AI-Powered Cybercrime is Rising. Protect Yourself with These 5 Steps.

Today’s cybercriminals are increasingly targeting individuals, not just institutions. That means your retirement accounts, your investment platforms, and your personal financial data are all vulnerable to cyberattacks, which can cause monumental loss.

In an environment where cybercriminals are leveraging AI to become more sophisticated and prolific, protecting yourself and your assets can feel overwhelming. It is possible, though, to stay safe online. Here are five things you can do now to protect what you’ve built.

1. Understand the enemy

You can regain significant control over your financial security by understanding how cybercriminals may try to scam you. Today’s criminals can easily fake phone numbers, email addresses, and websites, so be wary of incoming correspondence that doesn’t seem quite right, even if it purportedly comes from an institution you trust. If you ever receive a call or email asking for a password, for example, don’t share that information—and report the suspicious call or email to the institution from which it claims to come.

2. Set smart passwords

AI has made cracking passcodes easier for cybercriminals. Combat this by employing smart password security: use complex passwords with a combination of letters, numbers, symbols, and upper- and lower-case letters; don’t reuse passwords; consider using a password manager to store your login credentials for various places; and always enable multi-factor authentication when you can.

3. Stay secure

You might not realize that security vulnerabilities are often due to out-of-date devices and operating systems. Set all your devices—including desktops, tablets, and phones—to auto-update, and use a reputable antivirus software that also updates regularly.

Likewise, set a strong password for your at-home WiFi network, and be careful about what kind of information you’re sharing when you connect to the Internet via other networks outside your home (e.g., in restaurants, coffee shops, museums, hotels, etc.).

4. Work with an advisor who takes security seriously

When you entrust your assets to outside institutions, you’re taking a leap of faith that those organizations are properly prepared to combat cybersecurity threats. It’s always a good idea to ask your third-party advisors about their cybersecurity policies and understand the steps they’re taking to protect your assets.

For example, Kimelman & Baird recently instituted a new policy designed to reduce security threats by verifying all money transfer requests over the phone. When we receive a wire or transfer instruction from you, a member of our team will call you directly to confirm the request before it is executed.

Small steps like these take a few additional minutes, but they can combat wire fraud and impersonation scams, which are among the most damaging threats facing individuals today.

5. Think you’ve been compromised? Act fast.

Despite your best precautions, cyberattacks sometimes still happen. If you think your information has been compromised, act fast to protect yourself. If you believe a cybercriminal has hacked into one of your accounts, contact the provider immediately, change your password from a new device, and log out of all devices ASAP. Think a device has been infected with malware? Disconnect it from the internet and stop using it, then seek professional assistance.

If you believe your social security number has been compromised, contact the Social Security Administration at 800-772-1213 and the IRS at 800-829-0433. In the event of possible identity theft, put a fraud alert on your credit reports, contact any impacted institutions directly, and file a police report. Learn more about what to do in the event of identity theft here.

Cybersecurity attacks are serious, but they’re not inevitable. Arm yourself with the knowledge you need to stay safe—including tips from Fidelity's Cybersecurity Handout. As always, we’re here to help wherever and however we can. Reach out today for a conversation about what we’re doing to protect your assets, or learn more about how we can help you feel more secure about your finances.