USF CU Cybersecurity Pro Reveals Biggest Online Threat

As part of Cybersecurity Month, USF CU is sharing essential tips to help you recognize modern scams, protect your information, and stay one step ahead of online criminals.

To uncover what members should be watching for right now, we sat down with Jeff Billy, a cybersecurity expert who’s spent 25 years protecting USF Credit Union members from digital threats.

Jeff says that today's most prevalent and insidious threat isn't the shadowy hacker of old, but something far more personal: "The biggest threats right now are considered business email compromise. And that's when someone that you know gets their account taken over and then the bad guy starts sending emails as them."

"When you receive that email in your inbox, it looks like it's coming from someone you know. So, you're more likely to click on a link," Billy explains. "I've seen a lot of cases where if we didn't have the tools to prevent that type of attack, that someone could easily put in their credentials and have their computer compromised because it does look that realistic."

Social Media and Threats!

This marks a significant shift from the cybersecurity concerns of a decade or two ago.

"I would say that probably 10, 15 years ago, the biggest things you would have to worry about would be potential ATM fraud or frauds through the telephones," Billy reflects. "But now there's so many different channels where fraud is coming through now. Social media is probably the biggest one that I would say - that's how things have changed."

The Power of a Second Opinion

So, how can you arm yourself against these digital adversaries?

Billy’s advice, even to his own mother, is a simple yet powerful mantra: always get a second opinion.

"Even what I tell my mom is always run something by me - run something by someone else that you know who is tech savvy before you follow through with a request or demand. Same with the phishing emails. You can never have enough eyes on a potential fraud-scan situation."

Spotting Red Flags: What to Look For

To help identify potential scams, there are several critical red flags:

• Urgency and Threats: Scammers often employ urgent messages and threats to pressure quick decisions, bypassing proper evaluation.
• Requests for Personal Information: Be highly suspicious of any requests for personal details or money from unknown sources.
• Unusual Payment Methods: Demands for payment via gift cards or cryptocurrency are common scam tactics designed to avoid detection.
• Poor Language and Suspicious Offers: Poor grammar, misspellings, and offers that seem too good to be true are classic indicators of a scam.

Your Digital Armor: How to Protect Yourself

Equipping yourself with the right defenses is crucial. Here’s what you can do:

• Use Strong Passwords: Create strong, unique passwords for all your accounts and consider using a reputable password manager.
• Enable Multi-factor Authentication (MFA): Add an extra layer of security by enabling MFA on all your accounts.
• Verify Links and Sources: Always double-check sender details and the legitimacy of links before clicking or downloading attachments.
• Protect Personal Information: Never share sensitive personal data like Social Security numbers or banking details without absolute verification of the recipient.

What to Do If You're Targeted

If you suspect you've been targeted by a scam or fraud, act quickly:

• Immediate Disengagement: Stop all communication with the suspected scammer and avoid sharing any more personal information.
• Report to Authorities: Notify your campus IT department (if applicable), security services, and file complaints with relevant agencies like the Federal Trade Commission (FTC).
• Protect Financial Accounts: Contact your banks or credit card providers immediately to freeze accounts and monitor for any unauthorized activity.
• Document Evidence: Keep screenshots, emails, and any other relevant communications as proof to support investigations and recovery efforts.

In an ever-evolving digital landscape, staying informed and proactive is your best defense. For more information on this and more, check out our earlier stories on the Modern Wallet Blog.