. The fake notices then ask the individual to pay a certain sum based on their shortfall from the prior year. It’s important to know that the IRS will NEVER reach out to anyone by phone or email. All correspondence will start with a letter. If you think you may have received something from the IRS with payment due, call the IRS to confirm the nature and whether or not it is the real thing.
Another risk we see is that of email “phishing.” Essentially it involves a fraudulent person sending an email asking for sensitive information – such as a social security number or financial account / banking number. This is usually an attempt to either steal an identity or transfer funds illegally from someone’s bank or investment account. These scams can be so sophisticated that they can mirror an email from someone you know (like a financial advisor) or they can look like a response from a previous email you sent to someone you know. It’s always best to remember that emails can very easily, and very readily, be hacked. NEVER send sensitive information over an email, especially information that can be used to steal or transfer your money. If someone asks for you to send them money, or give banking information – ALWAYS call them.
Online Hackers and Scammers
Always be alert to a type of scam that allows an individual to gain access to your computer and hard drive. We have seen examples of this recently and it can be a very troublesome situation if it were to happen to you. If you click the wrong link online, it could appear that your web browser has stalled or is frozen. At this point, you may receive a popup message from someone pretending to be from Microsoft or a reputable company that deals in IT. Next, they will ask you to click a link so they can gain access to your computer to “fix” the issue. Once you grant them access to your computer, they will go in and within minute download every single file and piece of data from your hard drive. Never allow anyone to gain access to your computer, unless you are 100% sure you know who it is and what they will be doing.
In all of these cases, it is always best to err on the side of caution. The last thing you want to have happen is for you to open yourself up to fraud or theft. If something doesn’t feel or seem right, take the extra step to confirm the source of the email.. If it doesn’t feel right, it generally isn’t right. The sophistication of online scammers and hackers is only getting better, always take caution and never share sensitive information online or by email if you don’t have to.