California is still the state where most people report losing money to online scams, which is why authorities want you to take precautions when it comes to protecting your identity online.
“They may be asking, ‘Why isn’t a password enough today?'” says Christina Miranda, a spokeswoman for the FTC. “Well, that’s because there are hackers who use different methods to steal or get passwords.”
According to the FBI, the theft tactic most reported to the bureau is known as “phishing,” a type of scam in which fraudsters pretend to be representatives of the government or a well-known company.
Ramona Modesto’s identity was stolen due to her good credit, leaving her with a lot of debt.
“They call or text or message on social media and say something needs to click or something needs to be done urgently,” Miranda says.
Scammers send the victim to a site that looks official or call them and convince them to give them their details to log in, either to their bank or any other account. They take over your information, using your name and password, to steal your money.
The FBI received more than 298,000 such complaints in 2023, or 34% of reported cybercrimes. California was the place with the most complaints and losses: 80,000 and $2 billion.
One tool that exists to protect yourself from this type of fraud is multi-factor authentication or two-step verification.
This means that if a fraudster obtains someone’s password, whether through data theft or another tactic, they will face another hurdle before they can access the account.
By installing multi-factor authentication on the banking profile, the user will receive a text message or a code on the cell phone to confirm that they are the person trying to log in.
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However, if scammers ask for this code, pretending to be a bank or government agency, it’s important to remember not to share it.
In addition to these keys sent by banks, users can install another line of defense on their mobile phones or tablets.
“There are many authentication apps, like Google Authenticator, Microsoft Authenticator, and Duo, that you can search for through App Stores, for example,” Miranda says.
“Authentication applications typically generate a passcode for verification.”
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Miranda indicates that any account is at risk.
“Like your bank account, credit card account, social media, filing site, tax returns, and payment apps,” Miranda highlights. “It is very important to have a two-factor authentication system for these accounts.”
Fraudsters Don’t Rest It’s important to install some type of multiple authentication tool, which is the equivalent of putting a double lock on a door.
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