How to stay safe in the age of cybercrime

Did you know that older adults are the largest target for cybercrimes because of their retirement funds, savings and assets? According to the FBI, in 2023, people aged 60 and above experienced the greatest loss among all age groups to cyberattacks, to the tune of $3.4 billion. Baby boomers and other older adults are becoming more empowered in the information age as they enjoy online shopping, engage with social media communities and connect on dating apps. And with greater online use, the threat of getting scammed is prevalent.

Recently, The New York Times reported a 76-year-old retired lawyer being swindled out of $740,000.¹ Despite his sophistication and education, the lawyer fell for this attack. This demonstrates the importance of cyber education for all ages, particularly older people with large amounts of money at stake. The potential for falling for online threats and scams is being made easy for cybercriminals, due to an increase in sharing of personal details online through dating apps, photo sharing networks and social media. At Citizens, it’s our priority to ensure that our customers know how to protect themselves and their personal information.

Cybersecurity is an accumulation of good practices

As you know, protecting your lifetime of retirement funds and savings is crucial, for you and future generations. This requires essential online safety habits and the ability to spot potential threats. Cybercriminals work hard to steal sensitive information using tools like malware and data breaches and through insidious methods like social engineering. These tactics are sophisticated ways of stealing personal data, or tricking someone into giving away personal details that can be used later to steal their money.

However, you can turn the tables and make it difficult for anyone to access your personal information and learn to recognize suspicious calls or messages. Once you’re proficient at protecting yourself, you can use this knowledge to help look after other less cyber-savvy members of the family, particularly those who are younger and who may be less concerned about online security.

Here are some important practices that can protect you from cybercrime:

• Create new and strong passwords: Cybercriminals can easily guess names, birthdates or phrases that are commonly used for passwords. If you use a phrase, mix it up with varying words, characters and capitalization. For example, you can substitute characters and alternate capitalization in a passphrase like “purplemonkeytrashcan” and create “purpl3Monkey7r4shCan,” which is a password that’s difficult to guess. It’s important to regularly update passwords with unique combinations that can’t be discovered or used across multiple accounts. If you find it difficult to remember all your passwords, consider using a password manager to keep them secure in one place.
• Remember to update your apps: Your device might offer an auto-update feature for your apps, but it’s important to routinely make sure each of your programs is running the latest version. Companies regularly send updates for their apps and software to improve security and protect users from potential risks.
• Turn on multi-factor authentication: This is a multi-step log-in process that requires more than just a password. It typically uses information that you know like a password and pin combination, something you own like a smartphone or token, or using biometrics by reading your fingerprint or using facial recognition. When it’s available, this is an additional and higher level of security when logging into an online account or performing certain transactions. It verifies that it’s you and not someone else attempting to access your account.
• Be aware of social engineering tactics and phishing, robocalls and malware: Perhaps lesser known than some of the other strategies, social engineering involves deception and gaining an individual’s trust to manipulate individuals into giving away sensitive information. A classic example is a message from someone impersonating your grandchild and claiming they’ve been in an accident and need money urgently. Be careful of any unexpected emails, texts or direct messages that ask you to open an attachment or request personal details. Usually disguised as messages from businesses, authorities, friends or family members, they’re from cybercriminals attempting to hack into your device or trick you into giving away personal information. Steer clear if there are any typos in the email subject line or the text. Or if the sender’s address looks off.
• Don’t overshare online or on social media: It may be tempting to connect with online communities by sharing details about your life, but it’s important to practice safe and practical boundaries. Those pictures of your vacation or stories about your grandchildren might be fun to share but be careful about who’s allowed to see them. Be especially selective on dating apps, where it’s common for fake accounts to lure unsuspecting individuals into giving away private information.

It's also important to note that no one is alone when it comes to cybercrime. Online threats can affect anyone regardless of age or generation — from baby boomers to Gen X to millennials to Gen Z. So regular cyber checkups are key to maintaining good cyber hygiene. Seek or offer help wherever it’s needed.

The more you know, the more cybersecure you’ll be

Despite having many years of online experience, older adults are often victims of cybercrimes. New platforms and technology are changing by the minute, so they’re a moving target. As a result, there will never be a comprehensive list of things you can do to be completely safe from online scams and identity theft. But knowledge and regular cyber wellness checkups can help you stay safe — and you’re not alone. Reach out to your friends and family to share tips as well as your different stories, particularly to those who may not be as experienced. The more you know and share, the easier it will be to spot threats and avoid them.

Regardless of where you are in the cyber universe, Citizens is here to help you practice cybersecurity while you bank online or on our mobile app*. Your security is our priority. Not only do we make sure you’re protected when logging into your personal accounts with best-in-class digital banking, we provide a library of learning articles to help keep you safe and secure.