March is a time for leprechauns and four-leaf clovers, and as luck would have it, it’s also a time to learn how to protect your private data from cybercrime. Each year, the first week of March (March 2-8) is recognized as National Consumer Protection Week (NCPW). During this time, many government agencies and consumer protection organizations come together to help educate consumers on how to keep their personal and financial information secure.
The event is sponsored by the Federal Trade Commission (FTC), and other participating agencies include the Federal Deposit Insurance Corporation (FDIC), AARP, and the Better Business Bureau (BBB). This month, take advantage of all that NCPW offers, including access to free tools and information that can help you identify and prevent online scams, fraud, and identity theft.
The growing risks to your data
- During the third quarter of 2024, data breaches exposed more than 422 million records worldwide. Millions of customers were put at risk when their social security numbers, phone numbers, and other sensitive personal information were leaked.
- As of 2024, the average cost of a data breach in the United States amounted to $9.36 million. In comparison, the global average cost per data breach was $4.88 million.
- The most common causes of leaks were operating system (OS) flaws and weaknesses on devices like computers and phones. For example, when a user forgets to log out before they leave their computer, it can open the door for cybercriminals to steal information. In fact, it’s estimated that careless users are responsible for about 70% of sensitive data loss.
Common attacks to consumer protection
- Identity theft and fraud
Some common types of identity theft and fraud include account takeover fraud, when criminals use stolen personal information such as account numbers, usernames, or passwords to hijack bank accounts, credit cards, and even email and social media accounts. - Online shopping scams
An online shopping scam usually involves a fake online store or app, which appears legitimate and is promoted on social media or other authentic websites. - Financial fraud
With the advent of artificial intelligence (AI), financial fraud tactics are growing more sophisticated, and sadly, they often target older people. For example, grandparent scams happen when someone who sounds like a grandchild or other relative contacts an older person and asks them to send money via wire transfer to help get them out of trouble. Scammers use AI to clone voices, which helps them convince you that you’re sending money to a family member who desperately needs your help. - Medical identity theft
Medical identity theft happens when someone steals or uses your personal information like your name, Social Security number, or Medicare details, to get healthcare in your name. This kind of fraud can disrupt your medical care and cost a lot of money to resolve. - Social engineering attacks
Social engineering attacks occur when someone uses a fake persona to gain your trust. They deceive you into divulging confidential information so they can steal your money. Contact is usually made through social media, by phone or in person.
How to protect yourself and your data
- Smart ways to secure your devices
- Strong passwords – Make them long, random, and unique.
- Password managers – Automatically generate and store strong passwords.
- Antivirus protection – Software that protects against viruses and malware.
- Solutions – Webroot Premium and Webroot Essentials offer ultimate protection and include password managers.
- Best practices for financial diligence
- Credit monitoring services – Keep an eye on your credit for you.
- Fraud alerts and credit freezes – Protect you from identity theft.
- Secure payment methods – Ensure safe processing of financial transactions.
- Protect your identity – Webroot Premium provides identity protection for up to 10 identities, including financial account and credit monitoring, and dark web monitoring.
- Beware before you share
- Phishing scams – Avoid clicking on malicious links in emails and social media.
- Unsolicited calls or emails – Be wary about sharing personal details with people you do not know.
- Make sure businesses and organizations are legitimate – Confirm you’re dealing with a trusted source.
- Webroot Essentials and Webroot Premium – Offer peace of mind with device, identity, and privacy protection.
- Practice personal Information management
- Data minimization strategies – Provide the least number of private details necessary when filling out forms or answering questionnaires .
- Social media privacy – Avoid sharing personal information on social media.
- Document disposal – Shred sensitive documents.
- Backup solutions – Carbonite automatically backs up and protects your data.
It takes more than good luck to protect your private data and finances from cybercriminals, so be sure to grab this opportunity to learn more about staying safe from online fraud.
Looking for more information and solutions:
- National Consumer Protection Week
- FDIC
- 10 Steps to Safeguarding Your Privacy Online
- Why Backing Up Your Data is a Must
- Webroot Premium
- Webroot AntiVirus
- Webroot Secure VPN
The post National Consumer Protection Week: Keeping your personal data safe in a digitally connected world appeared first on Webroot Blog.