In the News
How severe are the financial dangers of social media? In Social Media Drives $3.2bn+ in Black Hat Profits, Phil Muncaster at InfoSecurity Magazine discusses how social media contributes to cybercrime. Muncaster explains that malvertising and disguised, yet malicious apps are most common for generating such crimes. Muncaster details that social media posts are shared by users and companies that individuals trust and that this notion of trust propels the occurrence of cybercrime.
Our Take
The role of social media in our everyday lives only appears to be increasing. As these platforms offer more services and methods or not just communication, but also shopping and fundraising, cybercrime becomes more likely. Social media is often thought of as a less formal setting for communication, and while this informality allows for open communication, it also reduces the caution of users when scrolling through a feed or clicking on ads. Social media experience is tailored to the user through ad targeting, and through the other users, one interacts with. It is important to recognize that just because your friend shared a post, shops at a specific online retailer, or downloaded a new apps does not mean that you should as well. The repercussions of downloading malicious programs or ads can lead to the loss of personal and financial information. I order to protect your personal information and device security, always do your research to verify the legitimacy of things seen on social media.
Recommendations
How can you protect your personal finances from exposure?
- Don’t reuse your account passwords, and take advantage of multi-factor authentication whenever possible
- Know the how to spot a scam and know how to act if you are affected
- Avoid clicking directly on links, whether in email or social media – always search through your search engine to verify legitimacy and find the appropriate site
- Refrain from opening/clicking on suspicious attachments, links, or ads
- Track your finances closely to notice suspicious transactions before they become dangerous