October is Cybersecurity Awareness Month, and it’s never been more important for individuals and organizations to take proactive steps to enhance their cybersecurity.^* In 2024, the average cost of a data breach jumped to $4.88 million, up from $4.45 million in 2023 — a whopping 10% spike and the highest increase since the pandemic. Let’s talk about ways you can stay safer from scams.

1. Use strong, unique passwords.

For the second year in a row, stolen or compromised credentials were one of the two most prevalent root causes of data breaches.^*

One data breach could put all your accounts with the same password at risk. Imagine this: A word puzzle game you love experiences a data breach in which hackers gain access to users’ email and password combinations. Then, scammers test those passwords at financial institutions, email platforms and social media sites. That’s why you don’t reuse passwords — even for throwaway accounts that seem low-risk.

Limit the damage from data breaches by using strong, unique passwords. Trouble remembering passwords? Try using a password manager, which can securely store all of your passwords, tell you when you have weak or reused passwords, and generate stronger passwords for you. Learn more about creating strong passwords.

2. Don’t click links or open attachments.

Phishing was the other top method of online fraud in 2024.^* That’s when scammers target your personal information online by pretending to be an organization or individual you know, such as a bank, retailer or medical provider. Smishing, which is the same scam but via text messages, is also increasing. Here are a few increasingly common scam messages:

• “Your delivery driver is almost there. Track your package now with this link.” This fraudulent link could install malware on your device or solicit personal information. Avoid clicking!
• “It’s your bank. Did you spend $5,000 at Birdie Airlines? If not, click this link to recover the money now.” This trick uses urgency to convince you that your money is at risk. The real risk is clicking that link!
• “The candidate needs your support! Donate now.” With election season in full swing, watch out for election season scams. If you choose to donate, only do so through official campaign websites — not through an unsolicited text message.

To stay safer, don’t open attachments or click links in emails or text messages that you weren’t expecting. When in doubt, always verify the information first by contacting the supposed sender directly through other means.

3. Double up on security with MFA.

We love multifactor authentication (MFA) and suggest you enable it whenever possible. MFA requires more than one authentication method from different sources to verify your identity.

It adds a second layer of protection to your accounts by requiring an extra step, such as a text message confirmation code, before you can log in.

4. Protect your computer.

Your device: “A system update is available. Install now?”

You click “Remind me later.”

We’ve all done it. But today, in the spirit of Cybersecurity Awareness Month, take the time to update your devices! Stay safer from online fraud by installing security updates promptly and using antivirus software. For more details, check out the FBI’s Internet Safety: Protect Your Computer resource.

5. Report fraud quickly.

Do you think you’ve been the victim of an online crime? File a report with the FBI’s Internet Crime Complaint Center (IC3) as soon as possible, and let your financial institutions know so they can be extra vigilant when it comes to your accounts.

It’s important to protect yourself online, not only during Cybersecurity Awareness Month but all year long. We hope these tips help keep you safer from fraud and scams. Learn more about preventing identity theft.

^*IBM. Cost of a Data Breach Report 2024. Accessed August 29, 2024. https://www.ibm.com/security/data-breach

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