Retirees are the primary targets for online scammers. In 2023, the group most affected by scams in the United States were individuals over 60 years old, with more than 100,000 reported cases. Therefore, retired individuals need to be particularly cautious about information security, and this article will provide 8 strategies to address these challenges.
There are two main reasons why retirees are targeted: first, they often have significant savings, and second, they are less familiar with technology and may struggle to recognize the latest forms of online scams.
Here are three common online threats:
1. Phishing Scams
Phishing scams involve impersonating official emails, messages, or websites to trick individuals into providing personal information such as passwords, credit card numbers, or social security codes. Spear phishing is a type of phishing where scammers impersonate someone you know to deceive you into revealing their personal information.
2. Malware
Malware refers to destructive software, including viruses, designed to disrupt systems, steal data, or carry out other harmful activities.
3. Social Engineering
Social engineering involves scammers using various methods to obtain your personal information or infiltrate your accounts. They typically gather information about you online, then contact you to manipulate you psychologically and ultimately obtain your data or access your systems.
Passwords are the first line of defense for online accounts. If your passwords are easy to guess or if several accounts share the same or similar passwords, you are at risk of being hacked. Secure passwords should be complex (a mix of symbols, letters, and numbers), long (at least 12 characters), and irregular (avoid using personal information or common words).
In the digital age, most people have dozens or even hundreds of online accounts. Sharing the same password across multiple accounts poses a significant risk, so it’s advisable to use different passwords for each account to enhance security.
Many people use password managers, which securely store multiple sets of account passwords (such as emails, social media, online banking, etc.), making it both secure and eliminating the need to remember multiple passwords.
Another strategy is to implement multi-factor authentication, where users have to verify their identity using two or more methods before accessing an account or system.
Multi-factor authentication adds an extra layer of security; even if attackers obtain your account password through phishing, malware, or other means, they will struggle to pass the secondary identity verification check. By using multi-factor authentication, cybercriminals find it challenging to breach your accounts, making it a standard method for protecting personal information.
Using public Wi-Fi is highly insecure as your passwords, credit card numbers, and other personal information can be easily intercepted, and your devices may be infected with viruses, spyware, or ransomware.
One way to protect yourself is by using a Virtual Private Network (VPN). When using a VPN, your activities online appear to come from the VPN server, helping to conceal your IP address and location, thereby safeguarding your privacy.
VPNs also provide encryption to prevent hackers or government entities from intercepting the data you transmit or receive.
Data is not secure without encryption. Encryption involves encoding data, requiring a key to decrypt and read the information.
Experts recommend encrypting all sensitive information, such as finances, health records, credit card details, and certificates, depending on the data format. Data stored on a personal computer and data stored on the cloud would require different encryption tools.
You can research online for the correct encryption methods, taking the time to understand and study to find the most suitable encryption tools.
If you’re unsure, seeking professional help from cybersecurity experts or professional IT freelancers can assist you in addressing these issues.
The following are common fraudulent techniques utilized in phishing and social engineering schemes, so it’s essential to be cautious:
– High-Profit Promises: Emails guaranteeing huge earnings or significant prizes should not be easily trusted.
– Pressure Tactics: Emails warning that your account will be disabled or that you’ve won a prize, urging you to follow specific steps need to be approached cautiously.
– Suspicious URLs: Hyperlinks that don’t match the linked text can be indicators of phishing websites.
– Use of Generic Terms: Phishing emails often address recipients as “Dear Customer” instead of using their actual names.
– Suspicious Email Addresses: Phishing email addresses may appear similar to official addresses at first glance but may have slight discrepancies upon closer examination.
– False Security Alerts: Claims that your account has been compromised, prompting you to click a link for verification or data reset.
– Unexpected Messages: Emails, text messages, or phone calls requiring you to provide sensitive information or urging you to perform actions should be handled with caution.
– Spear Phishing: Impersonating someone familiar or trusted to coax you into divulging their personal information.
– Request for Personal Information: Emails or calls asking for your password, social security number, or other personal information are likely scams, as official organizations typically don’t request this information in this manner.
– Fake Assistance: Someone you know but unlikely to seek your help suddenly asks for money or personal information, such as borrowing money or asking for your personal details.
– Remote Device Access Requests: Claiming to be from an official organization or tech support unit and requesting remote access to your device or software installation.
Regularly monitoring your credit reports and bank accounts is crucial. The earlier suspicious activities are detected, the better to prevent unauthorized access to your accounts.
Checking your credit report is a good practice, but refrain from clicking on links from unknown sources to check your credit report. To review your credit score, consider applying to reputable agencies such as Equifax, Experian, TransUnion, or opt for credit monitoring services offered by banks or FICO credit scoring, which are typically free.
Norton’s LifeLock program can help protect your devices’ security, guard against identity theft, and online privacy breaches. Whether you choose self-monitoring or hire professional services, continuous monitoring is fundamental in safeguarding your information.
Frequently updating applications and operating systems on your computers and devices is also vital.
Updates strengthen your system’s security, fortifying it against new online threats. Outdated software and system versions are more susceptible to security breaches, with software companies less likely to provide support for these issues.
Updating not only enhances performance but also bolsters defense mechanisms. Enabling automatic updates ensures you stay protected without the need to worry about the process.
As many people now go online through mobile devices, securing data on mobile devices is equally important. Several of the aforementioned strategies, such as using multi-factor authentication, secure passwords, data encryption, and routinely updating mobile device systems and apps, can lower risks effectively.
However, some measures are specific to mobile devices, such as tracking devices and remote erasing functionality. Enabling these features allows you to locate your device if lost, or remotely wipe data from the device if needed.
Regularly backing up data to the cloud or an external hard drive is essential in case of device loss, theft, or damage.
When downloading apps, it’s best to use official platforms like Google Play Store (Android) or App Store (iOS) to avoid installing malicious software. After downloading apps, take the time to review and select permissions necessary for your usage, only granting access to what is essential.
While online threats may seem pervasive, numerous reliable resources are available for reference:
– Federal Trade Commission Consumer Protection
– CNBC for news on senior online scams
– AARP for scam prevention advocacy
– RetireGuide for scam prevention guidance for seniors
– Cybersecurity and Infrastructure Security Agency (CISA) for reference materials tailored to seniors
By becoming tech-savvy, you can effectively combat online crimes. Understanding the digital world, staying informed about the latest online threats, learning to identify suspicious online activities, and remaining vigilant can significantly reduce your risk of falling victim to cyber threats.
In the face of online threats, it is crucial to remain vigilant at all times. Strengthening passwords, enhancing cybersecurity, encrypting data, guarding against phishing and social engineering, routinely checking bank accounts, updating software, fortifying device security, being aware of the latest online threats – all these are essential habits for protecting information security.