'Black October' Cybersecurity Warning: 7 Ways To Protect Your Money

You might’ve heard the term "Black October" floating around for a few days now — it’s the nickname for a string of unrelated security problems that surfaced from Oct. 19 to 22. The event involved two major flaws in PHP, a programming language behind a huge share of websites. After the flaws went public on Oct. 21, attackers tried to take advantage of them millions of times, according to Cloudflare and Amazon, and some organizations pulled their sites offline as a precaution, Reuters reported.

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There's no need to panic, but it’s a good reminder that your accounts are not always safe. Thankfully, there are precautions you can take. Here are seven ways to make your money much harder to reach.

Treat Your Email Like a Master Key

Almost every financial account lets you reset your password by email, so whoever controls your inbox can often access everything else. Your email should have its own long, unique password, and it should ideally be stored in a password manager.

In addition, you should turn on two-step verification using an authenticator app. While you're already in settings, make sure your backup phone number and recovery email are current.

Lock Down Your Phone Number

Criminals sometimes talk a phone carrier into moving your number to their own SIM card, then use it to intercept bank login codes. Most major carriers let you add a PIN or turn on a number lock that blocks unauthorized transfers. It takes about five minutes on your carrier's app or website.

Shop With Virtual Card Numbers

Many credit card issuers can generate a virtual card number that works like your real card but is mostly limited to one merchant and can be deleted anytime. If a store you shopped at gets breached, you just delete that number (instead of replacing your whole card). Check your card's app or online account to see if it's something you can take advantage of.

Use a Separate Email for Shopping

You can create a second email address just for online orders, store loyalty programs and newsletters. That keeps your main inbox far away from retail databases. That way, if one of those companies is breached, the exposed email address isn't tied to your bank.

Find Out If Your Information Has Already Leaked

Free tools like Have I Been Pwned let you search your email address against known data breaches. If your address shows up, change the password on that account and on any other account that used the same one.

Close Accounts You No Longer Use

It's time to do an audit. Think: Old shopping accounts, forgotten apps and inactive subscriptions. Each one is a place your information can leak from. Spend 20 minutes deleting accounts (and remove saved cards from the ones you keep).

Freeze Your Credit and Know Where To Report Fraud

A credit freeze blocks anyone from opening new accounts in your name, and it's free at all three major credit bureaus, according to the Federal Trade Commission. You can lift the freezes anytime you need to apply for credit.

If you ever spot identity theft, the FTC's IdentityTheft.gov walks you through a recovery plan step by step.

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice. 

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