Guest column

Houston banking exec shares tips for keeping online information secure amid coronavirus threats

You are more vulnerable to financial cyber threats in a crisis. Here are some tips for staying safe. Getty Images

While Houston residents are aware of the health and financial impacts of COVID-19, the threat to individual security due to the rise in online scams has only just begun.

Scammers have already started to prey on the unsuspecting victims who are now working, shopping and banking almost entirely online. A recent report by the Federal Trade Commission stated that due to the rise in online hacking and phishing scams, coronavirus-related frauds have already reached nearly $12 million in losses, impacting more than 15,000 Americans.

As individuals continue to become more and more dependent on technology during this extended time at home, it is important to be cautious and knowledgeable to avoid possible scams. Below are tips to consider when navigating coronavirus-related security threats.

Verify the URL

When dealing with financial matters, it is important to check the URL to ensure the site is secure and legitimate before clicking on a link provided by a third-party source or found within an email thread. Scan the link for misspellings and other abnormalities that appear to be out of place. It may also be helpful to visit the original website in a separate browser to compare the web addresses side by side. Illegitimate website links can lead to unsecure sites, viruses, and possible identity theft.

Check donation sources

Especially during this time, many Houstonians are donating to relief organizations working to fight the impacts of the coronavirus. Unfortunately, there are several faux fundraising campaigns claiming to support disaster relief, and the scammers behind these sites are preying on the goodwill of unsuspecting donors.

Consider supporting a charity that is well-known, transparent, and established, rather than a new organization with little history or information. Red flags may include sources requesting wire transfer information or a social security number, or charities applying pressure to donate immediately.

Guard financial information

It is especially important to guard financial information during this time to prevent identity theft. Many false stimulus check portals have surfaced online, encouraging visitors to provide personal information such as checking account details or credit card numbers.

The IRS encourages individuals to practice due-diligence and to be wary of details that may identify a scam. For example, noticing key words such as "Stimulus Check" or "Stimulus Payment" in place of the official term of economic impact payment.

If you have filed your taxes electronically, this payment will automatically be deposited into your bank account. For those who receive a check for the impact payment, it is important to remember that one of the best ways to protect financial assets is to be sure they are deposited in a reliable, federally insured bank account. Accounts are insured by the FDIC up to $250,000 per depositor, per insured bank, for each account ownership category, ensuring that your money is safe and protected.

Monitor accounts regularly

With the rise of online payments, it is important that individuals examine their accounts regularly to verify spending activity. While many assume that a scammer will take a large amount from a bank account, immediately triggering security functions and resulting in a text message to the account holder, this is not always the case.

Oftentimes, scammers will begin with smaller purchases, testing limits before stealing more. Additionally, it is important to check credit activity during this time to monitor for possible identity theft.

When it comes to making purchases and payments online, it is important to practice caution, even with sites that may appear to be trustworthy. By paying attention to the details and red flags that may signify a fraudulent site, individuals may be able to avoid online scams.

This is a time of great need. Unfortunately, it is also a time of great opportunity for criminals. As Houstonians respond, as they always do, be sure to protect yourself while you are helping our community.

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Jay Rogers is the chairman and CEO of IBC Bank.

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Building Houston

 
 

Houston-based Adapt2 Solutions has created AI-backed technology to help energy companies make strategic predictions in these unprecedented times. Getty Images

Among the many complications presented by the coronavirus pandemic is coping with power needs. Movie theaters, malls, schools, and stadiums are among the places where energy use has been uneven at best. And the unevenness promises to continue as a lot of locations turn the lights back on but their operating hours remain in flux.

Houston-based Adapt2 Solutions Inc. believes its software can help energy companies power their way through the pandemic-driven haziness of power demand from commercial and residential customers.

"Today's energy companies need the speed and flexibility that cloud-native technology provides to fully leverage the massive amounts of data available to them," Jason Kram, executive vice president of Adapt2 Solutions, said in a December 2019 release.

Kram says that by capitalizing on artificial intelligence, machine learning, and cloud computing, his company's predictive analytics models forecast unexpected fluctuations in power capacity. Amid the pandemic, this technology enables energy companies to map out demand at a time when they're balancing strained revenue and squeezed spending is paramount, according to Kram.

Armed with this forecast data, Adapt2 Solutions' customers — including utility companies, energy traders, and power generators — can more easily plot power production, sales, and purchases, Kram tells InnovationMap. This data can be applied to conventional power, renewable energy, and battery-stored power.

"In times of disruption, big data can inform decision-making for energy companies to optimize energy-market operations with timely and reliable data," Kram says.

Adapt2 Solutions' load forecasting feature generates the predictive analytics models. This feature is embedded within the company's Adapt2 Bid-to-Bill flagship product, which helps energy companies manage front-office and back-office operations. Its other products are Adapt2 Green, designed for the renewable energy market, and Adapt2 Trade-to-Tag, aimed at improving management of energy trades.

"With Adapt2's AI-enabled solutions, we strive to help more customers focus on their core operations and bring business units together on a single platform to create an integrated approach," Kram says.

The company's customers include Consolidated Edison Inc. (ConEd), Duke Energy Corp., the East Kentucky Electric Cooperative, Exelon Corp., Invenergy LLC, Sempra Energy, the Tri-State Generation and Transmission Association, Tyr Energy LLC, and Vistra Energy Corp.

Adapt2 Solutions employs about 40 people, Kram says, and plans to grow its revenue and headcount by 25 percent to 40 percent this year. He says Adapt2 Solutions has managed to turn a profit even though it hasn't taken any outside funding since Francisco Diaz founded the company in 2008.

In March, Inc. magazine placed Adapt2 Solutions at No. 222 on its inaugural list of the fastest-growing private companies in Texas. The company's revenue shot up 72 percent from 2016 to 2018.

"The growth in our business reflects a growth in our customers' business, further validating that we have taken the right steps to help energy enterprises better respond to market and technology changes," Diaz said in a March release.


Jason Kram is the executive vice president of Adapt2 Solutions. Photo courtesy of Adapt2 Solutions

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