Seeing as social media is the most commonly used medium of communication among our generation, it is not surprising that it poses security threats. However, what is surprising is, despite being known as the most “tech-savvy” generation, people currently under the age of 20 have fallen for online scams at a quicker and much more intense rate than any other generation. As online presence grows, so do risks in financial security. Knowing how to identify and protect yourself from these risks is essential as social media continues to take the world by storm.
Your online presence
Your online presence, put simply, is the way you present yourself on social media and online. Every link, article, or webpage that pertains to you when you look up your name falls under your online presence. Having an online presence is not a bad thing- it can help you build a network and can give prospective employers insight into your character. However, it is for these same reasons it is important to be diligent about what you post or what is posted about you on social media. If your employer can find your social media, so can a scammer.
Location data is becoming an increasingly common part of online presence due to the rise of apps with location-sharing features, such as Snapchat. It is important to make sure your location is shared only with those on social media you trust, if it must be shared at all. Having an excessive digital footprint can also put you at risk, as it makes you more prone to being the target of attempted scam or spam calls and texts.
Privacy settings
The way you choose to manage your social media can keep your account and personal information secure. One of the most common, yet overlooked, suggestions is to use a strong password- preferably one with random letters, numbers, and symbols- that you can remember. Using passwords that can easily be guessed, like a family member’s name or birthday, makes your account more susceptible to being hacked and financial information more likely to be stolen.
A virtual private network, more commonly known as a VPN, should be used any time you are transferring any financial information online. This is because VPNs make your data more difficult to intercept by other users of the same network, as they serve to encrypt the data. When using public Wi-Fi, make sure you do not enter any personal information on webpages or on the internet. Other people on this network can intercept your financial information, unless you are using a VPN.
Identifying phishing and online scams
Many of us pride ourselves on knowing how to identify and avoid online scams- we don’t give our bank details to a ‘No Caller ID’ number and delete any Instagram DMs requesting our social media passwords to authenticate our identity. However, there are many scams that are much more subtle that we may not catch on to before it is too late. It is important to remember to not click on any links that may be suspicious from any emails or text messages. Someone pretending to be a legitimate company and sending emails that contain suspicious links is a common scam to watch out for. These links can give your computers a virus or give hackers access to your personal information.
When it comes to financial information, it is vital to make sure that you never email, text, or verbally verify, via phone call, your bank details or other private financial information to anyone requesting it, even if it looks like it is from a reputable company. If someone who claims to represent a company, or a “company account” (which is likely fraudulent) is asking you to verify your identity by sending your password, or claiming there is fraud linked to your bank account, chances are they are phishing. In this case, the best course of action is for you to call your bank’s verified number to ensure there really are no issues with your bank account or financial information, and to immediately report the scam to the Federal Trade Commission and the Better Business Bureau.
Social media is something that is a part of our daily lives, and it’s not going anywhere anytime soon. As users of social media, we are responsible for knowing how to protect ourselves and our financial information from any threats.
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