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During these last lazy days of summer, a fishing trip can be a good idea as it is a favorite past time of many people.
But beware of other types of ‘fishermen’ on ‘fishing expeditions’.
Phishing is a favorite process of scam artists who attempt to trick consumers into revealing personal identifying information such as account numbers, social security numbers or addresses.
Once a scammer has your personal information, it can wreak havoc on your personal financial management.
Most familiar methods include emails and elaborate fake websites with some sort of message that you need to re-verify your account information because of some sort of special offer or the institution’s account database needs to be updated.
With the recent credit crunch and proliferation of special loan programs, homeowners have been a favorite target. An example: an email request from a legitimate-sounding credit union advertising low rates for refinancing mortgages. or emails offering loan modification programs or ways to prevent foreclosure.
Other techniques are taking advantage of the trend of using more social networking sites. With the advent of resources such as LinkedIn, Twitter or Facebook, some identity thieves will find enough personal information (i.e. employment, residence, education) to help them become you.
Remember that a government agency or financial institution will never ask you to provide your personally identifying information in an unsolicited email. One way to check the authenticity of any such email is to scroll down on any link that appears in the email to view the website suffix. Anything other than ‘.com,’ or ‘.gov,’ or ‘.org’ may indicate a non-US-based computer server and a potential scam source. Also consider scrolling to the bottom of the subject email. Sometimes there are hidden links which may also indicate a foreign origin of the email.
If in doubt, call the agency or firm directly, but use the phone number provided from one of your statements, not the email. You can also check the legitimacy of a source by checking with the Federal Trade Commission (ftc.gov) or trade organizations.
For example, the National Credit Union Association (NCAA) www.ncua.gov ) determined that the credit union refinance offer was bogus. Banks, financial services firms and insurers all have regulatory and industry trade groups that can verify the legitimate existence of an organization.
Not all ‘phishing’ campaigns are high-tech. Some are as low-tech as rummaging through trash cans and dumpsters for mail showing account numbers. Others include phone calls using a message similar to the ‘update account information’ mentioned in the email version above.
So what can you do to protect yourself? Be careful of leaving information lying around. When online, clear your cookies frequently and avoid pre-entering your passwords or credit card information on financial websites you visit. Make sure your computer is protected with updated versions of anti-spyware, anti-malware, and pop-up blockers. Check your credit report to make sure it is accurate and that no new unauthorized accounts have been opened in your name. Get a free copy of your credit report from www.annualcreditreport.com,
Off-line you can protect yourself by destroying old financial records as well as credit card offers as these are prime sources for dumpster divers.
Don’t just throw away your old computer, hard drive or cell phone. There is too much information about them that can be obtained by a technically savvy ID thief. The hard drive must be smashed to pieces or a baseball bat must be used. You’ll protect yourself and be able to take some of the frustration out of all the frustration caused by technology.
With a little effort, you can protect yourself and not become bait for an unwanted ‘fisherman’.
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