In 2020, the total value of digital purchases and payments worldwide exceeded $5.4 trillion and is projected to top $6.6 trillion for 2021.1 With that much money moving electronically, it’s no surprise that cybercrime statistics have been on a similar rising trajectory—the overall global cost of cybercrime has risen to more than $1 trillion annually.2
Technology has afforded us some tremendous efficiencies and simplified our lives, but it’s also opened a new door to potential fraud.
As a professional athlete, time is one of your most precious commodities. From training and playing to personal appearances and charity work, the demands on you can feel overwhelming at times. As a result, the desire to offload as much of your day-to-day business dealings as possible is understandable. But don’t make the common mistake of giving others—whether friends, family, business managers, accountants, or attorneys—control over your accounts. There’s a reason why usernames, passwords and other login credentials are personal and private; keep them that way.
“Most importantly, make sure you also take advantage of your respective league’s security capabilities,” advises Truist Wealth Sports & Entertainment Specialty Group advisor Todd LaRocca. “MLB has an incredible resource that you can contact regarding any potential breach of security issues—from a family member in danger to a financial crime being perpetrated against you. Their people are extremely adept and responsive and will stay on top of many security issues.” Other professional leagues provide similar services.
Take smart precautions
There are a number of preventive measures you can take to help reduce the potential for hackers to access your data. The following are a few precautionary steps that all investors (especially high-profile athletes and entertainers) should undertake:
- Only download trusted software and apps from trusted sites. Even trusted app download sites can’t police every app available, and software download sites will also sometimes harbor malware. Remember that anytime you use an installer, you’re putting your digital safety into someone else’s hands. So, if possible, try to only download from original vendors.
- Use strong usernames and passwords. We all know that “123456” and “password” are about as far from secure as you can get, yet year in and year out those two remain the most commonly used passwords. If you don’t want the hassle of managing multiple usernames and passwords, consider a password manager app. For a small fee (typically around $3/month) many apps can create and manage strong passwords for all your accounts.
- Lock down social media privacy settings. Although social media is a vital tool in building your brand as a professional athlete, it’s all too easy to mistakenly over-share personal information as you try to better connect with fans. Think carefully about what you share, and make sure you review your privacy settings since the defaults for many platforms are too permissive.
- Periodically monitor your financial accounts and credit reports. It’s absolutely your best defense against being victimized by fraud and/or identity theft. Being vigilant with regular monitoring can help detect any suspicious activity before small issues become massive headaches.
- Tape over built-in computer webcams. While it might seem like paranoia, it’s not. Gaining remote access to your webcam isn’t as challenging as you think. Whether someone’s intent is to steal information, blackmail you, or stalk you, don’t make it easy for them.
Think your identity has been compromised?
If you believe you might be the victim of online fraud or identity theft, change all your online passwords right away. Notify us at Truist (along with any other credit card companies and financial institutions you work with) and ask for heightened account security protections to be put in place. At the same time, contact one of the ‘big three’ credit reporting agencies and notify them of your concern:
- Experian Fraud Department; 1-888-397-3742; www.experian.com
- TransUnion Fraud Department; 1-800-680-7289; www.transunion.com/
- Equifax Fraud Department; 1-800-525-6285; www.equifax.com
The credit agency will implement an immediate fraud alert and share that information with the other two agencies, ensuring that any request for credit in your name over the next three months needs to be voice verified. The fraud alert also entitles you to receive a free credit report upon request. Review the report closely for unauthorized activity and notify the police if any fraud has taken place. Lastly, keep monitoring your credit report, bank and credit card statements after the 90-day fraud alert period to make sure no other unauthorized activity takes place.
Because we all live so much of our lives online these days, we can never ensure total safety and security. Implementing just a few preventative measures and staying vigilant, however, can go a long way towards preventing others from gaining access to your private information and accounts.