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Finance 101: ID and Data Security

September 22nd, 2017

Finance 101: ID and Data Security

Finance 101: ID and Data Security

Data security is becoming more critical during the digital age. With the easy access to data and records, it’s important to be aware of common data security topics, such as phishing, predatory lenders and creating strong passwords.

Phishing Scams
Phishing scams are another threat to those using email for business. A phishing scam is when a “lookalike” sender or subject line is used, baiting someone into giving up their personal information and passwords. Make sure to check your emails to ensure that messages are coming from an authorized sender and never reply to a request that is asking for personal information via email for your accounts. Always go to the official website of a company to update your information for shopping, banking and other subscription services.

Verify that the company has HTTPS displayed in the browser if you’re providing sensitive data – this means the site is more secure. HTTPS is typically indicated by a green lock in the upper left of your browser.

Another type of phishing scam is when an unauthorized landing page or “micro site” is created, using the branding and design of an organization, without authorization. These types of sites typically have a fake login portal, designed to collect your data, then direct you back to the main company site. Always use the primary website to enter your login or banking information.

Phone Fraud by Predatory Lenders
There has been a growing number of predatory lenders that obtain public information on a customers’ loan, then proceed to harass and berate customers into moving the finance term to the predatory lenders’ portfolio. These unscrupulous lenders are threatening trusted financial institutions and causing disruptions for small and mid-size business owners and their managers. If you suspect a customer is receiving these calls, please advise them to report the predatory lender to the FTC.

Password Protection
Finally, another important aspect of keeping your data safe online is to use strong passwords. Passwords that contain upper and lower-case letters, numbers and other symbols (such as !$%#), tend to be most secure. If you can, never use the same password for all of your online services.

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