THE FINANCIAL COMMUTE
Hosted by Wealth Advisor Chris Galeski, THE FINANCIAL COMMUTE is a weekly podcast that gives the rundown on what's going on in the current market, how it affects you, and what you can do about it – all designed to fit into your commute. Each week Chris welcomes an expert guest, including Morton Wealth advisors, fund managers, and investment analysts, to break down complex financial topics. Our goal for this podcast is to provide you with the tools to help you navigate this challenging environment, leading to a path of more confident investing.
THE FINANCIAL COMMUTE
Protect Yourself From Fraud: Cybersecurity 101
This week’s episode of THE FINANCIAL COMMUTE features a special session recorded live from Morton Wealth’s 2024 Investor Symposium. Executive Vice President Eric Selter invites Carmine Cicalese, Senior Partner at Digital Privacy & Protection, LLC, to discuss protecting oneself from cybersecurity threats.
Here are some key takeaways from their conversation:
- More than half of U.S. citizens have experienced cybercrime, with identity theft occurring every 22 seconds.
- Fraudsters typically use phishing (email), smishing (text), and vishing (voice) to manipulate victims, often using AI to clone voices for scams.
- If money is stolen from an online bank or investment account, recovery is unlikely due to liability agreements customers sign.
- Best practices for protecting yourself include using a VPN, a password manager, a private email (not a free email platform like Gmail or Outlook) for sensitive matters, multi-factor authentication, ensuring your passwords are strong and unique (20+ characters), changing default passwords on smart home devices, and refraining from posting too much about your personal life on social media.
- It's crucial to remember that if a platform is free, you are the product. They are probably selling your data, and it is important to practice caution when communicating personal info across these free platforms.
- The best protection is a healthy dose of skepticism. If something feels suspicious, don’t engage.