Tips for Preventing Fraud
Cybercrime and fraud are serious threats and constant vigilance is key. While MCF plays an important role in helping protect your assets, you can also take action to protect yourself and help secure your information. This checklist summarizes common cyber fraud tactics, along with tips and best practices. Many suggestions may be things you’re doing now, while others may be new. We also cover actions to take if you suspect that your personal information has been compromised. If you have questions, we’re here to help.
Cybercriminals exploit our increasing reliance on technology. Methods used to compromise a victim’s identity or login credentials – such as malware, phishing, and social engineering – are increasingly sophisticated and difficult to spot. A fraudster’s goal is to obtain information to access your account and assets or sell your information for this purpose. Fortunately, criminals often take the path of least resistance. Following best practices and applying caution when sharing information or executing transactions makes a big difference.
How we can work together to protect your information and assets
Safe practices for communicating with MCF
- Keep us informed regarding changes to your personal information.
- Expect us to call you to confirm email requests to move money, trade, or change account information.
What you can do
☐ | Be aware of suspicious phone calls, emails, and texts asking you to send money or disclose personal information. If a service rep calls you, hang up and call back using a known phone number. |
☐ | Never share sensitive information or conduct business via email, as accounts are often compromised. |
☐ | Beware of phishing and malicious links. Urgent-sounding, legitimate-looking emails are intended to tempt you to accidentally disclose personal information or install malware. |
☐ | Don’t open links or attachments from unknown sources. Enter the web address in your browser. |
☐ | Check your email and account statements regularly for suspicious activity. |
☐ | Never enter confidential information in public areas. Assume someone is always watching. |
Exercise caution when moving money
☐ | Leverage your custodian's electronic authorization tool which often features built-in safeguards. This is the fastest and most secure way to move money. |
☐ | Review and verbally confirm all disbursement request details thoroughly before providing your approval, especially when sending funds to another country. Never trust wire instructions received via email. |
Adhere to strong password principles
☐ | Don’t use personal information as part of your login ID or password and don’t share login credentials |
☐ | Create a unique, complex password for each website, Change it every six months. Consider using a password manager to simplify this process. |
Maintain updated technology
☐ | Keep your web browser, operating system, antivirus, and anti-spyware updated, and activate the firewall. |
☐ | Do not use free/found USB devices. They may be infected with malware. |
☐ | Check security settings on your applications and web browser. Make sure they’re strong. |
☐ | Turn off Bluetooth when it’s not needed. |
☐ | Dispose of old hardware safely by performing a factory reset or removing and destroying all storage data devices. |
Use caution on websites and social media
☐ | Do not visit websites you don’t know, (e.g., advertised on pop-up ads and banners). |
☐ | Log out completely to terminate access when exiting all websites. |
☐ | Don’t use public computers or free Wi-Fi. Use a personal Wi-Fi hotspot or a Virtual Private Network (VPN). |
☐ | Hover over questionable links to reveal the URL before clicking. Secure websites start with “https,” not “http.” |
☐ | Be cautious when accepting “friend” requests on social media, liking posts, or following links. |
☐ | Limit sharing information on social media sites. Assume fraudsters can see everything, even if you have safeguards. |
☐ | Consider what you’re disclosing before sharing or posting your résumé. |
What to do if you suspect a breach - Call your MCF service team at 859.967.0999 immediately so that we can watch for suspicious activity and collaborate with you on other steps to take.
Learn more
Visit these sites for more information and best practices:
- StaySafeOnline.org: Review the STOP. THINK. CONNECT™ cybersecurity educational campaign.
- OnGuardOnline.gov: Focused on online security for kids, it includes a blog on current cyber trends.
- FDIC Consumer Assistance & Information, https://www.fdic.gov/consumers/assistance/index.html.
- FBI Scams and Safety provides additional tips, https://www.fbi.gov/scams-and-safety.
IMPORTANT DISCLOSURE INFORMATION
MCF Advisors, LLC (“MCF”) is a SEC registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. More information about the adviser can also be found by visiting: https://adviserinfo.sec.gov/. This is not intended as an offer or solicitation with respect to the purchase or sale of any security. MCF may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by MCF), or any non-investment related content, made reference to directly or indirectly in this blog/newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog/newsletter serves as the receipt of, or as a substitute for, personalized investment advice from MCF. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. MCF is neither a law firm nor a certified public accounting firm and no portion of this content should be construed as legal or accounting advice. A copy of MCF’s current written disclosure statement and customer relationship summary (“Form CRS”) discussing our advisory services and fees continues to remain available upon request. The scope of the services to be provided depends upon the needs of the client and the terms of the engagement. If you are a MCF client, please remember to contact MCF, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.