FINRAs Advice for Keeping Your Financial Data Secure
Identify theft has been the number one complaint reported to the FTC for 15 years running. In 2015, almost half a million cases were reported. The loss of financial data can be devastating, and it can take a long time to recover.
FINRA recently published these guidelines to protect your financial records and prevent fraud and identity theft:
- Use strong passwords and PINs. It might be a hassle to have different passwords for various financial accounts and change them regularly, but it is worth it. Never use your name, your birthdate, or the birthdate or your children or spouse. It’s too easy for a hacker to find those. Use numbers, letters and symbols, if allowed. Write them down, and store them in a safe place. Do not store them on your computer.
- Keep your computer secure. If you are doing any business or purchasing online – as most of us are today – a personal firewall and security software packages (with anti-virus, anti-spam, and spyware detection features) are vital.
- Only use your own computer and internet connection to make transactions. Avoid public computers and public Wi-Fi connections that are not secure. If you do use another computer, always delete your files and the internet cache of your session.
- Make sure you log out completely. Always click the log out button before you leave a financial account website, so that you are safely closed out. Access may not be completely closed if you just leave the site without logging out.
- Take care when using apps. If you use an app on your mobile phone to access your financial accounts, make sure that you password protect your phone, and choose the highest security setting the app allows.
For more security tips from FINRA visit their investor alerts section online.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.
Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC
Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com
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