By: Kelsey Wilson, Regions Bank Adams Avenue Branch Manager
We all have our favorite corners of social media. It helps us stay connected with family and friends and keep up with trends. It is a major part of daily life.
Unfortunately, social media is a big business for scammers.
According to the Federal Trade Commission (FTC), social media scams cost Americans $2.1 billion in losses last year. In fact, 30 percent of victims who reported losing money say the scam started on social media platforms.
As much as we love social media, it’s a leading gateway for scammers who want to steal our money and our personal information. Sharing too much personal information can compromise your security on social media.
Education is one of the best defenses against fraud. Understanding how scammers operate can help people recognize warning signs and avoid becoming victims. Regions Bank is focused on and dedicated to providing quality fraud education materials to help people stay ahead of the latest fraud attack vectors.
Here are some best practices to consider for keeping safe while staying connected.
Change your passwords often
Usernames and security questions are important puzzle pieces for fraudsters. Review and update them on a regular basis. Use a unique password for every login and enable two-factor authentication whenever possible. Finally, if a data breach occurs on a social media platform, change your passwords immediately.
Review your privacy settings regularly
Review the settings on your personal profile and adjust them to your preferences. Start with the most closed-off setting and then select people who you want to connect with online.
Think before you post
Before you post anything, remember potential employers, advertisers, cybercriminals, and strangers can see that information as well. Before sharing anything on a social media platform, consider the following:
- Does it contain sensitive personal information?
- Could it reveal that my home is vacant while I’m traveling?
- Am I comfortable sharing it publicly?
- Could it make someone I’ve tagged uncomfortable?
- Could any information be used to answer a security question?
- Should I share this privately instead of publicly?
Log out after each session
Popular social media platforms can cache your online credentials and use them to quickly log you into other websites and apps across the web. While this is convenient, every login is a channel to your personal data and could pose security risks. Log out of every account, every time, to reduce the risk of identity theft.
Social media can be a valuable way to stay connected, but a few simple precautions can go a long way toward protecting your personal information and finances. Staying informed and alert is one of the best ways to outsmart scammers.
Our team at Regions Bank has decades of institutional knowledge focused on financial fraud prevention, and we routinely provide information that address the latest criminal trends – as well as tips to help keep you safe. Criminal scams affect every one of us.
For more fraud prevention tips and insights, visit www.regions.com.
The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/STOPFRAUD, or speak with your Banker for further information on how you can help prevent fraud.
