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  3. How To Avoid Common Financial Scams 

How To Avoid Common Financial Scams 

Although cybersecurity awareness should be on everyone’s mind 24/7/365, it’s easy to forget best practices. 

That’s where Cybersecurity Awareness Month comes in. Since 2004, the President of the United States and Congress have declared the month of October to be Cybersecurity Awareness Month. 

This month serves as a reminder for everyone to brush up and ensure they’re following cybersecurity best practices. 

Cybersecurity Best Practices 

In addition to these high-level best practices, we’ll highlight a few more suggestions to protect your personal information, including your DailyPay account. 

Use Complex, Different Passwords for Each Account 

Good password hygiene is a great first line of defense. This involves complex passwords that are not easily guessed. 

Additionally, best practices involve never using the same password across multiple accounts, especially not with your email and other accounts. This can help minimize the damage in the event one of your accounts is compromised in a data breach. 

Enable Multifactor Authentication 

Multifactor authentication (MFA) is a security process that requires a user to provide two or more forms of identification to verify their identity. 

MFA adds an extra layer of protection to the login process and uses a combination of two or more authenticators to verify your identity before the service grants you access. 

MFA can protect your account more than just using the standard username and password login. The MFA process typically prompts you to send a verification code through email, 

through a text message or through an MFA app. 

DailyPay requires MFA for all users, but you should ensure that all of your online accounts have MFA enabled to protect your data across your other applications too. 

Keep an Eye Out for Scams 

Scams have expanded beyond just phishing emails and text messages. Regardless of the method of contact, you should remain vigilant when it comes to any unsolicited communications. 

Never share sensitive or personal information over these communications including your login credentials.

In the event you come across a scam, it’s important to report the phishing attempt to your IT department (if it’s a work email) or directly in your email application.  

A few reminders about DailyPay communications: 

  • DailyPay will NEVER call or text you and ask you to share your 6-digit MFA code with us.
  • DailyPay will NEVER ask you to share your password with us.

It’s important to remain cautious of unsolicited callers, especially those asking for personal information or MFA codes sent to your phone.

Regularly Check Your Finance Accounts for Suspicious Activity 

It’s important to monitor your account statements across all financial accounts regularly. Keep an eye out for any suspicious or fraudulent charges and be sure to report any suspicious activity to the appropriate financial institution. 

Update Your Contact Information in the DailyPay App  

To guarantee you’re in the best position to monitor your account and receive communications from DailyPay, you should confirm your email and phone number are up to date

Continuing Cybersecurity Best Practices 

Cybersecurity awareness month may only last 31 days, but the lessons and best practices are vital to maintain year-round. 

In addition to the data security practices at DailyPay, users should continue to 

remain vigilant to help protect themselves. As usual, The Cybersecurity Infrastructure Security Agency (CISA) offers some great tips to further your cybersecurity knowledge and refresh yourself on best practices. 

 

All information herein is for educational purposes only and should not be relied upon for any other use. The information herein does not constitute the rendering of financial, business, accounting, securities, tax or legal advice or other professional advice by DailyPay. No fiduciary obligation or duty exists, or is created, between you and DailyPay. DailyPay does not warrant the completeness or accuracy of any information provided to you.

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