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.

------

Jay Rogers is the chairman and CEO of IBC Bank.

Trending News

Building Houston

 
 

The latest cohort from gBETA Houston has been announced and is currently underway at the Downtown Launchpad. Photo courtesy

A national startup accelerator has announced its fifth local cohort, which includes five Houston companies participating in the spring 2022 class.

Madison, Wisconsin-based gener8tor has announced today the five participating startups in gBETA Houston. The program will be led by Muriel Foster, the newly named director of gBETA Houston, which originally launched in Houston in 2020 thanks to a grant from from the Downtown Redevelopment Authority.

The program, which is designed to help guide early-stage startups find early customer traction, connect with mentors, and more, is based in the Downtown Launchpad, and is free and does not take equity in the participating companies. The cohort kicked off on April 21 and concludes on June 10.

The new cohort includes:

  • Founded by CEO Steffie Thomson a year ago, Getaway Sticks has designed a shoe that gives women the painless support they need using athletic foam to create a shoe that gives women the painless support they need. Getaway Sticks provides the solutions to women’s #1 wardrobe complaint of high heel pain. Since launch, the company has earned over $35,000 in revenue from over 150 customers.
  • Through a combination of software and hardware technology, LocBox is rethinking the shopping experience for online and local purchases. If you shop, ship, or have food delivered to your house, LocBox will make your life easier. Led by CEO Sterling Sansing, LocBox has previously participated in the Texas A&M MBA Venture Challenge.
  • SpeakHaus is focused on equipping young professionals and entrepreneurs with public speaking skills through its on-demand training platform and group coaching program. Since launching in October 2021, SpeakHaus has facilitated 6 corporate trainings and coached 61 business leaders generating over $49,000 in revenue. The company is led by CEO Christa Clarke.
  • Led by CEO LaGina Harris, The Us Space is creating spaces intentionally for women of color, women-led businesses, and women-centric organizations. Since launching in June 2021, The Us Space has created partnerships with more than a dozen community organizations, sustainable businesses, and organizations creating positive economic impact in the City of Houston.
  • Founded in August 2021, Urban Eatz Delivery is a food delivery service app that caters to the overlooked and underrepresented restaurants, food trucks, and home-based food vendors. Urban Eatz Delivery has earned over $88,000 in revenue, delivered to over 2,000 users, and worked with 36 restaurant and food vendors on the app. The company is led by CEO D’Andre Good.

“The five companies selected for the Spring 2022 cohort tackle unique problems that have propelled them to create a business that solves the issues they once faced," Foster says in a news release. "From public speaking, apparel comfort, and food delivery from underrepresented restaurant owners, these founders have found their niche and are ready to continue to make an enormous impact on the Houston ecosystem."

it's Foster's first cohort at the helm of the program. A Houston native, she has her master’s in public administration from Texas Southern University and a bachelor’s in marketing from Oklahoma State University. Her background includes work in the nonprofit sector and international business consulting in Cape Town, South Africa, and she's worked within programming at organizations such as MassChallenge, BLCK VC, and now gener8tor.

The program is housed at the Downtown Launchpad. The five startups will have access to the space to meet with mentors, attend events, and run their companies.

"Creating (the hub) was a little like a moonshot, but it’s paying off and contributing enormous impact to the city’s economy. The five startups selected for the gBETA Houston Spring cohort will continue that legacy,” says Robert Pieroni, director of economic development at Central Houston Inc., in the release. “As these entrepreneurs chase their dreams and create something epic, they will know Downtown Houston is standing behind them. I am so proud of what Downtown Launchpad is already, and what it will become.”

Muriel Foster, a native Houstonian, is the new director of gBETA Houston. Image via LinkedIn

Trending News