Avoiding Online Issues

Year after year, VII Capital Funds has seen a destructive flood of fraud sweeping the world, leaving countless victims in its wake. Unfortunately, new and improved technology only gives fraudsters an edge, making it easier than ever for scam artists to nab financial data from unsuspecting consumers. 

In fact, swindlers and hackers pinched $16 billion from 15.4 million U.S. consumers in 2016, according to Javelin Strategy & Research’s 2015 Identity Fraud Study. To make matters worse, the Identity Theft Resource Center reports there were 1,339 recorded data breaches in 2017 – “a new record high.” But even in these uncertain times, there are things consumers can do to protect themselves from greedy, increasingly crafty fraudsters.

 Here are some tips we here at VII Capital Funds have noticed and developed to help you steer clear of some of the most common financial scams:

Wiring money is usually safe and secure, but we all or will receive email from…………The wealthy Nigerian prince whose father/mother/brother recently died and left him a huge fortune, the wealthy traveler who needs your help getting back to the U.S. or your long-lost cousin who claims to be in an emergency situation – 

WE do not wire money to stranger. Once you wire cash (especially overseas), it’s virtually impossible to reverse the transaction or trace the money. 

If you’re worried about your cousin, check separately. they’ll probably be safe at home, and you can alert her that her email’s been hacked.

If conducting business, get passports and banking information from the source as well as verifiable info ration with whom you are working with. If they are a scam, there is usually information on the internet to help.

also get licenses and registrations, verify them with the Embassy and government agencies that issue those licenses. Countless time we receive emails and calls from the very government agencies that license VII to confirm a client or inquiry. 

Never reveal sensitive financial information to a person or business you don’t know, whether they reach out to you via phone, text or email. Scammers will sometimes email or call you, claiming to be from a retailer, financial institution or government agency. 

They may say your account has been compromised or needs to be updated. More often than not, these crooks are trying to trick you into giving them your credit card number, Social Security number or other financial information.

This common scam is known as phishing. Remember, your bank or credit card company will never contact you and ask for your personal information. If you receive a suspicious call or email and are concerned about your account, call the credit card company or bank directly to check on your account status.

A big NO NO….If you receive an email from a stranger or company asking you to click on a hyperlink or open an attachment and then enter your financial information, delete the email immediately. Even if the email appears to be from your bank or credit card company, it’s more likely a scam known as pharming. 

The Better Business Bureau advises consumers to ignore and delete any emails that make these kinds of requests.

Password, like “12345” or using any part of your name is never a good idea and just isn’t going to cut it. Hackers can easily crack passwords that are simple number combinations or a common pet name. Create passwords that are at least eight characters long and that include some lower and upper-case letters, numbers and special characters. You should also use a different password for every website you visit. 

Keep 1 or 2 lists of these in a Safe, Secure location!

There are many apps to help you keep track of your multiple passwords….the issue here is that these apps may be hacked and then you are in more trouble ……a small black book is much better and you can add and change passwords.

Computer Protection……Protect the sensitive information stored on your computer by installing antivirus, firewall and spyware protection. Once you install the program, turn on the auto-updating feature to make sure the software is always up-to-date. 

Many people shop online, only do business with familiar companies. If you’re interested in purchasing a product from an unfamiliar retailer, do some research to ensure the business is legit and trustworthy. Visit the Better Business Bureau’s website or search online for consumer feedback and complaints.

When you’re online, be wary of pop-up windows that appear and claim your computer is unsafe. If you click on the link in the pop-up to start the “system scan” or some other program, malicious software known as “malware” could damage your operating system.

Before you enter your financial information on any website, double-check the website’s privacy rules. Also make sure the website uses encryption, which is usually symbolized by a lock to the left of the web address. When you see the lock, this means the information you’re entering is safely encrypted and protected against hackers.

Many of us at VII Capital Funds donate to charities, even still, giving to charities can be risky…..do your homework before you whip out your credit card. Some scammers create bogus charities to steal credit card information. You can search for legitimate charities on the IRS website.

The Bottom Line

In this day and age, it seems like financial scams and rip-offs are lurking around every corner – both on and offline. The Federal Trade Commission’s Scam Alert is a good place to visit frequently. Remember, common sense and caution are your best allies.

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