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How to protect yourself from financial breaches

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3 MINUTE READ
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How to protect yourself from financial breaches

The vast majority of people know that data breaches can be very damaging and a breach in your financial information can be very difficult to recover from. This can generally lead to harmful attacks like identity theft, financial theft, and a host of other problems. The majority of people don't know they've been a victim of a financial breach until well after it's done. A prime example of this is shown recently in the Cash App data breach. It happened in December 2021 and it's just being reported now in April 2022.

Cash App Data Breach

Cash App is one of the most trusted financial apps in the world. In fact, Cash App has over 100million downloads and 36 million monthly active users. Their app allows people to send money in an easy and secure manner. The cybersecurity brand of Cash App was very strong until the breach occurred in December 2021.

The SEC reported that Block, the parent company of Cash App, filed a report claiming that a former employee downloaded unsolicited financial data. This included a list of names of Cash App users and their contact information. Although no specific financial data was stolen, this list can be used to target individuals and get their sensitive financial data.

The former employee who got the list of Cash App users can sell this list on the black market or use it to commit identity theft. This breach has put many people at risk and it is important to know how to protect yourself from this type of breach.

How can you protect yourself from financial data theft?

One of the easiest ways to protect yourself is by using strong, unique passwords and updating them regularly. If you update your passwords regularly (once every few months), it's far less likely that someone will gain access into your accounts. In contrast, not changing your username and password for an extended period of time can make you an easier target for cyberattacks.

You should also be wary of any suspicious emails or phone calls asking for your financial information. Your bank, any financial apps you use, etc. will never call you to ask for these details. If you do receive a call or an email asking for your financial information, it's best to hang up or delete the email immediately.

You should also monitor your credit report and bank accounts closely for any unauthorized activity. If you think that your financial data has been breached, it’s important to act quickly and contact the appropriate authorities. This can help to minimize the damage and prevent future attacks.

These are just a few of the proactive measures you can start taking today to help protect your financial information from data breaches. Cybersecurity is an important issue and one that everyone should be taken seriously. By following these tips, you can help to keep your financial data safe and secure.

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