Finances FYI Presented by JPMorgan Chase
Most of us feel grateful when free public Wi-Fi is available. We use it at our local coffee shop to work or connect to the airport’s Wi-Fi for entertainment while waiting for a flight. But is it safe? Turns out that there are many online security risks to using public Wi-Fi.
An All About Cookies survey found that “69% of internet users access public Wi-Fi once a week or more.” They also found that internet users engaged in activities deemed unsafe, such as logging into sites with personal information (52%), connecting to public Wi-Fi without checking that it is legitimate (47%), and logging into a financial account (47%). Find out why we should avoid risky activities and how to protect our information and finances while surfing the web outside of our homes.
Public Wi-Fi often lacks strong encryption, meaning hackers can break through and gain access to our online activity. These are usually called man-in-the-middle (MitM) attacks and allow attackers to gather information as it is transmitted. Increasingly, people are also falling victim to “evil twin” attacks, where people mistakenly log into fake hot spots set up with similar names to legitimate ones.
Once hackers have access to our activity, they can spy, steal information, and even take over accounts. Spying allows them to steal passwords and gain access to banking or other private information. With access to our email addresses, they can send phishing scams trying to cajole information from us. They can also send malicious software (malware) like ransomware that holds our data or systems captive until we make a payment.
In some cases, scammers can gain control of our devices and gain complete access to the hard drive for data, passwords, and photos. Scammers with access to personal and financial information can steal our identity. This allows them to open new accounts under our name, drain bank accounts, and commit other crimes under our name. Regaining control of your identity, email, bank accounts, and computer is time-consuming and costly.
A Javelin Strategy report concluded that “traditional identity fraud losses amounted to nearly $23 billion in 2023, resulting in a 13% increase in overall losses for U.S. adult victims of identity fraud.” They also found resolving issues takes an average of 10 hours.
How to Protect Yourself While Using Public Wi-Fi
Even with these risks, there are steps you can take to protect your data while accessing the internet away from home. If you are doing work, also be sure to access your company’s data securely, especially if they are not utilizing a cybersecurity suite.
Safely Log Onto Wi-Fi
One of the best ways to protect yourself while online away from home is to use a Virtual Private Network (VPN). If you are using public Wi-Fi, check that it is the correct network. Turn off auto connections to Wi-Fi you have used in the past and disable Bluetooth connectivity so you aren’t surfing online inadvertently.
Avoid Risky Online Activities
When using public Wi-Fi, avoid banking, shopping, or entering personal data like your address or social security number. Avoid websites that don’t have a lock symbol or “https” at the beginning. Don’t store credit cards on online accounts or hackers may be able to shop for themselves while accessing your devices. Logging out of accounts you don’t need and clearing your browsing history can limit how much data online spies can see.
Utilize Helpful Software and Tools
Keep antivirus software updated on your devices to protect against spyware, malware, and ransomware. Some accounts will come with VPN options. Password managers can also protect your accounts since you won’t be entering passwords that hackers can view while spying on the public Wi-Fi you are using. Utilize two or multi-factor authentication (MFA) to protect your most sensitive accounts.
Keep Up to Date with Digital Security Protection
One of the best ways to protect yourself from online breaches is to be aware of what they are and how they can happen. Read articles and reports to learn how to recognize scammer emails and other messages. Remember that hackers are always working to find ways around current security measures, so keeping up to date with knowledge and action is critical.
Take Necessary Steps if You Suspect Hacking
Once you are back home and on your secure Wi-Fi, it is always a good idea to scan for malware with your antivirus software. Check your bank and other accounts for suspicious activity. If attacked, report it and take recovery steps provided by the hosting service. Let your contacts know your account was hacked and they should delete any messages from you.
Next time, before you hastily log on to a public Wi-Fi account, pause to think about the potential consequences. With consideration of the risks and knowledge about how to mitigate them, you can safely surf the web from your favorite café or while on vacation.
Finances FYI is presented by JPMorgan Chase. JPMorgan Chase is making a $30 billion commitment over the next five years to address some of the largest drivers of the racial wealth divide.
Source: Seattle Medium
