Safeguarding Financial Assets and Protecting Against Fraud | CPD

Financial fraud, which includes identity theft, cyberattacks, and other malicious activities, poses a significant threat to individuals' financial well-being. To effectively guard against these threats, individuals must adopt proactive measures and remain vigilant in their online activities.

Essential Steps to Protect Financial Assets and Prevent Fraud:

Password Security:

Create strong, unique passwords for all online accounts, avoiding the use of the same password across multiple platforms. Utilise a password manager to securely store and manage passwords.

Two-Factor Authentication (2FA):

Enable 2FA wherever possible, adding an extra layer of security beyond just passwords. 2FA typically involves SMS verification, app-based authentication, or security keys, providing an additional barrier against unauthorised access.

Phishing Scams:

Exercise caution when receiving unsolicited emails, SMS messages, or social media messages that attempt to trick you into revealing personal or financial information. Never click on suspicious links or open attachments from unknown senders.

Malware Protection:

Install and maintain reputable antivirus and anti-malware software to protect your devices from malicious software that can steal your data or compromise your financial accounts. Regularly update security software to ensure you have the latest protection against emerging threats.

Proper Disposal of Sensitive Documents:

Shred sensitive documents containing financial information, such as bank statements, credit card receipts, or tax forms, to prevent unauthorised access or identity theft.

Real-life South African Example: Avoiding Fraud in Online Transactions

Completing this In-Lesson Task does not contribute to the assessment grading and serves as preparation for the final assessment.

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