Family Finances
By Saghir A. Aslam
Rawalpindi, Pakistan
(The following information is provided solely to educate the Muslim community about investing and financial planning. It is hoped that the Ummah will benefit from this effort through greater financial empowerment, enabling the community to live in security and dignity and fulfill their religious and moral obligations towards charitable activities)
Help protect your family from fraud in the age of the coronavirus.
Almost all aspects of our lives are linked to the internet in some way. A 2019 report by the Pew Research Center found that more than a quarter of Americans said they were “almost constantly” online, with 81% using the internet daily. And that was before the coronavirus pandemic, which has led to a surge in internet use because more people are working from home and going online to order groceries or get meals delivered.
But over always-connected nature can pose risks: The FEI’s Internet Crime Complaint Center on average receives more than 1,200 complaints a day; the center recorded $ 3.5 billion in victim losses in 2019. And that too was before the coronavirus pandemic, which has the Federal Trade Commission (FTC) warning about a new wave of scans as imposters use fake texts, online offers, and solicitations that play on our fears and emotions.
The key to protecting yourself and your family? Stay informed - and vigilant by following these tips:
- Learn to stop imposter scams
Have you ever received a call, text, or email purporting to be from your credit and provider regarding suspicious activity on your account? It could be a scammer trying to convince you to share sensitive information to enable access to your accounts.
Imposters have also been known to spoof their caller id or email address so it appears that they are a legitimate company. During these uncertain times, scammers are even impersonating the Centers for Disease Control and Prevention (CDC), World Health Organization (WHO), and Internal Revenue Services (IRS) to pray on confusion around the coronavirus outbreak or get access to relief funds.
When in doubt, don’t respond, click on links, or open attachments; instead, alert your provider to the suspicious communication.
- Manage and Monitor Your Credit
If your data has been compromised through a security breach, so also your credit file with the three major credit bureaus. The FTC’s website has more identity theft prevention tips and resources you can share with your family.
Make a habit of reviewing your and your family’s credit reports at least once a year. Look for unauthorized accounts that may have been opened in your names.
- Limit what you share on social media
When stay-at-home orders began across the country because of the coronavirus outbreak, facebook.com use increased by 27%. But don’t let convince lead to complacency: thieves scour social media profiles for clues to security questions, password, and other information that could help them impersonate potential victims online. To protect yourself, first ask your family members to do the same. Also, restrict your social media contact to people you know personally. Finally, be careful about what information you disclose. Sharing personal questionnaires on social media might be fun, but it also makes keywords about your life and private information more vulnerable.
Revealing too much personal information in your social profiles can put you at greater risk of identity theft, especially if your bank or other companies use that information to verify your identity.
- Protect your accounts and your home network
Create strong passwords for online accounts and your home wireless network. Consider using a unique phrase with a mix of letters and numbers. Avoid using part of your email address or information shared on social media, such as the name of your pet, favorite movie, or anything else someone could easily guess.
Cybercriminals change their tactics frequently, so families should stay on top of the latest threats. Be sure to work with your advisor and other financial providers to understand ways to help protect yourself as you conduct financial business online.
(Saghir A. Aslam only explains strategies and formulas that he has been using. He is merely providing information, and NO ADVICE is given. Mr Aslam does not endorse or recommend any broker, brokerage firm, or any investment at all, nor does he suggest that anyone will earn a profit when or if they purchase stocks, bonds or any other investments. All stocks or investment vehicles mentioned are for illustrative purposes only. Mr Aslam is not an attorney, accountant, real estate broker, stockbroker, investment advisor, or certified financial planner. Mr Aslam does not have anything for sale.)
