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2020 PSCU
Board of Directors
 
Frederick W. Morgan
Chairperson

Jeffery King
Vice Chairperson

Dean J. Trudeau
Treasurer

Edward A. Carey, Jr.
Secretary
 
Charles Lowler
 Dale Reaume
Nora Sharpley
 
Credit Committee
Veronica Massey
Huey Ferguson
Juanita Henry
 
Protect Your Online Accounts from Phishing
Keep your accounts out of the wrong hands

Phishing is an all too common way for scammers to learn your personal information and access your financial accounts. To help prevent yourself from falling victim to a scam, it’s wise to learn exactly how phishing works.   

What is phishing

Phishing is a type of social engineering technique that aims to trick you into sharing information, such as your password or account number, according to Bankrate.com. Rather than hacking into your computer, social engineering works by gaining your trust and manipulating you. With phishing in particular, a scammer may pose as your friend or a company sending you a text message or an email.

According to the Federal Trade Commission, the message or email will relay a story to convince you to click on an attachment or link. They may say you have an issue with your accounts, you need to confirm confidential information or you need to make a payment. If you click on the attachment or link, Bankrate.com says that malware may install onto your computer or you may be prompted to enter your username and password on a page that’s similar to an online financial site or company’s login page. With this information, a hacker can then access your account and steal your information or money.

How to spot a phishing scam

Phishing purposefully disguises messages to look like they’re from a trusted source, making it difficult to tell that they’re scams. However, there are many clues that indicate when an email isn’t actually from your financial partners. Alison L. Deutsch, writing for Investopedia, says that a phishing email may have grammatical errors that a legitimate email wouldn’t have.

Phishing emails may also link to sites with URLs like are either completely different or slightly altered from the URLs of a company’s sites, according to Bankrate.com. Before clicking a link, hover your mouse over it, and check that the URL exactly matches the URL of the real site. Even better, Deutsch says not to click any link in an email that asks for your personal information. A reputable site will not ask for your password through an email or text message. If you’re concerned about the content of an email, you can call the institution or business directly or log in to your account using a website that you know is real.  

What to do after being scammed

If you believe you may have fallen victim to phishing, there’s still hope that the scammer has not been able to access your account. According to the FTC, multi-factor authentication, which requires at least two different credentials to access your account, can help protect against phishing. For example, if you only give your password to a scammer, but your account requires both a password and a face scan to log in, they may not be able to log in.

Whether or not you have multi-factor authentication, Justin Pritchard, writing for The Balance, recommends calling your financial institution if you believe you gave your credit card number or account information to a scammer. Furthermore, Deutsch says to delete any software you downloaded from an email and to immediately change your passwords. By acting fast, you may be able to change your password before a scammer even attempts to log in to your account.

Hopefully, by more cautiously reading emails and knowing the signs of phishing, you can avoid these scams. Contact a financial advisor to learn more about protecting your specific high-value accounts.



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Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.  


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