Boomers may be the last generation to use cash and paper checks for financial transactions. However, according to a recent article from GO Banking Rates, “6 Ways for Boomers To Preserve Their Digital Estate and Online Assets,” many have switched to digital wallets.
With the rise of digital finance, it's crucial to stay vigilant. While hackers may be more skilled in the digital world, you have the power to protect your digital assets. Here’s what you can do.
Emails are rife with scammers. Even an email from your bank shouldn’t be trusted. Never click on links within an email—go to the website from your browser instead. “Phishing scams,” where an email from someone you know asks for quick action, should always be treated with the utmost care. Misspellings or weird URLs should be red flags to alert you to a scam.
Keep a close eye on financial accounts. Fraud is best detected early. Check for unknown charges on credit cards and bank statements. One common technique is to make a small charge on a credit card to see if it is detected, followed by a sizeable charge. Set up your accounts to send alerts for every transaction to fight this.
Don’t go online on unsecured networks. Your local coffee shop or library is not the place to conduct financial transactions. Public Wi-Fi networks are not secure, ever. It only takes one opportunity to clean out your bank accounts.
Take software updates on cell phones, laptops, tablets and desktop computers. Many software updates are sent when vulnerabilities are spotted. If you don’t take the software update, you could open yourself to hackers.
Go for the two-factor authentication. Some people feel that having to go through a two-step process to log into a favorite site is too much work. This added layer of security makes it harder for hackers to access financial information and access your systems. It’s worth the extra time.
Don’t use a wimpy password. Passwords are notoriously easy for hackers to figure out. Birthdays, pet names, street addresses and even the word “password” are common and quickly figured out. Did you know there’s software used to crack passwords? Hackers do. Make yours harder to figure out using a combination of letters, symbols and numbers.
While protecting your digital assets, don’t forget to protect your traditional assets. If you haven’t already secured your estate with a last will and testament and protected yourself with estate planning documents, like Power of Attorney, Healthcare Power of Attorney, Living Will, and medical directives, make an appointment with an experienced estate planning attorney. You’ll be glad to have both your digital and traditional assets protected.
Reference: GO Banking Rates (May 30, 2024) “6 Ways for Boomers To Preserve Their Digital Estate and Online Assets”