As we embrace the convenience of online tax filing, we must prioritize the security of our personal and financial information. With cybercriminals and hackers constantly on the prowl for sensitive data, the risks of falling prey to online fraud are higher than ever, particularly during the tax season. Considering this, we must be mindful of the measures we can take to safeguard ourselves against potential threats.
In this blog, we will outline some helpful tips to help you protect your sensitive information while filing your taxes online.
Use Strong Passwords
We need to protect our online accounts and sensitive information from cybercriminals. Use strong passwords. They serve as the first defence against unauthorized access to our accounts. Weak or easily guessable passwords can leave us susceptible to hacking.
When creating a password, choose one that is unique and complex. A strong password typically includes uppercase and lowercase letters, numbers, and symbols and is at least 12-14 characters long. Avoid using easily guessable information such as your name, birth date, or pet’s name, as cybercriminals can quickly get these through social engineering or data breaches.
One of the critical risks of feeble passwords is the potential for brute-force attacks. These are automated attempts by cybercriminals to guess your password using various combinations of characters. Hackers can guess if your password is weak, leading to a compromised account or accounts. Another risk of weak passwords is the potential for password reuse. If we use the same password across multiple accounts, a hacker who gains access to one of our accounts can access all of them. It’s essential to use unique passwords for each account and to avoid using personal information.
We should also change our passwords regularly, especially for our most sensitive accounts, such as email and banking. Let’s set up two-factor authentication for our accounts, which adds an extra layer of security by requiring a second form of identification, such as a code sent to our phone.
Use Two-Factor Authentication
Two-factor authentication adds a layer of security to your online accounts by requiring a second form of identification, such as a code sent to your phone or a fingerprint scan. Many financial institutions and tax filing websites offer this option, and enabling it is a good idea.
Enabling two-factor authentication (2FA) can significantly enhance your online security. Even if a cybercriminal gets ahold of your password, they won’t be able to access your account without the second form of authentication. 2FA can also alert you if someone attempts to access your account, as you will receive a code notification to your phone.
Many financial institutions and tax filing websites offer the option of 2FA, and we recommend enabling it. Some websites may even require 2FA to access certain sensitive information. It may take a few extra seconds to enter the second form of authentication, but it’s a small price to pay for the added security.
It’s also worth noting that some forms of 2FA are more secure than others. So, opt for more secure methods of 2FA to ensure the best possible protection for your online accounts.
Update Your Software
Software updates typically contain security patches that address known vulnerabilities and fix bugs cybercriminals could exploit. Updating your operating system, web browser, and antivirus software will ensure you have the latest protection. If you don’t update your software, you leave yourself vulnerable to cyberattacks that could cause stolen data, compromised accounts, or even identity theft.
To ensure that your software is always up-to-date, it’s a good idea to set your devices to update automatically. This way, you won’t have to check for updates and potentially miss security patches. Automatic updates can also save you time and hassle, as they often occur in the background without interrupting your device’s performance.
Besides keeping your software up-to-date, staying vigilant about new threats and potential security risks is a raison d’etre. Keep an eye out for any alerts or notifications from your antivirus software, and be attentive when browsing the internet or opening emails from unknown senders. Combining regular software updates with careful online behaviour can help keep your device and personal information safe from cybercriminals.
Be Wary of Phishing Scams
Phishing scams are a common tactic cybercriminals use to steal personal and financial information. Phishing scams are fraudulent attempts to pillage sensitive information, like usernames, passwords, and credit card details, by posing as a trustworthy entity or organization. These scams are fake emails, phone calls, or text messages that appear to be from a legitimate source, such as a bank, social media site, or government agency.
A phishing scam aims to trick the victim into providing personal or financial information or clicking on a link that leads to a fake website designed to steal their information. Phishing scams can be highly effective, resulting in stolen identities, financial loss, and other forms of cybercrime. It’s essential to be vigilant regarding emails, messages and calls from unknown sources and verify any communication’s legitimacy before responding.
Use a Secure Wi-Fi Network
Using a secure Wi-Fi network will protect your personal and financial information while browsing the internet. Hackers and cybercriminals can intercept your data using a public or unsecured Wi-Fi network. They can easily steal your login credentials, personal information, and financial data.
Use a network that requires a password to ensure a secure Wi-Fi connection. Only use public Wi-Fi networks with a password or those that are secure. Consider using a virtual private network (VPN) to encrypt your internet traffic and protect your online activities from prying eyes.
Public Wi-Fi networks can be a seabed for hackers and cybercriminals, so using a secure network is paramount when filing taxes online. Avoid using public Wi-Fi networks at coffee shops, libraries, or other public places. Instead, use a secure Wi-Fi network at home or work.
Be hypervigilant about Sharing on Social Media
Social media can be a fun, valuable tool and a nesting ground for hackers and cybercriminals.
One of the critical risks of sharing too much information on social media is the potential for identity theft. Cybercriminals can use personal information, such as our full name, date of birth, and address, to steal our identity and commit fraud. They can also use information about our hobbies, interests, and travel plans to create targeted phishing scams, as mentioned earlier, and attempt to trick us into giving away sensitive information.
Another risk of sharing on social media is the potential for cyberstalking and harassment. Posting personal information, such as our location or daily routines, can make it easier for someone to track and monitor our activities. It’s essential to be cautious about what we share online and to consider who might see it. We should also be mindful of who we accept friend requests from and avoid connecting with people we don’t know.
Finally, sharing on social media can have professional consequences. Employers and potential employers often check social media profiles when considering candidates for a job. Posting inappropriate content, such as offensive language or images, can damage our reputation and make it more challenging to land a job or advance in our careers.
By following our tips, you can help protect yourself from cybercriminals and ensure your personal and financial information stays secure. Our free app can update you on the latest tips and consumer fraud.
Download FraudsterApp today, available for Apple and Android and stay informed and learn about consumer concerns. Visit www.FraudsterApp.com. Access the training feature by clicking the icon on your home screen if you already have the app.
Stay safe and happy filing!
